Banks and financial services firms continue to leverage newer technologies to reach new consumers, serve their current ones more effectively, and drive revenue generation and cost reductions. Artificial Intelligence (AI) systems are uniquely suited to create new business value throughout the consumer banking ecosystem. These technologies deliver efficiencies and accelerate productivity by automating both back-end processes and user-facing engagements. This one-two punch of automation optimizes internal business operations while subsequently providing more fulfilling experiences for banking customers. Let’s a review a few reasons why.
Understanding How Banks Operate
Today’s AI-powered digital colleagues are able to automate user engagements that previously depended on human intermediation. Digital automation inherently leads to operational savings post-implementation given the ability to scale and handle repeatable tasks, but those are far from the only business benefits. Digital workers can also provide better services to customers than human agents in several ways.
Industry-leading cognitive agents like Amelia boast a powerful conversational and natural language interface, which allows her to discern user intent no matter how it’s communicated. This intent recognition is absolutely key for solutions that are designed to engage with a large – and therefore, inherently diverse – user base that comes with a variety of accents and speaking styles. Guided Machine Learning also allows Amelia to improve her recognition with experience.
Amelia is the core of the conversational banking solution 1Bank, which utilizes her years of experience working with some of the world’s largest banks (see past case studies here, here and here). This means that 1Bank comes pre-trained on common banking concepts and terminology, which greatly mitigates the time it would take to get the solution in front of customers.
Understanding Banking Customers
1Bank can provide personalized answers to customer FAQs, but more critically for retail and commercial banks, the solution also can resolve issues on customers’ behalf by marrying a conversational UI to secure back-end integrations into a bank’s systems. This includes addressing customer needs ranging from “How much money do I have in my personal savings account?” to “Please transfer $2,000 from my savings account to my son’s checking account” to “Please add auto-pay for my electric bill.” This ease of access and interaction means any customer can easily self-manage their finances 24/7 from the comfort of their personal device.
Anything a customer might have previously handled by logging into a banking app, searching for the appropriate function, and typing and tapping their way through a process can now be orchestrated just by talking to 1Bank.
As an AI-powered solution 1Bank can take on routine high-volume customer needs (e.g., password resets, transfers or account balance inquiries). This scaled automation leads to rapid remediation of common customer issues, but it also has a secondary benefit of freeing experienced human agents to address more unique or complicated customer needs.
For example, a customer using 1Bank who wants to dispute a transaction on their account, and speak with a human agent, will not have to wait in the same queue as those users looking to address more common tasks such as resetting their account PIN. As a result, human customer service agents can provide more time and resources to resolve a disputed transaction quickly. When customers are able to find quick resolutions to their issues, the bank can improve its brand reputation and instill customer loyalty, which is even more valuable.
AI solutions and digital colleagues represent the future for consumer banking. AI systems provide banking customers with near-ubiquitous access to on-demand financial management tools while subsequently benefitting banks through more efficient processes.