AI & BANKING
AI Transformation in European Banking
By embedding AI into the fabric of the bank's processes and culture, we sought to empower employees, optimise internal workflows, and deliver superior customer service in already 3 different projects for major banks in Europe and the Middle East. What do the initial results show? Using AI for financial services will transform the banking and finance sector.
Objective
Our comprehensive AI transformation initiative aimed to use the current capabilities of AI to streamline operations, enhance customer experience, and achieve significant cost efficiencies across banking operations.
Scope and Implementation
Three distinct AI projects across three banks: Central AI Transformation for cultural and workflow evolution, AI Search ChatBot to enhance data retrieval efficiency, and AI Onboarding and Guidance chatbots for personalised customer integration, each tailored to revolutionise banking practices.
Central AI Transformation:
Focused on organisational change, creating AI-enabled workflows, and establishing a continuous learning and adaptation culture.
AI Search ChatBot:
Aimed at improving data retrieval processes and knowledge sharing across departments and with a large underlying set of documents, transforming a standard search into a much-enhanced experience through interaction with a know-it-all chatbot.
AI Onboarding and Guidance:
Set of chatbots designed to optimise and facilitate customer onboarding and drive product usage. We designed these tools to mimic conversation strategies normally exercised only by humans. Through our Dynamic Prompting algorithm, we can deliver a cheaper, faster, more sophisticated, and better-controlled chatbot experience with a larger knowledge base than is normally possible.
Cost Savings and Impact
Transforming European banking through AI: Driving Operational Efficiency, enhancing Employee Productivity, improving Customer Service, and integrating cutting-edge Technology for cost savings and streamlined operations.
Operational Efficiency:
The introduction of AI to enhance process efficiencies led to reductions in operational costs after the implementation, quantified in 1T-of usage.
Employee Productivity:
The central AI transformation increased productivity among employees engaged in AI-enabled roles.
Customer Service Improvements:
The AI Onboarding and Guidance project decreased the need for human customer service interactions by 10-20%, translating to savings in customer support expenses. Applying chatbots backed with dynamic prompting reduced the cost of servicing routine questions by 84%.
Technology Integration:
With a substantial initial investment in AI technologies, the project is anticipated to deliver a significant return on investment over the next five years, fueled by continuous operational savings and increased revenue from improved customer engagement.
Key Learnings
and Future Directions
The unified AI transformation initiative revealed several critical insights.
Change Management:
Effective communication and targeted learning solutions are essential for fostering an AI-centric culture across diverse banking functions.
Technical Integration:
Building a scalable and secure AI infrastructure requires testing on synthetic data and environments, and only then, after deployment, with a focus on compliance and data security, can it be run.
Customer Engagement:
Dynamic AI applications in customer service can significantly enhance the onboarding experience and customer lifetime value, underscoring the importance of personalised, AI-driven interactions.
Some Results
-84%
Savings using chatbot with dynamic prompting vs. human operator
6 chatbots
applied and managed to help client onboarding and activation within the first 50 days in the bank