Name: David Porter | Genesys
Uploaded: 2024-06-11T16:00:00.000Z
Duration: 18 min 5 s

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David Porter

Managing Director – FSI Industry

Genesys

Genesys sets up banks for a future of cloud-based AI assistance

Banks have no room for error when it comes to customer data. Genesys Cloud Services Inc. is facilitating the adoption of AI assistants and cloud technologies, ensuring user security remains uncompromised.The increase in banking apps has led to a more seamless customer experience, and AI is the next step in that journey, according to David Porter (pictured), managing director of financial services at Genesys.David Porter of Genesys talks about maintaining the human element in banking.“Most of the large banks in the world are in the middle of that transition from on-prem technologies and into cloud,” Porter said. “We are probably one third of the way through that journey

play_circle_outline Shift towards generative AI and virtual assistants

play_circle_outline Three areas where AI is reshaping customer experiences

play_circle_outline Understanding the Significance of Fraud Detection and Secure Connections in the Banking Industry

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David Porter | Genesys

David Porter

Managing Director – FSI Industry Genesys

>> The AWS Financial Services Symposium, presented by theCUBE.

>> Welcome back everyone, to theCUBE's coverage here in New York City. I'm John Furrier, your host for theCUBE. We are here at AWS's Financial Services Symposium. All the big banks are here, all the ecosystem, all the big players are here. David Poirier is a general manager, financial services industry at Genesis. David, thanks for coming on theCUBE.

>> It's a pleasure, thank you for having me.

>> It's a very targeted event here in New York City. Obviously, it's Tech Week, in general, all the VCs are here, all start-ups. But also, there's a lot of technology here at the Financial Services Symposium. It's all the big banks, it's all the big insurance, it's all the players.

>> Correct.

>> And they really have to set the table for the next 20 years of their innovation cycle. Generative AI is more than a wave, they see it coming. But they're banks, they have a lot to protect, a lot to they a lot to worry about. They're in the cloud. They got to have now a whole nother level of, I won't say re-architecting, but continue to build out just like the clouds are building more CapEx. Take us through the current situation.

>> For us at Genesis, if you're not familiar with what we do, we are basically the client connectivity technology, actually of choice for most large and medium-sized banks around the world, so we've got tremendous penetration in that space. For us-

>> Quickly expand the services you guys offer for the folks that don't know.

>> Yes. In terms of what we're up to, most of the large banks in the world are in the middle of that transition from on-prem technologies and into cloud. And we are probably one third of the way through that journey. The commitments are now very clear, but just in terms of the actual doing, it takes time. As you know and you mentioned and your set up, for most banks to do something, whatever that something is, unless it's an immediate must do, things take two and a half to three years to get done just based on size, scale, regulation, approval, QA, just takes time.

>> They're big, they're huge, a lot going on.

>> Yeah, so that's for us, what we're up to.

>> And your platform provides a lot of integrated services, like when you call the number that's a core relationship.

>> Correct. And if you think about how you did business with your bank or your insurance company 10 years ago, let's face it, you either walked into a branch or you called them, that was it. And you still do that, but of course you use in-app messaging, you're using chat, you're using social media, you're using all of these different devices, platforms, media, vehicles. And for us, we have to be on top of that and offer and integrate all of them together, so it's a tremendous time to be in that business.

>> Let's get into some of the hot conversations because obviously, there's this platform shift happening and again, the cadence of transformation is subject to the environment you're in and yeah, it's a long time. But they try to move as fast as they can and they get systematic approach. But now we have the conversational AI kind of vibe hit in. Yeah, everyone chat, what can I help you? Questions, knowledge bank, you get an answer. People always ask this question, they have an answer ready. Now that's moving to generative.

>> Correct.

>> Where they can do more agent technology. Not just chat bots, it's a lot more deeper experience to the customers. How is that changing your business and how do you look at that and how do you bring that fast to the customer?

>> Sure. I think there are two or three things going on here. One is imagine your chat bot experience with a bank five years ago. I want a new credit card. And what would happen? Great. And there would be a link to their credit card, find me a credit card site. That's what they would do for you. It was pretty awful as an experience. Much, much better now, it's an incredible experience in terms of what you can get done with a chat bot or a voice bot real time. For us, that has been important. But as you see in terms of generative AI capabilities, there are some bets now being made in terms of how that capability will apply, first of all to employees within banks to keep them safer, to keep the bank safer and clients safer. But then the longer term bet is virtual assistants, that next generation in terms of how they'll operate. And in terms of those capabilities, for us it means we need to think of both. Let me put it this way, AI and apps and actual people, I think are the ingredients for the future of client experiences within banks. You're going to need all three. So for us, merging together those three ingredients in a nice seamless package is our way forward.

