8DECEMBER 2023OPINIONIN MYFUTURE OF AI IN THE FINANCIAL SECTORBy Pedro Mira Vaz, Chief Data & Analytics Officer, NOVO BANCOOver 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 & AIToday, 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. 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.). Pedro Mira Vaz
< Page 7 | Page 9 >