Today, artificial intelligence allows you to process an application form in 5 seconds, rather than in 58 minutes. Applied to a rapidly changing banking sector, this technology has much to offer to one of the oldest trades in the world, which must urgently modernize in order to better meet its customers' needs and to conserve them, but also to stay Competitive with fintechs that are multiplying.
The mutation is on.
Transforming the customer experience
Today, for the bank as for many sectors, exploiting information has become paramount: it is an invaluable resource for a financial institution. Artificial intelligence intervenes at this stage: a part of the processes of semantic comprehension and analysis of textual contents can and must be treated by technologies such as AI and machine learning.
The natural language search transforms the customer experience via chatbots and intelligent question-answering forums on websites. The more questions addressed in natural language - as opposed to the keyword search - are addressed precisely, the more easily and quickly the client is satisfied, to the level of a human service but free from any risk of stress or conflict and In 24/7 mode.
Because certain categories of customers will never change to 100% digital, it is also possible to reduce the service call time by providing intelligent assistance to agents. The consequences are immediate: on the one hand, costs are merging and the performance of call centers is optimized, and on the other hand, customer satisfaction is growing strongly.
The multichannel analysis of the customer's voice makes it possible to identify the subjects of interest of the customers or a potential risk of attrition on their part. It also makes it possible to adopt effective corrective actions when problems are detected and to capture the weak signals likely to feed the group's marketing strategy during the remodeling phase of its product and service offerings.
This recognition by IA allows a real revolution in the user experience as it exists today. This dynamic leads us to a new type of client-bank relationship where the permanent link is no longer only reserved for online banks but democratized to all banking institutions. Or how to compete fintechs while modernizing its image ...
Scalable analysis capability
Deployed in the service of economic intelligence and marketing, AI can be a real asset for banks, especially by allowing them to build a 360 ° vision of their clients. For this purpose, artificial intelligence can monitor the web and social networks in order to evaluate the e-reputation of an institution or analyze the verbatim and emails sent by the agencies in order to qualify the customer relationship and Measure the associated satisfaction rate. It can also be a tool of choice to achieve a more competitive reaction time in processing customer returns. This watch must also be part of the benchmarks: it is today a key tool to study the products and services, the type of communication or the mode of customer relations adopted by challengers, and adapt Its strategy accordingly.
Moreover, the assistance of an artificial intelligence can be a concrete asset with a view to reducing operational and contractual risks, in particular in the context of the fight against money laundering. Indeed, by analyzing, according to defined rules, contracts signed in order to deduce a risk rate associated in the context of an investment or a credit for example, the AI can compress the required investigation time Reducing it from several weeks to a few minutes! Artificial semantic intelligence can thus provide an almost instantaneous response by analyzing data from different private and public sources. Risk exposure may be reduced.
Automate business processes
At the present time, the bank could win to reduce the processing time of applications. Indeed, theft / loss of bank cards or claims, must now become automated processes, to improve productivity and optimize costs. AI assistance can also simplify internal processes such as recruitment: by automatically analyzing and comparing published job offers and applications received, it is now possible to accelerate the detection of relevant candidates and hence to accelerate recruitment.
Among all these processes, the interest of artificial intelligence is the drastic reduction of the processing of the files, which can approach the 50%. Indeed, the documentation received by banking institutions, and particularly those with an insurance offer, requires time-consuming and costly analysis that may be detrimental to the satisfaction of their clients. The AI now makes it possible to extract the important information contained in a claim record, to analyze the type of damage in question, to understand whether it is covered by the insurance policy or not. The relevant data can then be imported into a claims database, thus helping agents trigger the appropriate compensation process. Nevertheless, the AI is not intended to treat these sensitive cases: it must assist the decision-making by diagnosing the percentage of risk that can then lead to a human decision.
By investing in the banking sector, artificial intelligence makes it possible to defer the tedious work of understanding the context to the technology so that the agent can concentrate solely on value-added tasks. Reducing human error, speeding responses and customer satisfaction: the AI is there to assist the agent in his decision-making by identifying possible inaccuracies, the risks of fraud, and by optimizing the ratio between profit, Profitability and customer satisfaction.