>> Explain why that's important and why that's-

>> Oh, sure. Let's start with apps, for example. Today's Thursday and I'm sure that we have all spent time so far this week either paying a bill online, checking a balance, buying or selling a stock, transferring money, checking a retirement account, probably all of those things.

>> Deposit.

>> Right. And how did we do it? On the app. We did it regardless-

>> Love my app.

>> The apps are awesome but I'm not good at everything. And in fact, some things, they're actually bad at doing. Selling complex products for example, they're really not good at that. You need actual people, skilled, experienced, licensed, et cetera. So the best practices that we see in the world today are more self-serve, but actual people integrated those experiences when you need them. And guidance from AI for the experienced people as well, to read a disclosure, to track for sentiment, to offer up suggestions. It just makes for a better, smoother experience, so we think that's the direction forward.

>> All right, give me the top three areas that AI is reshaping the customer experience. Obviously, the app led, but apps now are getting generous so they're getting fused, so I get that. It's a workload. Any new things that you see emerging?

>> Honestly, I would classify these things into three areas if that's okay. Here's my three. One is somewhat conceptual and the conceptual is here's all the great things that generative AI might be able to do, but it's conceptual. The actual use of AI today in that it's not brand new, it's been around for a little while. And at Genesis, we have actual capabilities like predictive routing will tell you where we think a first client contact should be sent. Predictive engagement will say, "This is why we think a client is calling." Agent assist hums in the background and assists in conversation. So that actual capability is very real as well. Then the final piece though, I would say is kind of like worries, headlines and concerns. And the worries, headlines and concerns, whether they're ethical, philosophical, data security, fraud protection, deep fake voice, all of these things are super important. So I think those three areas are where there's attention.

>> What is the view of obviously fraud detection? It's been one of those things that's constantly, I mean it's always like the debt, it never goes down, it goes up. It seems to go up.

>> Always.

>> Yeah. And now you got more service area, you've been Gen and Gen of AI, more attack vectors, people-

>> More vehicles and tools for fraudsters, yep.

>> So many areas. How are you seeing that? We've heard some great conversations here at the show around how pattern recognition and how some of the indexing of the content could give better augmentations of prediction on generative prevention.

>> Yep.

>> Where do you see the protection coming from or any improvements for the good guys?

>> Sure.

>> Remember the bad guys, all it takes is one time.

>> Correct. As you know for a bank, fraud, data breaches, etc., you just can't have them. I mean, it's just a non-negotiable. And frankly from a genesis standpoint, if you start any conversation with the bank and your lead in was fraud and security, you'd be okay. It's a fine conversational area to start with. For us, there are a couple of areas. One, our Genesis cloud offering is built on and in AWS cloud. So for us, the finest examples of data security protocols, QA, all exist within those environments and we replicate them. The second thing is you've got to partner with the right experts in this space. So for us, our capabilities live alongside what you would get from a nuance or from a pin drop. So we're super aligned with what they do, how it integrates into our technology. We're going to bring the best of what we do and integrations and go to markets collaboratively with those experts.

>> And you got to make sure they're all vetted, everything's-

>> Correct.

>> All kind of tightened up there. If they're an extension of you, you-

>> Correct, yeah. And oftentimes we'll paper something where it's like our contract plus a pin drop solution added in together. So yeah, we are very tightly integrated.

>> Well ,I got to tell you, one of the things I really like about the new banking apps now is that the user experience is 10 times better than it was just a few years ago. Even I have multiple banks that I use and they're multiple. I think I'm with five different banks, I'm weird with the banks, but they all have different apps. But I'm kind of getting it now, they all kind of seem the same. But your point, you're right, there's some areas where I would like to get some help. So agent technology, we love the direction of where agents technology is going. We think that's going to be great augmentation to humans because once they figure out what I'm deficient in, they can actually replicate that. John struggles with this one thing all the time. Old dog can't learn new tricks, as they say.

>> Maybe you don't need to learn if the technology really serves itself up and makes sense. We see some really interesting examples of app developments around the world. For example, if you think about how you have a problem today and maybe you can't get your solution on your app, what you'll typically do is put the app down, crank open a laptop, try and go to the website, try and if something then doesn't work, finally call. Drive everyone to contact within the app. Contact within the app means press a button. Now you're going to be connected with a live agent, but it happens within the app so there's no authentications or secure. But they also give you options. Do you want video call or just standard call? If you're querying somebody about say, a fee, you probably don't want to look at the person you're trying to negotiate with to get a fee waived. If you're talking about say, your financial advisor or your retirement, you probably want to see the person. So they offer up these-

>> Human interaction.

