“One example of an organisation that has got it right is the Commonwealth Bank of Australia. It deployed AI and automation successfully as part of its customer engagement engine, building over 200 machine learning models with 157 billion data points. This helps the bank anticipate customer needs and decide the ‘next best conversation’ customer service personnel should have with each individual customer in any interaction. Because the customer engagement engine was built in a low-code, model-based design environment, the bank can easily adapt and finetune processes over time to improve customer service with every interaction. During the initial lockdown period, the bank saw a 500% spike in usage of their ‘benefits finder’ helping customers understand what they are entitled to, and they were able to quickly change communications strategies both outbound and dealing with inbound.”
- “Royal Bank of Canada is launching an artificial intelligence-based electronic-trading platform to clients around the world
- Aiden was jointly developed by RBC Capital Markets and the Borealis AI research center, which is backed by the bank and led by inventor Foteini Agrafioti.”
“With a more engaged, loyal client base, banks will see higher retention numbers and can spend less time and money battling customer churn. Most importantly, by helping customers grow their ﬁnancial success, the bank has more opportunities to cross-sell to a base that is also growing in afﬂuence. This creates more proﬁtable relationships and directly drives revenue for the institution.”
- “This year alone, millennials will constitute 35% of the global workforce. Within a decade, their aggregate income will surpass $4 trillion.
- By 2030, MZ (Millennials and Gen Z) in the US will witness a five-fold increase in their wealth as they are set to inherit $68 trillion from their Baby Boomer parents
- A major bank in Australia that redesigned a credit card to appeal to millennials specifically discovered that usage volumes grew by 70% and new-accounts by 40%.”
“It is, therefore, important to realise that physical touchpoints will not be rendered obsolete  – rather, the introduction of AI solutions will ensure that both physical and digital interaction is available in a cohesive way. Here, the process that is the democratization of financial services becomes clearer . Digital touchpoints render services more accessible to a younger demographic whilst retention of in-person customer service and alike meets the need of both the traditional and vulnerable consumer.”