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REINVENTING CUSTOMER EXPERIENCES
Make banking more personal with AI
Introduction Today’s presenters
Is AI a disruptor in the banking industry ?
Disrupting the banking industry
Banking industry challenges
The payment
landscape is rapidly
changing ;
Banks have to define
their role and work
with strategic
partners
Changing
customer needs
New
technologies
Increasing
regulations
New
entrants
OEM Pay
Instant Payments
Fintechs
International competition
PSD2 GDPR
Trust services
Conversion
Increasing nb of payment
methods
Cross border transactions
Customer loyalty
AI as technologies disruptor
Allow machine to accomplish task human execute with intelligence
Mc. Carthy
50’s
Artificial Intelligence
Machine Learning
60’s 70’s 80’s 90’s 2000 2010 2015 2020 2025
Deep learning
AI to bridge digital consumers’ needs
Convenience Real-time
insight
Personalization Consistency
Knowledge
Reasoning
Perception
Communication
Rule based engine
Probabilistic programming
Natural Language Understanding
Sentiment Analysis
What does it imply? What forms can it take?
Importance of personalization
Personalization is the difference between spam and advice.
From Revolut to Apple (and soon Google) – challenger banking is scaling up
1.3bn iPhones 72 Net Promoter
Score (NPS)
3.5m Users €500m in funding
3m Users 50k new
accounts/week
7m Users 4.9 in iphone
appstore
Opinion On Wall Street
Cache crunch: Google-Citi deal could be future of banking Others likely to follow the tie-up between West Coast tech and East Coast finance November 16, 2019
Banks are losing valuable customer touchpoints – transaction by transaction
1/3 of UK millennials say their primary banking relationship is with a challenger bank
AT Kearney Survey 2019
Should banks be worried? Banks have customers and users while Apple has fans
In 2019 Apple Card generated $10B in new line of credit in first month following US launch
Why are people switching? Customers attracted by simple and personalized user experience
Contextualizing
transactions with
categorization &
insights
Seamless, targeted
cashback rewards
empowered by real-
time data
Rich functionality to
personalise digital banking
& position bank as a
“trusted financial advisor”
Financial
Gamification
Richer
Transactions
Instant Cashback
Rewards
Changing POS text
into meaningful
brand and spending
insights
Brand
Insights
► What is my carbon footprint?
► What merchants could I like based on my current spending habits?
► How are my expenses trending?
► Can you find discounts for me?
► Can you help me save?
Transactions can be turned into compelling personalized stories and use cases
What barriers do we encounter and how do we overcome those?
Valuing customer data with AI
► Basics First: Aggregation, Consolidation, Data cleaning and Enrichment is the foundation – otherwise you have “Garbage in – garbage out”. Usually 70%+ of effort
► Segmentation algorithms – key to personalization
► Predicting future behaviour – key to upselling and cross selling
AI only valuable if it drives meaningful use cases
Aggregation, Consolidation and Enrichment
Segmentation example: Relevance of merchants for each person based on past spending
Prediction Algorithm Example - Upselling
► Providing traditional sales channels with information on when clients are most likely to need a new card
► 300% increase in card uptake
How will conversational banking improve customer interactions?
Turning interactions into conversations
Conversational Banking
The 4 ‘A’ framework
Define the targeted customers by defining
personae !
Audience
Map your conversational strategy to your
business goals
Aims
Define the list of services you want to roll-out
and prioritize it.
Approach
Implement technologies to build and
experiment your conversations
Apply
…is not a technology but a strategy to engage customer !
Conversational Banking The 4 “A” framework in application – Bank Of America – Erica*
10 Million
Users since
June 2018
100 Million Requests
since
June 2018
Audience Aims
Approach Apply
Targeted audience
• 25 millions mobile customers
Repartition per generation
• 15% Gen Z
• 49% Millennials
• 20% Gen X
• 16% Baby Boomers or Seniors
Reducing costs by
• Improving self-service features
Keep users engaged
• Delivering valuable insights
• Offering quick & easy payments
features (bills, p2p…)
Deploy on the mobile channel first
Make an initial roll-out on Daily
Banking Activities
Update Erica with proactive financial
features
Conversational Platform
Personal Finance Management
Risk Scoring engine (Fico Score)
*https://netfinance.wbresearch.com/bank-of-america-ai-powered-chatbot-strategy-ty-u
Conversational Banking The 4 “A” framework in application – Capital One – Eno*
Audience Aims
Approach Apply
Targeted audience
• All Capital One customers
Initial Value proposition
Check credit card balance
Reducing costs by
• Improving self-service features
Keep users engaged
• Delivering on security promises
• Help users manage their money
anytime anywhere
Deployed a beta-version first (2015)
Make an initial roll-out on credit card
balance
Add security-layer with 4-digit PIN
Iterate to finetune conversations
Conversational Platform
AWS Connection
*https://developer.amazon.com/fr/blogs/post/Tx3GO7OTYATKAU0/Money-Talks-with-the-Capital-One-Alexa-Skill
Live
since
2016
Rated
consistently
4/5
Our receipe to provide top conversations !
Active.ai features (ex mispelling)
po
Our recipe to provide engaging conversations
Conversational Banking
Customers expect convenience…
not conversations !
Start with the basic use cases
Account consultation, transfer, card management…
Define main conversational logic first
Train your model to make it more comprehensive
Build bridges / not silos !
Context is key to provide delightful conversations
Don’t forget “Human” handover The most effective agent manages the task at hand,
human or conversational
How to empower customers with contextual, tailored insights across channels?
AI-enabled, personal conversations
Motivations
- Utilatarian benefits
- Symbolic benefits
- Social benefits
Conversational banking and adoption
Motivations and pain points
Pain points
- Perceived security & privacy concerns
From conversational stranger to loyal customer
Creating Trust
Personalization
Proactive conversations
Personality
Conveying emotions
You know me
You know what I need
I know you
I know how you feel
Tailoring the conversation for each consumer type
User segmentation and expected outcomes
The right information for the right
person at the right time
General topics for anonymous users
Information about finance, the brand, the values…
Onboarding for prospects
Provide cross-channel engagement
Account services for clients
Provide clients with a secured and personalized
conversational environment
No answer : not an option
Provide access to other channels for out-of-
conversational-scope requests
Conversational banking throughout the customer journey
Assist consumers end-to-end
What can I help you with?
Answer actual questions
Use data and user research to define main use cases
Anticipate course of action
Use customer journey map to anticipate next steps
Suggest useful content
Maintain engagement through valuable content &
offers
Tailoring the conversation for your bank and its unique customers
Adopt appropriate tone of voice
Consumers are looking for
uniqueness and relatability
Be unique and on-brand Conversational content should integrate with overall
brand image and be unique to your bank
Adapt to specific situations & emotions Tailor your tone of voice both for positive and
stressful situations
Be inclusive
Make your conversational agent characteristic but
not a character
A step-by-step process to creating efficient conversation
Conversational UX
Research Understand users and their expectations
through quantitative and qualitative data
Define Priority use cases and tone of voice
Design
Tailor conversations for your bank using
its unique vocabulary and tone of voice.
How will conversational banking improve customer interactions?
Deliver compelling experiences at scale
Financial
coaching
Daily banking
assistant
Data analysis
Mass personalization
Predictive insights
Payments,
Security & identity
Digital services
Voice UX
Conversations design
Behavioral studies
Personal,
conversational
banking