Tech Explained: Here’s a simplified explanation of the latest technology update around Tech Explained: How agentic AI is transforming financial services in Simple Termsand what it means for users..
According to Chris Harrison, industry executive director, financial services at Oracle, agentic AI offers financial institutions the chance to rethink how they operate and grow. “I think it is going to create opportunities for much better margins, and opportunities for more investment in the future, be it new lines of business, new products or new geographies,” he says.
For firms struggling with manual reviews and siloed data, assigning AI agents to handle many routine steps while reserving humans for critical decisions and exceptional cases is increasingly compelling. Beyond speeding up processes, it frees teams to focus on higher-value work, from designing more personalised products to exploring new customer segments and lines of business.
Mr Harrison, a former banker, points to lenders’ mortgage processing timelines. To illustrate how a lender might benefit, Oracle modelled an agentic version of the workflow. Dedicated agents were applied to segments of the process, reducing turnaround times from 48 days to 38, with lower projected costs and reduced customer attrition.