>> Correct. There's a case of video within banking, which has been looking for good use cases for a little while, but we're starting to see two or three really good use cases for video, for example, and that kind of secure connection from within the app. We think there's a few more good things coming that are super interesting.

>> You're also seeing a lot of group behavior. I was just doing a report, I haven't published it yet, where Millennials and the Gen Zs, they want to hang out on Discord audio lines while they work together.

>> Yes.

>> So you want to have the video or in those collaborative moments.

>> Correct.

>> You're pissed off at someone. You're like, "I don't want to see a face. Refund, where's that refund?"

>> No, I hate to age myself, but if I think of my boys, who grew up and graduated high school and into college as COVID was happening, they've all grown up with Zoom. And of course, now they're graduating, my eldest son's in the workplace. But they're used to those video interactions for certain things and it's just second nature. So I think there's a lot of opportunity there as well in terms of how you communicate with your bank, that's going to be changing.

>> Talk about the heavy lifting involved in the banking area. And I bring up back because Amazon's known for heavy lifting. But I noticed that one area that's not innovated in my banking app, I won't say the name, I don't want to name names, that's one of the apps, is how they handle the documents, the statements, the PDFs. With multimodal AI coming, I can imagine it's going to be now more energy around handling all the back office toil. What's your view on how Genesis is looking at document management, tech analytics, unstructured data coming in now with images?

>> Sure. Let me give you an example, I think you'll like this. Back to my bank app example. I mentioned we have our predictive engagement software, which is AI based, that says, "This is why we think you're calling." In this example, it's real production technology with banks around the world right now, is you are in the app, secure a call. I've got a question, I want to... Well, the AI will think, "We think you want to change your address." So while you're waiting to be connected to a live person, the AI then pops up to you on your app. "Here's the address change form, fill it out. Do you still want to continue with this call?" And of course, in most cases the answer is, "Well, I actually want to speak to someone at the bank. Great, you gave me the form, awesome. Click, click away I go, done." So putting that forms hell into real life flows and use cases, I think is going to take away some of that pain. It'll take some time, but the technology and the use cases are there right now if that example works.

>> That's a great example. First of all, David, I really appreciate this conversation, it's fantastic. It's real world, it's not hyped up AI kind of conversations, which is many of them. Of course, we promote a lot of those hyped up conversations because this wave is coming, no doubt about it.

>> Oh, sure.

>> It's a platform shift, it's definitely happening. So orchestrating experiences, these are very important things. What's going on at the show? Because what you're getting at here, not to riff in real time here, but I will, you're starting to see the vertical nature of things, end-to-end workflows. You just mentioned that secure call in the app, that's a cool concept. Hey, just keep it secure in line, end-to-end. Why not? Why do we go through the internet? It's a general direct connection.

>> And back to cultural changes, what I just mentioned, secure call in app, the bank I reference, I won't say their name again, 92% of their contacts there are coming via that secure contact within the app. So there's a little bit of consumer like, "Hey, this capability is now available." Little bit of adoption like prompting, but it's going to be very real. I think that's how we are going to be contacting and connecting with the banks over the next two years. It's happening real time.

>> I think that's a moat opportunity for a bank. If you could say, "Hey, if security is a concern, let's just address it of the gate."

>> Correct.

>> Direct connections, maybe encryption, unbreakable encryption pre-quantum, maybe post-quantum they look different. But again, that's a use case and you start to see this verticalization in the cloud. You look at some of these AI systems that are being built, they know the workload is well scoped, it just has more data and more stuff to-

>> Agree, agree.

>> All right, so what's happening here? You agree, that's a good thing. That's a good data point. We'll take that back into theCUBE research team. What's going on here at the event? Because this event is very targeted. We're talking the biggest names are here. We're in New York City, we're talking about JP Morgan, we're talking about all the top players are here. I saw the president of Bloomberg's here, they're talking about how they're handling stuff. It's AI machine learning, old school, old schooling a couple of years ago. AI now setting the table for next gen with now cloud migration continuing for full distributed computing operations. What's the top conversations in these banks, in this ecosystem?

>> Well, one of the things we mentioned already is security, fraud protections, etc. The other is taking conceptual ideas, notions, capabilities, and turning them into real life use cases. And we see a lot of that happening here today as people talk and compare notes. I think there's going to be a whole bunch more of that happening over the next few weeks and months. Of course, what people also want, they don't necessarily want proof of concept. People want to see proof of adoption. And so when they talk to me, and for me it's a global role, show me things that are happening elsewhere. And you mentioned JP Morgan Chase. They don't want to mystery shop like what Bank of America are doing. They know what each other are doing.

