FAQ: Whatfix's GenAI-Powered Digital Transformation for Financial Services

What is Whatfix and what does it offer to financial services institutions?

Whatfix is a global leader in Digital Adoption Platforms (DAP) that provides a GenAI-powered product suite to help financial services institutions navigate digital transformation, including digital adoption tools, no-code analytics, and application simulation capabilities.

Why is digital transformation particularly challenging for financial services institutions?

Financial services institutions face mounting regulatory pressures, legacy modernization challenges, rising user expectations, and cybersecurity concerns, with only 58% of banking leaders feeling confident in their ability to modernize core systems according to Bain & Company’s 2024 Banking Trends Survey.

How does Whatfix’s GenAI-powered platform help financial institutions?

Whatfix embeds real-time, contextual guidance within mission-critical platforms, enables users to complete tasks faster and with less friction, and provides intelligent content creation, insight generation, and adaptive user support through proprietary GenAI agents.

What specific financial services platforms does Whatfix integrate with?

Whatfix integrates with core banking systems, insurance policy and claims management software, wealth management platforms, loan origination systems, investment advisory portals, CRM, customer tools, and compliance systems.

Who are some of the financial institutions currently using Whatfix?

Whatfix is trusted by leading financial services institutions including Sentry Insurance, Grant Thornton, Mizuho, Ria Financial Services, Mountain America Credit Union, ICICI Bank Limited, Old Mutual, Encova Insurance, and Select Health.

What are some specific use cases for Whatfix in financial services?

Use cases include standardized execution of critical workflows like KYC reviews and anti-money laundering checks, as well as regulatory-readiness for mandates such as SWIFT ISO 20022, Basel III, and local jurisdictional reporting.

What is the concept of ‘userization’ mentioned by Whatfix’s CEO?

Userization refers to putting users at the center of transformation, which Whatfix’s CEO believes is the key to real change in financial services environments where accuracy, speed, and compliance are non-negotiable.

How does Whatfix address the cybersecurity concerns mentioned in the banking survey?

While the content doesn’t specify exact cybersecurity measures, Whatfix helps institutions manage technology risks by providing a secure, scalable platform that enables safe, hands-on learning through application simulation in software replicas.

Where is Whatfix’s financial services transformation happening geographically?

Whatfix is working with top financial services institutions across 40+ countries globally, making it a worldwide digital transformation solution for the financial sector.