Financial institutions are prioritizing efficiency as they are required to maintain excellent user and employee experiences and comply with regulations.
To balance efficiency and experience, financial institutions are looking for technology that can provide multiple functions. John FindlayCEO Lemonade LXP, be A digital platform for financial services companies, he said. Bank automation news.
LemonadeLXP is headquartered in Ottawa, Canada and serves financial institutions throughout North America. us bank, TD Bank and Santander bank So do many credit unions and fintechs.
Bank automation news We sat down with Findlay to discuss how LemonadeLXP’s clients are leveraging their technology to create AI-powered knowledge management and training courses.
Bank automation news: How does LemonadeLXP function as a multipurpose technology?
John Findlay: CFOs are looking for ways to reduce their technology stack by eliminating niche technologies and favoring multipurpose technologies.
That’s what we’ve tried to do in building LemonadeLXP’s learning platform, customer education platform, AI authoring tools, content exchange, and compliance training. These are used by financial institutions for a variety of purposes, so they can check many boxes with one piece of software.
Additionally, Lemonade allows you to create content in multiple formats and has multiple distribution methods.
For example, once an FI implements LemonadeLXP, they no longer need a learning management system. There’s no need to purchase compliance or training content or customer education platforms.
Prohibited: How can financial institutions take advantage of AI-powered knowledge management?
JF: We launched InsightAI in November. InsightAI is the brains behind LemonadeLXP. This allows financial institutions to create a private, secure database where FIs can import information in virtually any format with the click of a button. Generative AI-driven technology then consolidates that information into one unified database.
From there, financial institutions can use or distribute the information. For example, you can use that data to generate training content for text-based learning, game-based learning, role-play scenarios, or customer interactions.
It used to take 30-60 days to build training, but now content is ready and compliant in 1-2 hours.
Prohibited: Why do financial institutions need AI-powered knowledge management and training?
JF: Financial institutions are highly regulated and offer complex products and services. Front-line staff at financial institutions are expected to provide clarity on service and resolve customer issues while maintaining compliance. That’s a lot of information for people. Financial institutions are doing everything they can to stay compliant, but ensuring consistent knowledge and messaging about products, compliance, and regulations can be difficult.
This is where AI-driven knowledge and training comes in, allowing financial institutions to create knowledge bases based on their data. That information is integrated and automatically converted into training courses.
Prohibited: How does LemonadeLXP quantify the efficiency gains from AI-generated training?
JF: One of the big savings is that you no longer have to take subject matter experts off the job to sit down with instructional designers to educate them on whatever the training subject is.
LemonadeLXP also has development benefits because it can be published to both customer-facing and learning experience platforms. This eliminates the need to convert courseware from authoring tools or for coders to add training to customer-facing websites.
Learning efficiency will also be greatly improved. Our customers see significant savings in training costs. In fact, one client reported a 91% reduction in costs, and another estimated savings of approximately $2.5 million using LemonadeLXP.
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