>> It's like they're all talking.

>> Right. Go to Israel, go to Turkey, go to New Zealand, Sweden. Then you're going to find some crazy things that are being done in the banking space that are just unusual, that could be adopted at scale in North America.

>> All right, throw me out an experience that's being orchestrated through your platform that's super cool that we haven't heard about yet, or your favorite coolest experience. There are a few of them.

>> Here's a cool one, and this is happening in the Middle East right now. Think of a company like NCR who make ATM machines. For us at Genesis, that kind of end point which is an ATM machine, is just something we can plug into our capabilities. What we have now with this next generation of technology though, is no debit card or anything else. You just wander up to the ATM machine, give it a high five and it recognizes your palm print. You can then say to yourself, "I want to actually talk to a banker real time," and there you are at the ATM machine, press button, there's the banker flashing up on screen. And you can say to the banker, "Look, I need $20,000 cash right now." Override the daily withdrawal limits and out pops $20,000 cash so you can go off and pay your school fees or whatever else it is. Real life technology, connectivity, AI service modes that are new and interesting but in place today.

>> I had someone on theCUBE once say, this is over 10 years ago, "Everything in the future that was on Star Trek will be invented except for teleportation." But everything's pretty much very sci-fi like from just 20 years ago.

>> From just 20 years ago, I totally agree. You couldn't believe the way that we live our lives via our banking apps today. It's life-changing technologies.

>> All right, final question for you and great conversation. If I asked you what you would see changing radically the most in the next five years, as it's been said here and any other events we've been to that the next five years will be radical change with generative AI. If the dots connect and the accelerated computing kicks in, what does the next five years, what kind of change will we see?

>> I think the virtual assistant is probably going to be the thing that really kicks off. And the generative, because you need a simple thing that's the end result of all of this intellectual capital. And for banks, a virtual assistant that can handle payments, can do retirement planning, that can help you run your small business is voice-based, integrated into other aspects of your life. I think that's going to be the future.

>> David, you guys do a great job. I love how you're orchestrating these kinds of experiences. On behalf of the user of the end game, which is the customer, and the mode is there be security and experience. Thanks for coming on theCUBE.

>> It's a pleasure, man. Thank you.

>> Okay, fantastic event here. theCUBE's all day coverage continues. New York City at Financial Services Symposium. I'm John Furrier, your host. Thanks for watching.

>> Thank you.

David Porter | Genesys

>> The AWS Financial Services Symposium, presented by theCUBE.

>> It's a pleasure, thank you for having me.

>> Correct.

>> Quickly expand the services you guys offer for the folks that don't know.

>> They're big, they're huge, a lot going on.

>> Yeah, so that's for us, what we're up to.

>> And your platform provides a lot of integrated services, like when you call the number that's a core relationship.

>> Correct.

>> Explain why that's important and why that's-

>> Deposit.

>> Right. And how did we do it? On the app. We did it regardless-

>> Love my app.

>> What is the view of obviously fraud detection? It's been one of those things that's constantly, I mean it's always like the debt, it never goes down, it goes up. It seems to go up.

>> Always.

>> Yeah. And now you got more service area, you've been Gen and Gen of AI, more attack vectors, people-

>> More vehicles and tools for fraudsters, yep.

>> Yep.

>> Where do you see the protection coming from or any improvements for the good guys?

>> Sure.

>> Remember the bad guys, all it takes is one time.

>> And you got to make sure they're all vetted, everything's-

>> Correct.

>> All kind of tightened up there. If they're an extension of you, you-

>> Correct, yeah. And oftentimes we'll paper something where it's like our contract plus a pin drop solution added in together. So yeah, we are very tightly integrated.

>> Human interaction.

>> Yes.

>> So you want to have the video or in those collaborative moments.

>> Correct.

>> You're pissed off at someone. You're like, "I don't want to see a face. Refund, where's that refund?"

>> Oh, sure.

>> I think that's a moat opportunity for a bank. If you could say, "Hey, if security is a concern, let's just address it of the gate."

>> Correct.

>> Agree, agree.

>> It's like they're all talking.

>> From just 20 years ago, I totally agree. You couldn't believe the way that we live our lives via our banking apps today. It's life-changing technologies.

>> It's a pleasure, man. Thank you.

>> Okay, fantastic event here. theCUBE's all day coverage continues. New York City at Financial Services Symposium. I'm John Furrier, your host. Thanks for watching.

>> Thank you.