Why are Banks & Credit Unions looking at the power of AI

Banks and credit unions have always been on the lookout for innovative and interactive ways to reach out to and communicate with their customers.

The coming of the 4th industrial revolution helped point every minor and major banker in the direction, it’s no secret and pop quiz anymore. For banks paying attention to the technology space since the early ’50s, they know all too well that the power of artificial intelligence within banking was always set to complement and better their business.

AI in banking does what a multitude of tertiary and auxiliary businesses have failed to do for banking. Just ask John Cryan, Deutsche Bank’s Chief Executive who one mooted replacing as many as 98,000 staff members with robots, whether this succeeded or not, post taking into factors like human sentiment, work ethic and a sense of family within the workplace is debatable, but it didn’t stop other banks from stopping and taking notice of what was being talked about. John just helped address the elephant in the room; AI in banks.

The experts' trust AI

When Financial Times caught up with fintech evangelist, Vikram Pandit in London last summer, he predicted that 30% of most banking-related jobs would over the course of just five years be completely wiped out by the integration of AI in banking, that’s just four years away from today. Even Mizuho Financial group has a similar view to Pundit, they plan on replacing as many as 19,000 jobs in the next 8 years.

Santander's’ with their Red Robots, UBS’ with Amazon’s digital assistant, Alexa. Every major bank seems onboard the AI-powered digital assistant train.

Making a difference with digital assistants

“By 2021, more than 50% of enterprises are expected to invest more annually on Digital Assistants as compared to traditional mobile application development.” - Gartner

California based AI platform, interface helps banks reach their true potential, helping them integrate AI-powered digital assistants for their current customers and new bankers.

Amongst them are Houston’s Largest Credit Union, TDECU.

The team observed that 47.8% & 45.5% of drop-offs occur at the first 2 pages of the online non-member application form. These drop-offs impacting the conversion rate at the bottom line of the credit union significantly.

Coaching and guiding end-users throughout the application process, Max (TDECU's Digital Assistant ) is tailored to proactively assist all non-members to fill out their application forms. Max assisted non-members by answering queries, providing useful suggestions and helpful links resulting in a significantly higher conversion rate and driving greater revenue for the Texas-based credit union.

"Digital Assistants are the new enterprise interface. Today's enterprise digital channels like websites, mobile apps and offline channels such as call centers, retail outlets are all complex, they're time-consuming and expensive. Digital Assistants not only address the shortcomings of these channels but also empowers any enterprise to leapfrog their current customer & employee experiences, while significantly improving business metrics."
- Srinivas Njay, Founder & CEO of interface

Impacting India’s largest bank

From leading credit unions to India’s largest banks, SBI – interface has made a significant impact with all our banks through the integration of AI-powered digital assistants.

About 45% of all transactions in India go through SBI’s payment gateways which are set up to handle 50,000 concurrent transactions. SBI with the help of interface looked to meet their growing bankers’ requirements - while significantly reducing support costs through the adoption of current technologies and a higher level of banking personalization.

"interface's state-of-the-art federated learning makes Max intelligent from day one and continues to learn through millions of similar workflows; both within TDECU and across other enterprises. Such collective intelligence empowers enterprises to build and provide the best customer experiences, quickly," said Bruce Kim, Founder + CTO of interface.

Harnessing AI technology is the difference between successful customer conversion, communication, and better banking. It’s that simple.

We’re going LIVE on the 28th!
How you can make a difference too.

Tune in to our Live Webinar, on August 28th, @11:30 a.m. PST to as guest speaker Srinivas Njay, Founder & CEO, interface talks to us on how Digital Assistants Empower Banks.

Look to expand your outreach. Unlock untapped potential and possibilities and even expand your outreach!

Tune in to Discover how:

  • Houston’s Largest Credit Union increased its customer acquisition by 5x
  • Collective intelligence empowers enterprises to build and provide the best customer experiences
  • interface manages your digital transformation process - inception to launch

We’re passionate and serious when it comes to breeding successful innovation. If you’re looking to make some serious impact. Register here and join us in the as we better understand why digital assistants mean serious business when it comes to banking like a pro.

About interface

Currently engaged with several enterprises in the Americas, Europe-Middle East-Africa (EMEA), and Asia-Pacific region, interface's Intelligent Virtual Assistants or IVAs make every digital channel of an enterprise intelligent. With rich IVAs, an enterprise can leapfrog customer & employee experience to voice-first natural language interface. For more information, check out interface.ai.