Harnessing the power of conversational AI for banking customer service

“In August 2020, This is Money found that – in some cases – it took three hours for customers to get through to a human when contacting their bank. Of course, this was in the middle of a global pandemic, so you can excuse a certain amount of disruption to services, but this is where conversational AI is a boon.

How can banks use it to improve customer service?

  1. Conversational AI can lead to faster resolution times
  2. Using conversational AI can result in a better resolution for the customer
  3. Conversational AI can help generate personalised recommendations”

https://www.finextra.com/blogposting/20873/harnessing-the-power-of-conversational-ai-for-banking-customer-service

A new frontier for transforming nonpersonnel cost management in banking

  • “One of the most promising methods to improve profitability is to apply advanced analytics (AA) and artificial intelligence (AI) to better manage nonpersonnel costs. In our experience, such costs account for more than 40 percent of overall expenses at the typical European bank.
  • they have reduced expenses by 10 to 15 percent on average across cost categories—and up to 35 percent in certain categories.
  • Fact-based negotiation. A bank used a highly analytical “should cost” tool to optimize the prices paid to vendors for software development. Armed with detailed cost breakdowns based on cost-prediction algorithms, specific project schedules and constraints, type of delivery, benchmarks, and other variables, the bank negotiated with vendors to reduce their prices by 10 to 30 percent.
  • Demand management. Another bank analyzed the annual number of cash-transfer trips per ATM in relation to the ATM-specific cash stock balance. The analysis revealed a low-to-medium correlation between the number of trips and the cash balance. These findings allowed the bank to run simulations to find the optimal cash stock balance for every ATM cluster (rather than a single blanket balance threshold). The optimal ATM-specific balance reduced the amount of money in stock and the total number of shipments of cash to ATMs, resulting in 14 percent savings on cash-in-transit costs”

https://www.mckinsey.com/industries/financial-services/our-insights/a-new-frontier-for-transforming-nonpersonnel-cost-management-in-banking?cid=eml-web

Overcoming Key Challenges in AI Deployment for Financial Services

  • “As noted by Business Insider, 56 percent of banks have implemented AI in risk management, and 52 percent use these tools for revenue generation from new products and services.
  • While 74 percent of banking executives say these technologies will transform the industry, they’re worried about barriers to effective deployment, such as growing skills gaps and increasing complexity.
  • Overcoming Hurdles to AI Deployment in Banking:
    • Multiple stakeholders
    • Myriad processes
    • Siloed data
    • Managing current infrastructure”

https://biztechmagazine.com/article/2021/09/overcoming-key-challenges-ai-deployment-financial-services

New Global AIFinTech100 Recognises the Tech Companies Using Artificial Intelligence To Transform Financial Services

“The AIFinTech100 was produced to identify the 100 most innovative companies developing AI applications in financial services that every financial institution needs to know about as they develop their digital transformation strategies.

The leading companies awarded a place on the list include:

Actico: an international provider of software for intelligent automation and digital decisioning in financial services.

BehavioSec: technology leader for behavioural biometrics and continuous authentication, safeguarding millions of users and billions of transactions.

ComplyAdvantage: the global leader in hyperscale risk management designed to help hypergrowth companies find, minimize or eliminate the threat of financial crimes.

Dubber: the world’s leading Unified Call Recording and Voice AI Platform.

Earnix: leading provider of predictive analytics with cutting edge Al/ML, delivering dynamic pricing and personalized products for global insurers and banks.

Muinmos: award-winning, AI powered client onboarding platform which onboards any client – retail, professional or institutional – globally within 3 minutes.

NICE Actimize: innovative technology provider of financial crime, risk and compliance solutions for global financial institutions.

Quant Infinity: FinTech company specialising in data science that develops algorithmic trading solutions based on AI and Machine Learning.

Quantiphi: award-winning AI-first digital engineering company, that helps enterprises transform Industry value-chain by reimagining their businesses with Data & AI.

Resistant AI: provider of oversight and protection for automated financial processes.

Turing Technology: technology firm using breakthrough AI to redefine and reinvent active investment management.

A full list of the AIFinTech100 can be found at www.AIFinTech100.com.”

https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/global-aifintech100-recognises-tech-companies-135300244.html

The Holidays Are Approaching. Here’s How Retailers Can Prepare.

  • “In recent years, seasonal shopping has started earlier and earlier, with around 40% of consumers beginning to cross items off their holiday lists before Halloween.
  • When it comes to marketing, digital is likely going to be your most important channel for the holiday shopping season. But don’t create your messaging in a vacuum.
  • ‘Customers want cross-channel shopping experiences that are seamless across online, offline, and partner interactions—which rely on the essential integration of associated network systems among all three environments,’
  • There is an abundance of data you can use to calibrate your operations during the holiday season. With the help of AI, you can draw useful, actionable insights from that data much quicker than you’d be able to with traditional business intelligence techniques.”

https://www.forbes.com/sites/rhettpower/2021/09/05/the-holidays-are-approaching-heres-how-retailers-can-prepare/?sh=4a79d0a94666