“This omnichannel experience typically begins with mobile; however, studies show 40 percent of consumers abandon applications after initiating the process. This contributes to the $98 billion left on the table by companies that fail to provide simple experiences.
New advanced machine learning technology called process intelligence (PI) empowers banks to analyze less structured processes, identify improvement areas and increase the speed and accuracy to execute the process, making better customer experience possible.
The focus on mobile to acquire customers more efficiently, along with tracking various processes initiated by mobile and other channels—account opening, crediting, loan applications, payment, mortgage processing among them—depends on AI. Banks that effectively leverage AI in their digital transformation journey will in turn enhance how employees work and customers transact—in a word, transform it.”