LONDON, May 13, 2024 /PRNewswire/ -- Artificial
intelligence (AI) has emerged as a key focus for retail banking
operations in recent months. Auriemma Group's latest series of
roundtables tackled the ever-growing space, discussing current
usage of AI solutions and how members plan to utilize AI to further
enhance their offerings.
"There's a significant amount of interest in AI across all
operational areas," says Nicole
Toussaint, Senior Manager of Industry Roundtables at
Auriemma. "Although we're seeing some hesitation in deploying it, I
expect we'll see some big moves by industry players over the coming
months."
Across all operational areas, firms are hoping to leverage AI to
assist front-line employees with navigating their knowledge
management systems. This would hopefully improve the accuracy of
agent work and help to reduce lengthy training periods.
Additionally, firms are considering using the tool enterprise-wide
to produce meeting minutes and to assist in communications
drafting.
In the Collections and Recoveries space, firms hope to use the
tool in their contact strategies. Roundtable members believe that
AI can make their contact more effective by creating more bespoke
strategies. The technology can help firms decide the optimal time
to contact customers, the most effective channel to make contact,
and the most engaging messaging and content to use.
Fraud Departments see an opportunity to use AI to improve their
current fraud detection models to identify bad actors and
fraudulent payments more quickly. Several firms have already
partnered with vendors who provide AI-powered fraud mitigation
tools.
On the Servicing side, firms are discussing improvements to
their chatbot offerings. Currently, many chatbots are FAQ-based,
but firms believe that AI can revolutionise the chatbot experience
and improve satisfaction scores in the channel.
"We see a clear opportunity to leverage AI to provide dynamic
call scripting to front-line agents," says Toussant. "This would
take some of the pressure off agents when servicing and allow banks
to provide a more tailored, well-informed customer experience."
In the Disputes and Chargebacks space, one firm is already using
an AI-integrated optical character resolution (OCR) tool to read
customer documents provided as proof in a disputes case. Many firms
hope to use AI to gain efficiencies in the disputes process. They
believe that the tool can help guide agent decisions as they work
cases by pulling in bank, scheme, and regulatory policies.
Similarly, in the Complaints space, members see an opportunity
for AI to help complaints agents while investigating. AI can not
only analyse the materials provided by the complainant but also
bring in insights from previously decisioned cases and Financial
Ombudsman (FOS) decisions. In this process, the technology can also
guide the agent in classifying the complaint type. Some also noted
that AI could potentially assist agents with drafting final
response letters.
This topic is expected to become an evergreen topic at Auriemma
Roundtable meetings, especially as firms identify new use cases and
as Auriemma brings in experts from the field to drive further
thought leadership.
The next set of roundtable meetings are scheduled for June and
July at the Edwardian Hotel in Manchester. If you or any of your colleagues
are interested in attending as our guests, please contact us via
roundtables@auriemma.group.
About Auriemma Group
For 40 years, Auriemma's mission has been to empower clients
with authoritative data and actionable insights. Our team comprises
recognised experts in four primary areas: operational
effectiveness, consumer research, co-brand partnerships and
corporate finance. Our business intelligence and advisory services
give clients access to the data, expertise and tools they need to
navigate an increasingly complex environment and maximise their
performance. Auriemma serves the consumer financial services
ecosystem from our offices in London and New York
City. For more information, visit us at
www.auriemma.group.
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