6 Steps to Improve Banking CX Through Artificial Intelligence

“In customer experience terms, AI and machine learning can help marketers in retail banking to predict client needs and deepen relationships. They can do this through more personalizing their approaches, fine-tuning campaigns for maximum effectiveness, targeting consumer segments that represent the best acquisition prospects, and identifying attrition risks and causes.”

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Ai: Where To Begin?

  • “Digital transformation is shifting businesses from process orientation to platform orientation. Google does not have channels — it has a platform, so it does not need a huge team of human intelligence maintaining each touchpoint.
  • What’s The Key to Success In A Platform? The technology is the easiest part. User adoption is the most difficult part of platforms.
  • The Ubers and Facebooks of this world frequently introduce clever features, quickly and at almost zero marginal cost. They are agile enough to exceed customer expectations without any major implementations, upheaval or cost implications, rolling out new offerings and scaling them up or down — at will.”


How to Get Started Developing a Corporate AI Strategy

  • “Start with some of the low-hanging fruit in AI with relatively immediate returns, like customer service. Doing so gets you on the AI train and allows you to start to accumulate actionable data about your customer.
  • Second, find ways to augment AI into existing business processes, supplementing what humans do, allowing them to focus on more meaningful work. If you are a very large enterprise, set up an AI innovation lab and staff it with bright minds to help facilitate the process of finding where to augment first and how. The AI innovation team should be able to assess the ripest business processes for AI.
  • Finally, be realistic about what investment AI may require and assess if the risks and upside are justified. It’s not cheap, but if done right, this can strengthen or establish sustainable competitive advantages.”


Microsoft’s new AI Business School teaches execs how to lead AI initiatives, for free

“Microsoft on Monday launched a free, online AI Business School to help business leaders navigate creating an AI strategy.

Courses include:

  • “Introduction to AI technology for business leaders,”
  • “Define an AI strategy to create business value,”
  • “Discover ways to foster an AI-ready culture in your business,”
  • “Identify guiding principles for responsible AI in your business.”

“This school is a deep dive into how you develop a strategy and identify blockers before they happen in the implementation of AI in your organization,” Mitra Azizirad, corporate vice president for AI marketing at Microsoft, wrote in the post.

The AI Business School is non-technical, and designed to help executives lead their organizations through AI transformations, according to the post.”


How artificial intelligence can radically transform your business

“‘Over 40 per cent of businesses believe that the model they’re using today will cease to exist in five years,’says Clare Barclay, chief operating officer of Microsoft UK. “All sorts of technology, AI included, is changing the shape of the business landscape.”

Data from Microsoft’s Maximising the AI Opportunity report shows that early adopters of enterprise AI have already seen a five per cent improvement in productivity, performance and business outcomes compared to those that have yet to explore this exciting new field.

More than half – 51 per cent – of UK organisations surveyed for the report said they had no AI strategy in place. If that describes your firm, now is the ideal time to start preparing one.

67 per cent of leaders and 59 per cent of employees say they’re open to experimenting with AI, but almost everyone involved is likely to need some training and development to equip them for your organisation’s AI future.

Microsoft UK COO Clare Barclay says there are three simple steps that business leaders can take to guide their organisations along the right path towards the AI future:

  1. “Be curious. Sitting there and being afraid of what might change but doing nothing is not a path I would recommend. AI can be a big enabler for business, but it’s going to take leadership to start by being curious to understand more about it.”
    “Pick some small areas where you think you could gain incremental improvements in your business and don’t be afraid to try things.”
  1. ‘Really think about your culture, people and skills. If you don’t involve your people and organisation, then you’re going to create fear, uncertainty and doubt. This is an opportunity to involve your whole organisation and to think about how your business is going to change for the future.'”