Financial institutions aiming to compete in global and regional markets need a well-rounded artificial intelligence (AI)-and-analytics capability stack comprised of 4 main layers: (1) reimagined engagement processes, (2) AI-powered decision-making, (3) enhanced core technology and data infrastructure and (4) leading-edge operating models. Properly integrated, these 4 layers work in unison to deliver value, particularly in regard to:
- Stronger customer acquisition processes – superior experiences that deploy end-to-end automated solutions designed to deliver highly-personalized messages at every step in the journey are increasingly important in a demand-focused market.
- Higher customer lifetime value – engaging with customers continuously and intelligently strengthens relationships across diverse products and services.
- Lower operating costs – the automation of processes makes them easier and cheaper, especially in acquisition and servicing.
- Lower credit risks – more sophisticated screening and the early detection of risky behaviors and fraud improves decision-making and lowers overall risk exposure.
Not only are such solution a benefit to financial institutions, they are necessary to offer consumers the products and services they demand. If they don’t find them at one financial institution, they will search for them at another.