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Customer Onboarding

Artificial Intelligence: A Natural Fit for Customer Onboarding

Would it surprise you to learn that non-human intelligence can make your onboarding processes more “human”? A recent report from Accenture found that more than three-quarters of bankers believe that artificial intelligence (AI) will help banks create a more human-like customer experience by enabling simpler user interfaces. And four out of five respondents believe that AI will revolutionize the way banks gather information and interact with their customers.[1]

So why are only 15% of financial institutions using AI to deliver what matters most: an engaging customer experience that stands out from the competition?

Join Jim Marous, financial services industry expert and owner/publisher of The Financial Brand’s Digital Banking Report, and me for a live webinar discussion that answers these questions and more.

We’ll start by taking a look at what we mean by artificial intelligence, since this term means different things to different people. If we think of AI as a machine’s ability to interact and learn to perform human tasks, AI can be traced back to the 1950s in the banking industry.[2] In more recent years, artificial intelligence (AI) established roots in fraud detection and risk reduction applications, as well as customer personalization. Today, the use of AI in customer onboarding is swiftly gaining traction, and can encompass multiple technologies such as machine learning, natural language processing (NLP) and cognitive computing.

Defining AI is a great first step, but it’s just as important to define what your bank can hope to get out of AI; that is, how do you apply AI concepts to your onboarding processes in a concrete and practical way? Key areas we’ll cover in the webinar include how to:

  • Leverage mobile and multichannel capabilities to authenticate submission
  • Process documents faster with cognitive document automation
  • Enhance customer due diligence with intelligent RPA
  • Detect and prevent fraud with signature verification
  • Proactively remediate processes and utilize adaptive metrics with process intelligence

It’s also important to keep in mind that most AI deployments are not an “inside job.” More often than not, banks looking to take advantage of the cost benefits of AI and the ability to engage a broader set of customers will need to employ the expertise of an outside team. We’ll explore what to look for in your AI partner.

1 Banking Technology Vision 2017, Accenture
2 Digital Banking Report, AI in Banking, 2017