LEVERAGING AI FOR INTELLIGENT INTERACTIONS

Imagine what is possible if your company could leverage the power of the information locked up in your data silo’s to build personalized solutions for your customers. What could your company achieve if every interaction with technology were intelligent?

WHAT IS AI?

Artificial Intelligence and Machine Learning (ML) are two very hot buzzwords right now, and often seems to be used interchangeably.  They are not quite the same thing, but the perception that they are the same can sometimes lead to some confusion. AI is the broader concept of machines being able to carry out tasks in a way that we would consider “smart”.  ML is a current application of AI based around the idea that we should just be able to give machines access to data and let them learn for themselves.

The popular press portrays AI as the advent of computers as smart as, or smarter than, humans.  The individual technologies, by contrast, are getting better at performing specific tasks that only humans used to be able to do.  These cognitive technologies, is what business leaders should focus their attention on. These more mature cognitive technologies include optimization, which automates complex decisions and trade-offs about limited resources; planning and scheduling, which entails devising a sequence of actions to meet goals and observe constraints; and rules-based systems, the technology underlying systems, which use databases of knowledge and rules to automate the process of making inferences about information.

Cognitive Technologies are products of the field of AI. Cognitive technology components can be embedded into applications or business processes to add features or improve effectiveness.  New companies are developing sets of modules that aim to improve processes such as customer support, marketing, and sales with machine-learning models that predict which customers are most likely to churn or which sales leads are most likely to convert to customers.

WHY IT MATTERS

Today’s digital models have taken away that personal connection.  On many levels, AI has the potential to bring back that connection. Technology companies have already developed algorithms that track a user’s online habits, creating deeply personal online experiences.  The digital consumer is being trained by firms that are the early masters of AI (Amazon, Google, Facebook and Apple) and they expect the companies they use to know them, understand them and reward them through personalized communication. They have already experienced AI in other areas of their lives – for example Amazon Echo™ and Google Home™.

Customers are now making the following demands on their banks:

• Know me: Understand my needs, wants and goals; present me with products and services that are personalized for me and my financial life.

• Advise me: Bring expertise to every interaction.

• Educate me: Provide me with online education and tips “in the moment.”

• Let me choose: Give me options rather than prerequisites, and roadmaps rather than checkboxes.

• Alert me: Give me real-time predictive alerts and personalized communications.

• Compare me: Offer me peer comparisons in virtual channels.

OUR OFFERINGS

Strategy assessment

Cognitive technology applicability, impact and deployment assessments

Planning Sessions

Customized leadership workshops detailing the current state of cognitive technologies and opportunities/risks for your bank.

Solution design

Solution design that encompasses process, operating model and technology

Solution build & implementation

Implementation program management including third party integration and coding

Proof of Concepts

Rapid development of prototyping for assessing real world benefits and impacts

INSIGHTS