The French bank already uses artificial intelligence on many levels, such as for transfers, the management of loans, or risk management operations. Now, it has launched a research and development project in partnership with the University of Luxembourg.
The €7.4 million project, partly financed by the Ministries of Finance and the Economy, will seek to develop “an intelligent and secure monitoring system” for AI solutions. Research and development will take place over a three-year period, with the government contributing up to €2.95 million.
What does the emergence of AI mean for bank customers? RTL asked Minister of Economy Lex Delles and BGL BNP Paribas representative Béatrice Belorgey to elaborate.
Delles said artificial intelligence was already used throughout the sector: “For example, if you use your Visa card in Luxembourg today, then in Singapore tomorrow or in New York the day after tomorrow, it will automatically trigger an alert.” However, the new project will seek to go further than simple daily controls. “It will bring together an enormous amount of data to be analysed by AI, which will enable further development and more control.”
For customers, artificial intelligence will not change much for everyday life in banking, but the project promises to introduce more efficiency amid the rise of new technology.
Belorgey explained that AI would help to improve the customer service experience over the coming years, as well as making processes easier for staff. AI could contribute to making banking services quicker and more personalised, she added. At the moment, AI already helps to automatically forward e-mails to the right department, saving customers and employees time, but there is still much to come in the years ahead of us, Belorgey concluded.
BGL BNP Paribas was recently named one of Luxembourg’s top employers for its staff conditions, and is one of the country’s top five employers, with over 4,000 staff.
