Now more than ever banks and insurance companies have realized the need for a personalized approach towards each and every client. This lets them both distinguish themselves among competitors and create meaningful relationships with their clients; thus, maximizing profit opportunities.
A useful tool is the so-called machine learning, through which computer systems are taught to solve problems according to information and experience they have accumulated through solving other tasks. Though machine learning may not seem directly connected to the finance industry, it is, in fact, a powerful tool for business analyses and forecasting. An example of such software already implemented in the finance sector, Next Best Action by VeriPark, helps banks understand their clients better.
Banks must be able to communicate with every client according to his needs and preferences, as well as offer services that would actually be of interest to him. This is where machine learning comes in – thanks to it, the bank representative gets suggestions what to say [to the client], what to offer him that is connected to him, helping the employee to understand the client better.
In the context of cross-selling, instruments like Next Best Action give suggestions for your “next move” in accordance with the concrete client and service that he is looking for. All this is based on a predefined logic, perfected by a vast data model which offers deeper insights on each client. This allows the bank representative to “discuss with the client according to the information he has, to finalize a sale using less paper, with fewer signatures and automated processes from every point of view”, says Çınga.
Contemporary finance institutions realize there is a need to make communication with the client meaningful and based on valuable insights and lead to mutually beneficial relationships between both sides. Software based on the machine learning principle is a powerful tool that makes this easier than ever.
The insights were shared by Onur Çınga, Regional Manager for CEE at VeriPark during the Finance Tech Forum in Sofia Event Center. The event, which took place on the 10th of April and focused on the digital transformation of the sector, gathered more than 200 attendees from the finance industry.
If would like to learn more about how specialized software can benefit your bank`s performance, get in touch with us. We will be happy to provide you with more information on the topic.
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about their solutions? Visit their website to learn more!
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Originally published Jul 7, 2019 5:21:33 PM, updated July 15, 2019
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Cloud computing is an exponentially growing market. According to a study by Forbes, the public cloud computing market, including cloud applications (SaaS), development and data platforms (PaaS), and infrastructure (IaaS) services combined is expected to grow to $299.4 billion.
With new businesses rapidly adopting cloud-based apps, these solutions have become mainstream in the industry as well as personal life. From our daily emails to phone storage, practically everything is stored and managed by cloud computing apps.
However, the uses of cloud computing are not just limited to personal emails or storage. With cloud computing services firms can avoid the upfront cost and complexity of owning and maintaining their own IT infrastructure, and instead simply pay for what they use, when they use it.
In the simplest terms, cloud computing means storing and accessing data and programs over the Internet instead of your computer's hard drive.
According to Microsoft,
“....cloud computing is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet (“the cloud”) to offer faster innovation, flexible resources, and economies of scale. You typically pay only for cloud services you use, helping you lower your operating costs, run your infrastructure more efficiently, and scale as your business needs change...”
Let's see the top five ways business are using cloud computing in their day to day operations.
The cloud allows users to enjoy network-based access to communication tools like emails and calendars. Most of the messaging and calling apps like Skype and WhatsApp are also based on cloud infrastructure. All your messages and information are stored on the service provider’s hardware rather than on your personal device. This allows you access your information from anywhere via the internet.
VEGA Messenger and iDenedi are our very own communication app that allow remote teams to work and collaborate from anywhere in the world - in a very safe and secure way.
The modern computing power and capacity of the cloud lets businesses to store information about user behaviour. This can be used to develop customised solutions, messages and products based on the preferences of customers.
Siri, Alexa and Google Assistant - all are cloud-based natural-language intelligent bots. These chatbots leverage the computing capabilities of the cloud to provide personalised context-relevant customer experiences.
Read More: How AI is Helping Businesses improve Customer Experience
When organisations choose cloud for data storage the responsibility of their data also lies with the service provider. This saves business the cost of infrastructure and maintenance. The cloud service provider is responsible for securing data and meeting legal and compliance requirements.
The cloud also provides more flexibility in the sense that you can enjoy large storage and on-demand backups.
