Over the years, we have witnessed a significant shift in how our customers engage with our services, and we've consistently strived to adapt and innovate. In this article, we'll take you through our past, present, and future in the realm of customer experience, with a strong emphasis on AI.
The Past: A Legacy of Digital Innovation
In the past five years, novobanco underwent a significant digital transformation aimed at enhancing customer experience, streamlining operations, and positioning itself for future growth. The bank's unwavering commitment to innovation led to the implementation of various solutions, including redesigned customer journeys, revamped digital channels, and a strong emphasis on omnichannel capabilities.
A pivotal milestone on this digital journey was the establishment of a dedicated AI department. This department played a crucial role in harnessing the potential of artificial intelligence to enhance customer experience and operational efficiency. The bank recognized AI's transformative potential in redefining the delivery of financial services.
The results of this digital transformation are visible in our figures. In 2015, only 7 percent of customers interacted with Novobanco via mobile phones. Fast forward to the present, and 70 percent of customers now use mobile devices for a significant portion of their operations, and around 70 percent to 80 percent of all daily transactions (inquiries, payments, and transfers) are completed digitally. Furthermore, the purchase of financial products has seen a digital surge, with 30 to 40 percent of these purchases now occurring digitally.
The Present: A New Wave of Transformation, Powered by Data & AI
Today, we stand at the forefront of a profound transformation that is reshaping not only the financial sector but also our daily lives. This dynamic shift prompted us to reorganize ourselves and create a global transformation program - the objective of this program is to centralize and streamline all transformation efforts across the bank, creating greater efficiency and collaboration.
"We’ve been getting significant gains on the effectiveness, frequency and relevance of communications through the personalization of campaigns - personalized offerings are now achieving boosts, up to 16 times the effectiveness compared to generic interactions"
Our AI team, composed of people specialized in data analytics, data science, machine learning engineering, and R&D, plays a pivotal role in this global transformation, acting as an enabler for various initiatives. Our primary goal is to embed AI capabilities at the core of this global transformation, with a specific focus on making every customer interaction unique and continuously enhancing customer experience and satisfaction, all while maintaining the highest standards of security in our banking services.
A very recent example of what we’ve been working on is the use of an AI model developed by Tesla in the context of autonomous driving, which was used and adapted to anticipate recurring payments made by our customers and their expected completion date (e.g., payment of services, transfers, etc.). The objective is to anticipate our customers' different needs to contribute more effectively to their day-to-day financial management with increasingly personalized interactions.
Additionally, we are closing our first use case with generative AI - we want to evolve the intelligent agent that is already being used internally by our commercial network and extend its 24/7 availability to our Customers. It is also worth highlighting the different partnerships we form in this area, with companies and research units considered best in class, as is the case of a recent partnership with a national company, a world leader in financial fraud.
Value Realization at the Center of our AI Strategy
One of our core concerns is to ensure that the implementation of our AI strategy generates value for customers and drives sustainable returns for the bank.
New ideas and use cases are discussed and prioritized within the value Management Committee of our global transformation program, thus ensuring alignment with the overall strategy of the bank.
Furthermore, the significance of OKRs truly comes to light when it comes to monitoring our progress and tracking the value we're generating for the bank. They offer us a structured framework for establishing precise objectives, tracking advancement, and harmonizing our AI endeavors with our overarching strategy. This ensures that every move we make contributes to tangible value and sustainable growth.
Four main pillars have driven our success in value generation through AI:
• Data & Infrastructure - This pillar focuses on the foundation of our AI strategy: high-quality data and a robust technology infrastructure.
• Talent & Skills - Securing in acquiring the right talent and developing the necessary skills within the organization.
• Solid Partnerships - Collaboration with the right partners to access cutting-edge AI solutions and stay at the forefront of AI advancements in the financial industry.
• Ethics & Responsibility - Ensure that our AI systems are designed and deployed with fairness, transparency, and accountability - Adhering to relevant regulations and standards.
The Future: Our (AI) Vision
Considering the ongoing technological disruption, including autonomous driving, smart homes, and virtual assistants, we realize that our daily lives are evolving in alignment with our interactions with technology and AI. Therefore, we and our competitors must also adapt to this new reality.
The future of AI in the financial sector will likely witness greater emphasis on fraud detection, personalization, and automation. However, the primary trend we anticipate is the widespread availability of highly advanced virtual assistants, available 24/7. These assistants will engage in contextual dialogues, supported by real-time data, and will be seamlessly integrated into our customer's daily lives. They will not only expedite routine tasks such as transfers, payments, and inquiries but also offer hyper-personalized financial advice tailored to each customer's unique goals.
As we chart our course into the future, we remain committed to harnessing the power of AI while upholding the highest ethical standards - we believe that financial companies should be dedicated to building an AI-powered financial world that is not only efficient and customer-centric but also transparent, responsible, and built on trust.
