This is the next entry in a series of posts previewing the topics and viewpoints that will be discussed at our annual Digital Workforce Summit in May. Click on the registration button at the bottom of this post for more information.
A typical bank handles hundreds, if not thousands, of the same processes each day. Opening and closing accounts, balance inquiries, branch locators, credit card payments — if you’re a leader at a bank or financial institution, how much money do you think your bank could save if it reduced or eliminated costs associated with routine high-volume tasks? You could convert the manpower typically assigned to these responsibilities to more high-value work. You would not only save money, but you would also create new revenue streams (or at the very least improve existing ones).
Today, as your customers jam up your support lines and inboxes with FAQs and easily-answerable questions, your competitors have deployed Artificial Intelligence (AI) to automate their customer service operation. They’ve gone through the process of testing new solutions and they’ve properly programmed the solutions to perform business processes according to strict scripts. The solutions converse as humans do, and they understand customer intent with incredibly high accuracy. These companies have already trained and deployed AI to verify accounts, confirm deposit balances, and even issue new credit and debit cards without human intervention.
It’s time for your bank to begin this journey as well. Many companies are already using AI and investing in use cases that will transform the consumer banking experience, and some of these innovators will be center stage at this year’s Digital Workforce Summit (DWS), scheduled for May 8 in New York City. In this post, we’ll examine the many ways AI helps banks generate revenue and deliver real-world business value.
The Quantitative and Qualitative Benefits of AI
Even the most rudimentary AI systems can automate transactional tasks. You should investigate more advanced solutions that are skilled enough to execute tasks based on expert, data-based decision-making. To get started, you should identify processes that are high volume and apply to common business issues. In other words, you shouldn’t expect to immediately and affordably deploy AI to handle unique problems that don’t occur often. That’s because AI systems are most valuable, particularly in the shorter-term, at helping businesses improve response rates, handle times, and first-touch resolutions, as well as locating the appropriate human worker to complete a process that can’t be resolved with automation.
These AI solutions typically come pre-trained with banking-specific language, such as different account types, payee types, currencies and compliance regulations. They can also carry out tasks such as setting up paperless statements or making electronic transfers. Hiring an AI system is akin to hiring a banking expert with years of expertise and training it to understand your specific methods.
The vast majority of banking tasks that will generate revenue in short order relate to customer service within your existing banking apps, your website, and even within chat apps and home assistants such as Amazon Echo. The best part is that AI systems are available to customers 24/7 across channels, and they scale as demand requires.
After you’ve mastered your first set of use cases, you can start branching out into new processes that are primed for automation. Maybe it’s time to expand to fraud prevention or maybe it’s time to let AI start selling and recommending a specific set of products. Now, AI is not only delivering lower operating costs but new revenue as well.
With your human employees freed from rote tasks, they also can be assigned to roles that can translate into even more new revenue. Employees can move to higher-value customer service roles, or they can move to sales-oriented roles, or they can move to product development and brainstorm on new products and services. The takeaway is with an AI system handling low-level tasks, your human workers can now dedicate time to improving the business rather than solving simple, repetitive issues.
These are just a few of the ways AI can and will provide immediate and long-term tangible value to your bank. Join us at this year’s DWS to hear real-life examples of AI delivering value to banks and consumers. Click on the link below to reserve your spot.