Banks have some of the most valuable information about people and organizations – the record of financial transactions. It shows how a person or business is moving through life. There are infinite scenarios where this data can be used to help a customer or even the bank itself.
So banks have the best data. They also have millions of customers and accounts to service. They have hundreds or even thousands of products and services to offer. The competition is fierce. And don’t forget the regulators and watchdogs. This can be overwhelming and that is why banks employ hundreds of thousands of people to do the job.
Who’s watching and servicing the customers? How about a banker working 24/7/365 for EVERY single client and EVERY single account? The AI Banker!
Think of the opportunities!
For years, customer experience has been about mobility – banking anytime, anywhere. That is great, but with data as the SME banks have an opportunity to be financial life partners. Meaning they can collaborate with and guide their customers through every step of their financial journeys. For the retail bank, this means the supporting an individual’s journey from student life through retirement – setting up the first savings and checking account or credit card all the way up to retirement savings. For the commercial bank, it’s about taking that new business along a journey to maturity and growth. With a new AI Banker, it is about providing what the customer needs just when he or she needs it.
Customer service, a bank’s ability to provide superior service, is highly correlated to the overall customer experience. As mentioned above, providing products and offerings proactively at just the right moment is certainly fantastic, but servicing the customer every step of the way, not just through new product offerings, is the path to keeping a customer truly engaged and happy.
The AI Banker proactively monitors accounts for any alarms and flags it to your attention. However, let us take this further, what if the bank can take care of all these transactions with less disruption to the customer? Just take care of it and tell me later, automatically reverse the funds and settle the case. Or better yet, notify the customer of a shady merchant BEFORE the transaction is even taken.
Risk Management and Recovery
An AI Banker will not only help customers, but also positively influence the bank’s bottom line by reducing costs and mitigating risk.
Imagine that the AI Banker now identifies customers that will need financial assistance in the near future. Those customers may have lost their jobs (direct deposits stopped), are running up debt (credit card balances increasing, but payments decreasing), their expenses are increasing, or they are placing delinquent payments. The AI Banker will set up a loss prevention and mitigation plan, the key here being that our AI Banker will prevent losses for both the customer and the bank. Of course, not every loss can be prevented so the AI Banker will also make a plan for collections and recovery.
So where to start?
Start by identifying the most suitable opportunity for automation. Typically this is a high value, low volume activity that is manual and repetitive and where data is plentiful and healthy (i.e. transactions). Prepare a list of metrics to be collected to help you measure performance against the return of investment. Finally, leverage technology such as machine learning, deep learning, AI, robotics, and case management to enable an operational transformation that links data to the decision to the action.
All in all, the AI Banker, with his best friend Data, is on the job 24/7/365 to help both the customer and the bank doing business. The AI Banker’s got your back!