We attend a number of conferences and events and meet a lot of Fintech startups, working at the forefront of Artificial Intelligence, Blockchain and other technologies. This is fun and fulfilling at a personal development level but also helps us be able to think outside the box in our daily conversations with our clients. Often their challenges or objectives can be addressed relatively quickly and inexpensively using Artificial Intelligence solutions, such as Robotic Process Automation, predictive modelling based on Machine Learning or something as simple as a chatbot. This usually comes as a surprise to them as their experience of AI is as a hyperbole-filled topic oversold and under-delivered in the market to date. Most of our clients haven’t got the time to separate fact from fiction so we do a lot of educating in simple language about AI and what is and what isn’t achievable.
We are at an exceptional point in the market when it comes to the possibilities of AI. Most organisations haven’t even begun to scratch the surface and there are plenty of low-hanging fruits that can be quickly and easily captured. To illustrate this, here are a few very simple yet powerful use cases that we have discussed in recent months with clients:
- Churn predictor: using Machine Learning over existing internal data to predict which customers are most likely to leave and focus your retention efforts more accurately. If you can reduce your churn levels and maintain your underlying customer acquisition, your growth automatically increases! This doesn’t need setting up a data lake or buying social media feeds, you can generally get good results with internal data
- Onboarding process automation: using a Robotic Process Automation tool, you can (very quickly) automate the (usually very manual) process of running any customer checks, setting up details on different systems etc. Over time you can apply Machine Learning to this so that any exceptions are learnt from and your manual involvement keeps going down
- Sales team augmentation: there are multiple tools already in the market that can be implemented to augment your sales team’s capabilities. From virtual PAs that allow your team to hand off scheduling and meeting booking to a machine, to intelligent insight preparation based on your internal CRM and external news feeds that can warn your sales team when they should be contacting a customer or what products they are likely to be interested in
- Agent Help desk: if you rely on an external network of agents to bring you business and be the face of your brand, you need to make sure they understand your products, tools and processes. Often queries are very simple and easy to deal with but require a human to interact with the agent, introducing delay and increasing the likelihood of confusion. A simple chatbot interface can help address the majority of queries quickly and inexpensively allowing the human team to focus on the more complex questions
To address these types of challenges better, we have set up DELTA AI as part of the Projecting Group. At DELTA AI we are already working with various clients on implementing AI solutions. DELTA AI doesn’t build software but bridges the knowledge, cultural and language gaps between our clients and startups to deliver practical solutions, simply and inexpensively. In the coming months we will be posting a series of articles detailing what types of solutions are feasible in each part of the financial services sector. In the meantime, for more information please visit the DELTA AI website (delta-ai.com) or speak to any of the Projecting team.