In a move poised to revolutionise the banking sector, Citizens Bank is advancing its technological capabilities by integrating agentic AI with its existing automation systems. The Rhode Island-based financial institution has partnered with UiPath, a renowned software provider, to implement AI agents that can autonomously plan, work, and make decisions, with minimal human oversight. This development was detailed at UiPath's annual product conference, which took place in Las Vegas in October.
Agentic AI is the next step in automation technology, enabling AI agents to not merely perform tasks but to make complex decisions, adapting to changes as needed. This advanced AI distinguishes itself from traditional bots, which typically focus on repetitive, rule-based tasks. The innovative technology at Citizens Bank aims to enhance productivity by automating end-to-end processes and orchestrating workflows seamlessly, as highlighted by Daniel Dines, UiPath's founder and CEO.
Matt Lavoie, the Senior Vice President of Enterprise Automation Development at Citizens, emphasised the bank's cautious approach towards fully autonomous AI operation, ensuring that human oversight remains integral until the AI's effectiveness is guaranteed. Initially, their focus will be on internal, non-customer facing operations. Citizens began its automation journey seven years ago, boasting over 550 automations in its environment, equivalent to the workload of approximately 700 employees, predominantly in operations and back-office activities.
The bank already employs automation for mundane tasks, such as sorting emails and distributing them to respective teams. With the incorporation of agentic AI, the decision-making process will automate, streamlining more substantial tasks, for instance, updates to loan servicing systems and managing promotional rates.
While AI agents present opportunities for enhanced efficiency and cost savings, potential risks do exist. Lavoie noted that a human will continue to review AI outputs to catch errors or biases, reflecting a cautious approach shared by others in the industry. Other financial institutions, like TD Bank and Suncoast Credit Union, also express cautious optimism as they explore agentic AI's possibilities. These organisations recognise the transformative potential for AI in shaping a more efficient and future-ready banking model.
Research firm Gartner predicts significant growth in agentic AI adoption over the coming years, forecasting that by 2028, a third of all enterprise software applications will incorporate AI agents. This shift is expected to allow 15% of day-to-day work decisions to become autonomous, marking a considerable leap from the current state.
The banking industry's interest in agentic AI is indicative of a broader trend towards leveraging technology to drive business value and efficiency. As Citizens Bank and others in the industry embark on this technological journey, the integration of AI agents alongside human oversight may set new standards and expectations for automated business operations.
Source: Noah Wire Services