How can banks save a lot of time in the back office with AI?
KYC data is extensive and complex. Even for well-trained employees of financial institutions, it is often a challenge to read international ID cards, let alone correctly type the information they contain. International documents have different formats and appear in different languages. So it's not obvious to a human what information is relevant, especially with foreign characters. AI can assist humans, translate the document and help them understand documents faster. If it recognizes the ID, the content is automatically transferred to the target system and the information obtained is presented to the human in a graphically understandable way for verification. The human saves time and makes fewer mistakes.
AI driven revenue streams & business models for banks
Optimize existing insurance contracts by taking a picture with your smartphone of an existing contract: First, bank employees or brokerage partners can take a picture of existing contracts. In this example, the AI extracts relevant contract details. Based on these details, offers can be automatically created and sent.
Transform existing data into new business models
AI can summarize or rephrase text as humans would. Natural Language Processing, so-called transformers can not only translate human text into another language. This technology allows banks to rephrase content according to the channel. This technology enables different scenarios. For example, it reformulates existing documentation into easy-to-understand instructions for retail customers. You can find a technical deep dive in our blog post this link.
Banks improve customer onboarding experience through AI
AI can automate document-heavy onboarding. The process owner in a bank specifies the documents to be uploaded and the information required in them. AI automatically checks whether the required information is included in the documents. This feature can be used in online forms or even emails if a digital solution is not available. Users have fewer form fields to fill out, which increases conversion by providing a great customer experience. Document-heavy processes in onboarding or customer support can be supported across channels.
Personal data can be automatically redacted by the AI
The General Data Protection Regulation raises every decision maker's awareness of personal data. AI can simplify the tracking of such data in the company. Especially when customers change, countless personal data are often transferred to archives. To identify potential storage locations for this data, AI's language understanding can be used to automatically recognize and anonymize previously unredacted names of natural persons, for example.
Digital B2B services for PSD2
AI reads the description of transfers and recognizes continuing obligations. These can be insurance products, telephone contracts, internet contracts. The bank can act as a marketplace and resell cheaper services or optimized bundles.
Hyperautomation in construction financing
AI is particularly worthwhile in areas where the legislator has imposed a large number of legal requirements on institutions. Document and information verification in the lending business is a prominent example. Today's loan customer demands a fast process that is as hassle-free and traceable as possible. Sales partners and intermediary platforms also support this. But even with a simple construction financing, this is a lofty goal: the complete application often comprises many pages of more or less structured data - personal details, real estate or construction plans and details, work contracts and modernization documents; and this as a letter, mail, fax or as a cell phone photo. This flood of data spills electronically and as a printout onto the desk or screen of the clerks every day, who have to make a decision on this basis. Here, the use of AI can massively increase efficiency.