Banking on AI: future-proofing financial services

Current models for bank customer acquisition and service delivery are full of missed cues: incumbents are struggling to recognize and decipher the signals customers leave behind during their digital journeys.

AI analytics offers banks a different perspective than the traditional product-centric view, where new products and features are “pushed” onto customers through product bundles and discounted pricing.

Instead, AI analytics help banks build a sustainable customer-centric core, by:

• analyzing customer data in real time, often augmented with external sources
• embedding analytical outcomes within customer journeys for fast execution of customer transaction requests and service queries
• and enabling instant fulfillment of customer requests.

Drawing on the analysis of opportunities and applications of AI in the banking industry, SparkBeyond and Microsoft curated a number of case studies in which AI creates business value, and show why a focused investment in AI is to be closely coordinated with robust, reliable technology partners.

This whitepaper reveals the tangible early-entrant advantages of using AI analytics including:

• How major banks rapidly identify unconventional microsegments to open new revenue streams
• What novel patterns and correlations help build granular and tailored customer journeys
• How to expand access to financial products by leveraging transactional data with external data

Making the transition into the age of AI isn’t easy, but it also isn’t insurmountable.

This whitepaper will show how adopting a holistic, data-driven approach accelerates your understanding how customers engage with your bank, while helping create compelling customer experiences.