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Is There a Place for AI in Banking?
BAI posted a nice article recently “How financial institutions can start with artificial intelligence – now.” It’s worth a read (if you haven’t seen it yet, go check it out and then come back).
One of the points struck me because it’s a conversation we have with our bank partners on a pretty regular basis and that is knowing your customer.
While this particular article is focused on retail banking, pointing out the use of body language, behavior and even emotions to connect with consumers, there is a clear opportunity within commercial banking for AI as well.
When banks make the decision to invest in products and services for both retail and commercial clients, there are expectations set beforehand. Where we may see AI come into play is using account behavior or even profile characteristics of a commercial client to,
Identity the ‘Low Hanging Fruit’
This phrase is used synonymously in sales and marketing and really just means that these are ‘easy targets’. Learnings from AI can support,
- Product Development – Identify products and services most likely to be used by your clients based on their behavior
- Are your customers making hundreds of payments by month by check? How can you use this to influence product development?
- Market Development – Identify clients that are likely to become customers of your bank because they have similar characteristics of your current customer set
- Are you customers primarily in high-tech and have about 100 employees? How can you use this to build a marketing campaign?
- Account Development – Identify current customers that are at risk of outgrowing your bank or may be using products from other bank relationships
- Are there signs that your customers are looking for other banking relationships? How can you use this to be proactive vs. reactive?
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