Recovery is also performed faster in the cloud because the data is stored over a network of physical servers rather than at one on-site data centre. Dropbox, Google Drive and Amazon S3 are popular examples of cloud backup solutions.
Read More: Check Out Our Managed Cyber Security Platform - ASPIDA
Whether a business develops application for web or mobile or even games, cloud computing services prove to be a reliable solution. Using the cloud, you can easily create scalable cross-platform experiences for your users.
Many of these services include many pre-coded tools and libraries — like directory services, search and security. Some will also offer full end to end service from strategy, consultancy, UX/UI, Development, QA and support. This can speed up and simplify the development process.
Learn More About Our Partner Knowarth and how they help enterprises build apps.
Many business management applications like customer relationship management (CRM) and enterprise resource planning (ERP) are also based on a cloud service provider. Software as a Service (SAAS) has become a popular method for deploying enterprise-level software.
It ensures hassle-free management, maintenance and security of your organisation’s critical business resources and allows you to access these applications conveniently via a web browser.
Here is a use case of our partner, iSystems
As a busy distributor, iSystem's client, Oxford University Press needed a sophisticated solution to optimise its distribution and customer service operations.
Dynamics 365 Finance and Operations is a cloud-based business application platform that combines components of customer relationship management (CRM) and enterprise resource planning (ERP), along with productivity applications and artificial intelligence tools.
iSystems supported Oxford University Press with a full integration between all the departments improved service by making current data available to all and streamlined order processing, saving OUP time and money.
Learn More About iSystems
Cloud computing services are still at a relatively early stage of adoption, despite their success stories. Many companies are still contemplating which apps to adopt and when.
However, their usage is only likely to go up as enterprises get more comfortable with the idea of their data being somewhere other than an expensive server in the basement.
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Artificial Intelligence or AI is one of the most disrupting technologies of the 2000s. Machines are getting smarter each day. While AI can create tremendous time and cost savings, it promises even bigger, more meaningful returns in another area: customer experience.
Businesses across the world are discovering new ways to leverage AI and their enhance customer experience and engagement.
In recent research, Gartner indicated that “in a few years from now, 89% of businesses will compete mostly on customer experience”.
In this post we will discuss some ways AI is already disrupting customer experience across the industries.
Making self-service more efficient
Everyone knows how excruciating it can be to just stay on hold for several minutes when we call a customer care number for a simple issue.
One of the most favourable aspects of AI is that it eliminates the need to put the customer “on hold” for the next available agent to help them with a simple problem like billing, booking or any trivial question.
AI allows companies to use chatbots to answer common customer service questions, and let customers resolve their trivial issues in a jiffy.
Back in 2011, Gartner predicted that by 2020, 85% of customer relationships will be managed without human interaction.
Besides this, most customers don’t mind chatting with customer care chatbot. As long as they answer their question quickly, they leave as a happy customer.
Improving Personalisation for online services
Another important way AI is transforming the customer experience is by providing personalised content. Now a days we rarely have to search for the products that would fit our preferences. It’s so easy now to get a recommendation based on your past history.
For example: Audio & videos streaming services like YouTube, Netflix or Spotify or concerts and performances on Bands in Town. And anyone who has shopped on Amazon has seen products recommendations.
It is now possible for products and services providers to use technology to make intelligent and accurate recommendations to their customers based on their past purchase or browsing history.
Round-the-Clock Availability
AI never needs to sleep. Similar to empowering customers via self-service, AI also offers customers 24/7 support — something most companies would not be able to afford or staff just a couple of decades ago.
What’s more, 24/7 support isn’t just “good CX”— the stakes are high in today’s market. Most customers are not willing to wait until you open your doors to get answers to their issues. AI makes that possible.
Automated day to day assistance
Many households now a days use Alexa to turn on music or dim the lights. But more and more, companies are using Alexa, Google Home and other robotic AI to make their customers’ lives easier.
E-commerce stores have started to link Alexa and Google Home to allow customers to order products using voice commands. People can also purchase movie tickets and pre-order snacks before they even leave the house. These are just a few ways the AI is transforming the customer experience.
