Banking and financial services have three immediate challenges, inhibiting their ability to capitalise on the data revolution:
- A skills shortage – McKinsey Global predicts there will be an acute shortage of analysts with the skills necessary to analyse data and insight in banking
- Value of data disintegrates quickly – no sooner is the analysis done than it’s out of date
- Data silos – data is often stored across discrete unconnected systems, making it difficult to obtain a single view of the customer
This comes against a turbulent market backdrop for banking and financial services. Increasing competition in both traditional and non-traditional markets is making it difficult to reduce costs and grow revenues, whilst at the same time limiting risks and meeting the Bank of England’s requirements to increase capital holdings. Alongside this, new Fintech market entrants are driving a move towards better customer experiences.
With all these trends colliding, it is easy to see why Artificial Intelligence (AI) is increasingly important for Banking and Financial Service organisations.
Man and machine working together for improved customer outcomes
If you listen to the doomsayers, Artificial Intelligence will create such mass disruption that man will be replaced by bot, and human to human interaction will diminish (something which certainly won’t enhance trust in banking and financial markets in the current climate).
But far from taking away that all-important ‘personal touch’ as banking and financial services become more automated, Artificial Intelligence will actually serve to enhance personalisation.
Imagine the perfect virtual assistant supporting your role within a bank or financial services business. It would communicate with you in human-like ways, and do what you (or your analysts) can’t in a real-time world. Your virtual assistant would continually make sense of structured and unstructured data, modelling spending and trading behaviours in order to predict customer needs and market trends.
It would also automate key activities – for example direct pipeline activities, undertake risk analysis and due diligence, deliver personalised communications and custom marketing recommendations based on deep segmentation analysis, sentiment and buying triggers.
Finally your virtual assistant may even answer customer questions by proxy in real-time. Constantly learning as it goes for ever more targeted engagement, perfect segmentation, accurate lead generation, and campaign execution.
Your role? You will be free to undertake more strategic decision-making and human-touch relationship building tasks with an even greater level of clarity, and a more proactive and personalised customer experience approach.
Why invest now?
The best banking and financial services AI solutions of the future will not be built on algorithms alone, but on a rich understanding of the unique complexities of the market, where the future lies, and how AI, Machine Based Learning and chat bots/AI assistants can enhance and augment everyday banking activities.
If you want to be part of the AI evolution, you need to invest now, not just financially, but in helping to shape the future by sharing feedback on lessons learned, imparting insight on where the biggest gains can be made, and improving understanding of what will make the biggest difference in your world.
Join the Artesian AI evolution
Artesian’s latest release builds on our leading enterprise engagement platform, to establish the foundations of an Artificial Intelligence future that promises a revolution in sales and marketing effectiveness. The culmination of months of behind-the-scenes R&D activity, based on an incredibly rich understanding of the enterprise B2B landscape through the eyes of some of the biggest and most influential banking and financial services companies in the world – HSBC, Barclays, Metrobank, RBS and AMEX to name but a few.
Artesian ‘Insight Agent’ is the first step in a series of intelligent chat bots aimed at automating many of the tasks carried out by B2B professionals daily. With the use of advanced natural language processing and predictive analytics, it monitors the user’s pipeline, continually looking for triggers from over 5 billion news and social media articles, learning and filtering based on individual requirements to deliver commercially valuable and immediately actionable insights, telling the user what they need to know and what action they need to take.
This release is the first milestone in our ‘big idea’ – the use of AI and related technologies to make sense of structured and unstructured data, predict customer needs, automate and direct pipeline activities, and deliver hyper-personalised communications and custom marketing.