Other parts of this series:
- A global showcase for banking innovation
- Using analytics and AI for a better banking experience
- Fostering social inclusion in Brazil through the power of digital marketing
- Linking banks, retailers, loyalty schemes and customers seamlessly worldwide
- Transforming bank customers’ mortgage journey using “phygital” innovation
- Connecting organizations with sustainable projects to reduce carbon emissions
- Creating an inspiring workplace and higher engagement through “Smartphonisation”
- Raising service quality to new levels for under-served customer segments in Italy
Efma and Accenture recognize banks that are using analytics and AI to create better customer journeys
It’s a status that reflects the maturity of this area of industry innovation. As more and more banks worldwide strive to become data-driven organizations, a core focus of their digital transformation programs is leveraging analytics and artificial intelligence (AI) at scale.
Increasingly, these efforts include setting up centers of excellence dedicated to analytics, launching initiatives to monetize data, and developing AI solutions to enable new support and advisory services.
So, amid this dynamic environment, who secured first place for AI and analytics innovation in 2019? The winner was CaixaBank of Spain with its chatbot Neo – a personal customer service assistant developed using AI, and now providing support 24×7 across various business processes in Spanish, Catalan and English.
The launch and enthusiastic customer take-up of Neo reflect the rapid evolution of the mobile channel as a point of dialogue between banks and their customers. The Neo app is designed to be used for consultations as well as for managing operations – balance enquiries, monthly expenses and so on – while also helping to boost sales.
The statistics about Neo underline both its technological sophistication and commercial success. Neo’s cognitive system accepts more than 60,000 inputs, enabling it to cover all types of conversation and all of the company’s products and services. Between its launch in February 2018 and the awards in October 2019, more than 2.5 million customers had conducted 23 million conversations with Neo, with 85% of queries settled without further engagement and a 20% reduction in calls to the contact centre. The result? Happier customers at lower cost.
In my next post I’ll look at the second of the Banking Innovation Awards for Digital Marketing and Communication. Watch this space.