Artificial Intelligence in Banking
Personalise the Entire Banking Relationship by Incorporating AI in Banking Customer Service
Similar to the Energy Case Study, the MyWave platform can be used in Customer Service for Banking. The key customer benefit is the MyWave Platform’s contextual understanding. If you ask for a mortgage restructure, you aren’t sent the same blank form you filled in for your original mortgage, instead the platform simply asks what’s changed since your previous application. If you need to re-fix your interest rates, the MyWave Platform will simply ask if you want to structure it similarly to last time. If you’ve lost your credit card, instead of having to call an 0800 number, you simply have to tell the MyWave Platform in Natural Language that you have lost your card and it will cancel your old card and offer to post another one.
The MyWave Platform brings intelligence to your banking accounts. It can facilitate simple services such as ensuring your money is in the optimal interest bearing account. It will also let you know prior to a transaction whether you will go into overdraft and offer to transfer money from your savings account so you can avoid overdraft fees.
The MyWave platform is able use customer transaction history to proactively assist customers in budgeting, providing real time information on how much discretionary spending they currently have, what bills are coming up and how their expenditure will affect them in reaching their short term and long term financial goals. The MyWave Platform can also be used to optimise customer budgets. MyWave can advise customers how they can save money by switching to another supplier for household bills like energy, broadband and even home loans. The Platform is then able to simply and easily facilitate the customer in making that switch.
The MyWave Platform makes use of historical payments data to make paying your bills easier. For regular bills that vary in payment amount, the MyWave Platform prompts the customer to let them know what bills are due. All the customer has to do is key in the amount and confirm payment and the MyWave Platform deals with the rest.
The MyWave Platform enables Banking ecosystems. Customers are able to ask in Natural Language questions such as:
- Help me get a home
- Do I buy or renovate?
- I’m looking for a new rental property
The MyWave Platform is then able to orchestrate getting the customer the outcome they are looking for across multiple providers and multiple data sources. For example, when purchasing a new home you will need to talk to realtors, look at houses, apply for a mortgage, hire movers, switch utilities, get home insurance. MyWave brings all these services to you as soon as you signal your intention.
Simple Summary Case Study of MyWave and Banking, ROI in less than 12 Months
Customer Centred Outcome Examples
- Know me, remember me, serve me better
- No more long forms, use data pillars for KYC (Know Your Customer), getting outcomes I need, make it easy
- Provide end-to-end Banking outcomes
- Get me a home
- Help me save
- Help me do more with my money
- Help me get better deals on the Bills I pay or what I am saving for
- For Small Medium business - help me with access to credit, access to customers in the Banking ecosystem and intelligent cashflow.
- Intelligent personalised services around lending, mortgages, credit cards, personalised payments.
Enterprise Benefits from Customer Centred Outcomes deploying Intelligent Personalisation
The Enterprise Business Case includes benefits of
- Automating and simplifying banking processes to take out cost
- Taking out/freeing up people
- Deepening customer relationships with relevant personalised products and services
- Improving revenue growth through more valuable end to end client services
- Redefining the banking experience
- Enhancing customer service and customer outcomes centred on the customer
- Increasing NPS (Net Promoter Score)
- Leveraging Data and Relationships, enabling Ecosystem business relationships around home and business - get the home, the mortgage, help find the moving company, get me great energy deals, get things in my home, save for the holiday and get me better deals while also being a great Bank to do business with.