The banking, financial services and insurance industry (BFSI) is leading the way in using innovative technology to enhance customer experience, drive down costs and combating risk. Nowhere is this as apparent as in BFSI’s adoption of AI, which allows faster understanding, more accurate insights, and higher-level analysis of vast amounts of complex data in an environment where data has become too massive for human analysts to manage.
A number of financial institutions have effectively managed to harness the power of AI and other types of advanced analytics to help deliver a service to their customers that’s personalized, enabling next best actions by identifying the best offer to make to an individual customer at a time that is most opportune. Others have instituted wide scale adoption of chatbots and various customer facing automations.
Beyond high-profile customer experience and compliance use cases, AI can make hundreds of smaller differences behind the scenes, including bringing streamlined functionality to back office processes.
- Employee Empowerment. Sales executives and customer service representatives can benefit from the vast amount of data that can be quickly and efficiently analyzed and organized on each potential lead or existing customer. Administrative staff can save time on repetitive tasks such as document review, filing, and workflow processes. Automation provides back offices with ways to divert basic tasks to AI driven processes, freeing key employees to concentrate on improvement in other areas.
- Increased Efficiency. Essential processes to ensure compliance and deliver timely results can be time-consuming and repetitive. Automated intelligence can provide greater consistency and accuracy without draining away expensive man hours on ongoing processes. Analysis of electricity use across an entire building can help cut costs and hundreds of other practical applications can improve the bottom line. Predictions of supply limits can be streamlined to allow restocking during low traffic periods to avoid disruption in crowded areas.
- Improved Analysis. Using AI to analyze the data allows automation and optimization of not just tasks themselves, but their timing relevant to other tasks and demands being made. Siloed data sets from internal databases, customer communications on social media, contact center or email queries and external information from third parties can be evaluated, sorted, cleaned, and collected into a single data pool which can then be comprehensively analyzed. With automation, all information coming in from these diverse sources can be immediately classified.
Implementation of AI automation can lower operating costs, increase productivity, and pave the way for future innovation in BFSI verticals. The same can be said for related industries and move back offices into higher levels of efficiency.