Stepping Up AI Game: LBBW's Plan to Conquer Demographic Change
The Buzz in Frankfurt
Internal Knowledge Chatbot Development by LBBW for Employee Assistance
After introducing BlueGPT, a data-driven chatbot for employees, LBBW is now set to up its AI game. Their upcoming strategies include equipping BlueGPT 2.0 with internal bank data and building an AI hub. These initiatives aim to bolster bank efficiency and tackle demographic challenges.
"We're gunning for BlueGPT 2.0 launch soon," said Stephan Paxmann, Digitalization and Innovation chief at LBBW, in a chat with Bloomberg News. "This AI-powered pal will tap into our internal data while providing a treasure trove of insights for employees."
This AI revision targets employees, potentially offering up sales data, HR info, or product deets. Some data, like what's already accessible on their intranet, will be accessed by all. Restricted data sets might only be accessible to certain groups.
"BlueGPT 2.0 will be a gold mine for searching through internal documents, enhancing search results and boosting bank efficiency," Paxmann explores. "Employees will seamlessly save time."
Aging Workforce Challenge
This streamlined approach helps LBBW tackle demographic change hurdles. In the near future, many LBBW employees could retire, leaving a shortage of suitable replacements. Moreover, regulatory requirements are ramping up in complexity and resourcefulness.
The AI revolution has swiftly taken off in the financial sector, globally. Banks worldwide are experimenting with AI's potential to boost employee productivity and slash costs. In Germany, aside from LBBW, banks like Helaba and DZ Bank are incorporating AI, planning to feed their bots with internal company data.[1]
Job Worry Waves
LBBW employees have expressed concerns about AI jeopardizing their jobs. Paxmann dampens these worries. "Jobs and roles are in a constant state of flux," he says. "Two-thirds of jobs have vanished since the last world war. AI is merely the latest in this historical dance."
Paxmann also promises secure handling of internal data being fed to the OpenAI-based BlueGPT technology. "No interior data will be shared externally, not even for training AI models. We've got that covered," he assures.
Employees will undergo a mandatory 30-minute training session on AI handling before accessing BlueGPT.
Moving Forward: The AI Hub
LBBW has taken a step further by creating a central AI hub. This hub will empower bank employees to concentrate solely on AI-related tasks in the future. With the rapidly growing AI adoption, LBBW aims to tap into its potential and stay ahead in the competitive landscape.
[1] German banks are leveraging AI to thrive in the digital era, Finextra, [cite], accessed September 21, 2023.
[2] Commerzbank's digital transformation journey, Open Access Government, [cite], accessed September 21, 2023.
[3] The regulatory landscape of AI for European banks, BankingTech, [cite], accessed September 21, 2023.
[4] The impact of AI on the banking sector and potential risks, BankRate, [cite], accessed September 21, 2023.
The upcoming BlueGPT 2.0, powered by artificial-intelligence, will be equipped with LBBW's internal bank data to provide valuable insights for employees and enhance efficiency. In addition, LBBW plans to establish an AI hub, enabling employees to focus solely on AI-related tasks as AI technology continues to revolutionize the banking sector.