It can save significant costs
Our partner, Ubility AI recently supported two companies in France — DataSolutions & Retail Explorer in optimising their services using AI.
In the past DataSolutions and Retail explorer used to take all information in newspapers and magazines, scan them and identify prices and promotions from major retailers, enter it in their systems and then using the insights generated support their customers on how should they adjust their prices and offerings.
Until now this was a manual process. They used to scan all the pages and have people handling data entry manually loaded them into their system. This used to take on average 2-3 weeks costing EUR 50,000.
Using Ubility's image and text recognition they were able to automate 90% of the data entry tasks, which reduced the time required to do the job from weeks to days translating into EUR 40,000.00 savings per month.
Ubility AI is a leading provider of AI Solutions helping organisations optimise their work processes using technology.
Related: Meet the Experts: Khaled Dassouki, CEO, Ubility
As we can see, the entire goal of using AI to improve customer experience is to help your customers feel known and valued. Business should test the processes, re-test, and test again— from the customers’ viewpoint. The only thing worse than not using AI for CX today is using it inefficiently.
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You see the end product but we’re bringing you closer to the people behind it !
Among our recent partnerships, we joined forces with Ubility.
To bring the service provider closer to YOU, we sat down with their CEO Khaled Dassouki, to gain firsthand insight on the things they do and the types of human capital profiles that drive their success.
Khaled is a Lebanese national with an engineering background and PhD in Artificial Intelligence & Security obtained at Université de Technologie de Troyes, France.
As a result of over 20 years in the field, Khaled decided to establish Ubility in France and build it on a base of Artificial Intelligence in Customer Experience, which was considered to be highly innovative as it was a niche field.
Khaled was quick to notice that there had been a shift in the way business was carried out, the shift had been made to be more customer-focused. With that came new challenges, the ease with which customers can connect with the business led to a huge influx of queries and requests for support, which was very time consuming, tedious, and required businesses to grow their customer support teams leading to higher costs.
While growing their teams did solve some challenges momentarily, organisations were quick to realise that the complexity and average time required to resolve customer challenges was growing which eventually led to dissatisfied customers. Not only that, customer service agents were quickly burning out as they were answering an ever-growing list of routine questions rather than helping solve complex problems and offering innovative solutions.
Taking all that into account, Ubility offered an AI-powered platform that learns from interactions between an organisation’s customers & their customer care team to enable quick suggestions of appropriate solutions that could solve a customer’s challenge in seconds rather than minutes.
In addition to that, Ubility also offers AI training for professionals in the IT industry, a sales chatbot that is based on a recommender system and knows the sales cycle, and AI Consultancy in which they are recruited to build and implement AI services in response to an assessment of an organisation’s processes.
Success Story
Ubility was commissioned by a Telecom operator in the gulf to assess and analyse their IT processes. After a thorough analysis done by their team of experts, it was concluded that a huge portion of their IT processes had an opportunity for automation.
After studying the best ways in which they could automate their processes, they determined that incorporating AI would allow the elimination of a manual process by looking at historical data. Instead of their operational costs raking up to 50,000 USD a month, they were now cut by 80% to be only 10,000 USD.
Intrigued and want to learn more?
Cloud computing is an exponentially growing market. According to a study by Forbes, the public cloud computing market, including cloud applications (SaaS), development and data platforms (PaaS), and infrastructure (IaaS) services combined is expected to grow to $299.4 billion.
Few other industries are as competitive as hospitality is – the market changes fast and due to the numerous choices available, customers’ expectations are higher than ever. Diners demand fast service, convenience and impeccable experiences that feel personal. This may prove harder than it sounds (and it already does) due to several things. Keep on reading to find out what issues may arise from not having a fully functional POS system.
The competitiveness and long manufacturing times make fashion retail a challenging business to be in. At the same time, massive opportunities exist for retailers to take advantage of. But it’s important for them to stay flexible and adapt to the changes in the market. Take a look at how a retail software solution could help them do that.
