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Transformative AI in the Banking Industry
Once in a while, transformative technology thoroughly shakes up business foundations. The internet was one of these global game-changers, and now Artificial Intelligence (AI) is gearing up to do the same. With rising customer expectations and needs, AI can help the banking industry retain and attract clients in an increasingly competitive world. You might be wondering how? What does the technology mean for the customer experience and the banks themselves? And what’s standing in the way of a full breakthrough? Read on as we attempt to answer these questions. Customer Service in the Banking Industry Customer needs are continuously changing. They conduct extensive online research and expect personalised financial advice. They want banks to understand their needs and provide tailored solutions. However, traditional banks often struggle to keep up with these expectations due to their reliance on manual processes and outdated systems. Getting to know your customers takes time—something that most banks and their employees don’t have because they’re bogged down with administrative tasks such as managing incoming mail or processing loan applications. With the advent of AI, banks can now personalise customer interactions more than ever before. AI technologies enable banks to analyse vast customer data to gain insights into individual preferences, behaviours, and needs. This allows for tailored recommendations, proactive support, and customised financial advice, enhancing the overall customer experience. AI-powered chatbots and virtual assistants provide instant, 24/7 support, handling routine inquiries and transactions efficiently while freeing up human agents to focus on more complex issues. Additionally, AI-driven fraud detection systems safeguard customer accounts in real time, offering enhanced security. By leveraging AI, banks can deliver more relevant, timely, and secure services, building stronger customer relationships. AI in Banking According to Deloitte’s research, 76 percent of chief experience officers within the finance industry believe that AI is a tool for differentiation. AI allows banks to personalise and reduce friction throughout the customer journey. Personalisation and increased efficiency are achievable through automation with intelligent technologies, freeing up more time for personal contact. AI’s ability to quickly and accurately mine data and uncover hidden insights helps customise advice based on the client’s situation. Before AI, manually assessing the context of a client’s request was time-consuming. AI can process a much larger scope in less time and present its findings to advisors, who can use these insights in personal conversations. Smooth Customer Onboarding in the Banking Sector Personalisation enhances the customer journey, but a smooth process is equally important. Intelligent Process Automation can eliminate many obstacles. For example, consider the digital onboarding process for a financial service provider. Jack wants a new TV with a consumer loan and monthly deposits. Before AI, Jack had to fill out several forms and endure a lengthy process, often losing interest. With AI, Jack’s Know Your Customer (KYC) data is securely captured from his ID using a mobile device through image recognition and sent to CRM, case management, or other software. Machine learning then labels and classifies this information to the right fields. AI creates the documents and forms prefilled with the extracted data. Jack only needs to verify the details and digitally sign the document. This process, requiring minimal human intervention, is handled within minutes, allowing Jack to leave the store with his new TV the same day. Processing Incoming Emails with AI AI also streamlines the processing of incoming mail. Intelligent technologies efficiently extract, process, and organise all incoming information, whether paper, digital, structured, or unstructured. This is especially beneficial for handling support requests. For instance, Jack, who bought a new TV, accidentally needs to make a payment and receive a default notice. Jack transfers the payment and replies to the general address with the proof of payment attached. Thanks to AI, the bank’s mailroom efficiently handles this. Natural language processing, OCR, and machine learning quickly extract, process, and organise the information from Jack’s email. Thorough automation updates his dossier with the correct information and routes it to the right person. The payment is confirmed promptly, easing Jack’s worries. Sometimes, the payment confirmation can be automated without human intervention, removing the default warning from Jack’s file. What Are Banks Waiting For? A smooth, enjoyable customer experience will vastly improve client acquisition and retention. Automation can also save the banking industry up to €300 billion. So why is the banking world not implementing it en masse? Gartner research suggests it’s because enterprise planners are often unfamiliar with AI’s capabilities or whether it’s compliant with privacy regulations. These doubts make it difficult to decide how and where to start, but this is where Docbyte can help. AI is a journey fraught with economic, social, and political challenges. Deloitte’s research suggests making this journey a collaborative one to overcome the challenges posed by AI. This approach resonates with others too, such as Chris Skinner, author of ‘Digital Human’, who advocates for open banking where FinTech and traditional banks cooperate. Need a partner on your road to a better banking experience? We’ll gladly put our expertise in artificial intelligence at your disposal. Don’t hesitate to contact us, and we’ll discuss your plans over coffee.
Nine steps to successful Digital Customer Onboarding [Whitepaper]
A positive digital customer onboarding experience confirms to your customers that they made the right decision when choosing to work with your company. The two main reasons why customers leave are: they don’t understand your product, or they don’t get any value from it. Key Steps in Finance and Insurance Customer Onboarding In customer onboarding for Finance and Insurance, we generally see the following steps: Customer Identification Document and Data Collection Customer Vetting and Fraud detection Document Generation Document Signing Document Archiving These are not all the elements that are involved and processes can vary from very simple to very complex, but we see 9 recurring building blocks that allow you to implement any possible customer onboarding process. Interested in digital customer onboarding? The fight for a new customer has never been more difficult or costly. Research reveals a global increase in overall customer willingness to change banks or insurance companies. This is particularly true for the Millennial segment, who have only known the digital world. They understand how easy it is to switch loyalties and don’t see any reason they should treat your institution differently than another service provider. The competition for new customers is fierce. That customer wants, in analogy to his retail experience, to be up and running in a matter of minutes. As soon as he is confronted, even online, with tedious interfaces, exhaustive question lists, time-consuming authentication processes, and yes, the request to finally meet a representative in person to literally fill in the paperwork before his account is active, it shouldn’t come as a surprise that he is quicker out than in. Result? A potential customer is lost! So, if all this is known then why are there still so many organizations that rely on the classical methods of customer onboarding? Read on in the whitepaper below to discover the 9 steps of a successful Digital Customer Onboarding process: