Frank Erdle/ November 18, 2019/ Uncategorized

An innovative AI solution optimizes processes, increases the sales opportunities and efficiency for retail banking.

A recent study by the digital association Bitkom revealed: One in three bank customers can already imagine making transfers by voice commands. Digital assistants with Artificial Intelligence (AI) are on the rise even in the financial sector.

In the course of digitization, the demand for applications with speech recognition in banks and insurance companies is increasing. Many financial companies want to improve their business especially at local branches. A promising approach is a supportive AI system with speech recognition. It guides the consultant through customer conversations in a structured manner. In addition, it provides real-time information on suitable products. As a result, the consultant can fully focus on the customer to offer appropriate product portfolios. An improved understanding of the customer makes it possible to exploit cross-selling and upselling potential. With this approach, an AI solution leads to better control of sales management and higher business goals.

How is a future-oriented system structured?

Essentially of three components. The central element is a cutting-edge AI algorithm.

+ speech recognition: Using linguistic methods and automated recognition of typical conversation scenarios, all relevant information is evaluated during the conversation.

 + conversational organization: Often the course of a customer conversation determines whether a successful contract is concluded. The AI solution guides the advisor through the conversation – for example with investment advice: The next step might be the desired investment amount and the risk class.

+ product recommendation: Here, the focus is on which product best suits the customer. For this purpose, the AI ​​software is taking the individual financial situation into account by accessing the latest information from the central database. From the totality of available information, further insights can be gained.

For example, the consultant can identify which products have led to successful completion in other conversations with similar customers.

The benefits of using intelligent speech recognition tools for private banking are enormous.

The consultant is effectively and efficiently supported by the AI application at every customer appointment. This way, the advisor can sell more products or services that specifically fit the individual customer profile. On the one hand, because the more intensive dialogue contributes to a better understanding of the customer situation. On the other hand, because the consultant can lead with reasonable time more consultations, which represent a strong tool for customer loyalty in the increasing competition with pure online banks. This not only increases the sales potential, but also the quality of consultation.

The exchange of information between the departments is also improved by artificial intelligence.

If, for example, an employee learns that his customer is looking for a property, this information is automatically distributed within the company – or to an authorized partner of the bank. Thus, the AI ​​solution makes such findings more usable. There is also considerable potential for savings in the front office: Employees need less training, which minimizes downtime. In addition, the AI-based acquisition of non-bank-specific customer information can improve complex know-your-customer processes.

More about this topic in our Blog: Speech recognition thanks to AI

Photo by Matt Botsford on Unsplash

Frank Erdle

About Frank Erdle

Since the beginning of the Internet age Frank Erdle has followed the digitization as a journalist. His main focus is set on the topics of Digital Finance, Artificial Intelligence, security and sustainability. Erdle is not only interested in economic opportunities that arise from new technological concepts, but also examines their effects on society.