Smart Banking and Digital Insurance
Financial Services: How Instant Voice and AI can improve their Customer Experience
Customer Interactions handled by AI Bots by 2022
Omnichannel Financial Services
Financial services now stand at a crossroads. They must either find ways to play a central role in the customer’s daily life in order maintain cross-selling opportunities or they must accept a new role, as a white-label utility provider of financial services:
- Financial services’ customers go omnichannel. Digitization is not just about creating a cutting-edge online and mobile experience, and that satisfaction is shaped by customer experience across channels. The experience should be seamless, especially on journeys that are more likely to take place over multiple channels, such as new account opening, financial advice, or issue resolution (McKinsey).
- Digital banking tools aren’t what they could be: Focus on ultimate utility, not fancy functionality
- Translate data into personalized products and real-time offers.
From Utility to Everyday Partner
Smart Banking on the Edge of Consumer Interactions. Enable Contextual Banking.
With consumer consent, banks could use an AI-based, digital voice-enabled device to execute simple and semi-complex processes, like balance checking, deposits, payments, and loan processing—instantly and on a 24/7 basis.
Insurance isn’t just about “when things go wrong”. Make Insurance Personal.
Connected devices are beginning to see widespread adoption across all industries. Insurers have to effectively plug into, access and translate this wealth of IoT data to gain the right level of information to enhance risk analysis, underwriting and claims.
John – who happily agreed to receive relevant third party offers from his bank based on his expressed preferences, including previous transaction history and location, is travelling today.
Your first meeting is at 9.30 am. Traffic is OK for now.
His smart assistant intelligence analyzes traffic, news, temperature, pollution prompting the best solution for John’s choice. While he’s reaching the meeting the app prompts relevant, useful recommendations:
The closest parking is at 0.4 km of walking distance. Shall I guide you there?
This parking is giving 10% discount if you pay with your credit card.
The app intelligence has access to John’s calendar and this week is his daughter’s birthday. A summary of his preferences has been shared, per his consent, with his mobile network operator. When John passes close to a participating store, a promotion is pushed to his mobile device for instant in-store redemption. John visits the store and finds the perfect gift for his daughter, and pays on his way out with his credit card. Transactions are automatically classified for his personal finance management and for the bank behavioral finance profile so John will receive only financial offers relevant to him in the moment that he is more interested in them (a loan proposal when school starts, for example), and not generic newsletters.
LIFEdata Conversational Service Automation AI
Turn interactions in data-driven business:
- Automation and AI to add value to your business operations
- Instant Voice for mobile commerce and web, a much more natural and efficient time-saving way of augmenting your services.
From simple FAQs to end-to-end Transactional Automation to make even the most complex products easy to access and understand by your customers, LIFEdata supports your Sales, Marketing and Customer Experience automation.
Conversational AI enabling new Online to Offline business
- Instant on any device
- Omnichannel (web, mobile app, Facebook, WhatsApp Business API, Google Assistant, Google Home, Amazon Alexa)
Consolidating the multiple pieces of customer interaction, employee productivity and product experience.
Multilingual (70 languages supported).
No need of set up and programming.
How Instant Voice and AI can make Banking & Insurance More User-Friendly and Efficient
Mortgage loan Cross-Sell and Upsell
AI can suggest that bankers attempt to cross-sell mortgages to current customers who show home-buying behavior to cut customer acquisition costs.
Only 20% of banking customers have a mortgage with their primary bank (Mortgage Bankers Performance Report). With customer acquisition costs (CAC) sitting at $7,747 for a new mortgage customer (Propeller CRM), cross-selling these loans to existing customers is an opportunity many banks are missing.
CAC can drastically be reduced by implementing Intelligent Process Automation to suggest that bankers attempt to cross-sell mortgages to current customers who show home-buying behavior. These could be triggered by changes within that customer’s account, such as a new direct deposit indicating a new job, or other indicating behaviors.
Cross-Sell Financial Products
AI can identify opportunities for sales reps/brokers to cross-sell or bundle additional policies or financial products with a current contract. The system can assess a policyholder’s information and compare their policy with others who have similar information.
Companies are 60% to 70% more likely to sell to an existing customer than to a new one (Invesp). Insurance companies spend nearly $500 on average to acquire a policyholder and often face an uphill battle while working to gain the trust of their potential new customers. To cut customer acquisition costs (CAC), insurance companies can cross-sell other policies to existing customers.
WhatsApp Banking & Insurance
SMART, PERSONAL BANKING & INSURANCE
LIFEdata connects banks and insurances of all sizes to WhatsApp’s Business solutions, making business-to-customer communications feel as natural as communicating with family and friends.
MAKE WHATSAPP AUTOMATED AND INTELLIGENT
LIFEdata Halo integrates with WhatsApp for Business to orchestrate automated, personalized customer/employee interactions saving data into your systems:
Take advantage of WhatsApp’s rich media capacity :
- Share geolocations, images, and audio recordings and receive videos to gain context and provide support to customers included in the application more familiar to them
- Information regarding orders, deliveries, appointment reminders, payment processing and more on a platform your customers check multiple times per day
- Event-based offers and alerts Reach your customers where they already are with individually-tailored offers based on location, behavior, events (traffic, transport, discounts, proximity…) or urgent updates such as travel itinerary changes, system outages, location-targeted alerts…
BANKING AND INSURANCE THAT ADAPTS TO YOU.
Deliver offers and policies unique to each customer and their wellbeing.
FROM DATA TO SOLUTIONS
• Move data usage from analytics and intelligence to automated actions
• Access and translate the wealth of data from IoT for your business.
Event-based (‘parametric’) insurance is the best way to insure the uninsurable but it requires smarter data. Insurtech are exploiting a new market of on demand insurance (Travel, Flight protection, Smartphone, Tablet, Action cameras & Drones, Home appliance, Pets). Event-driven insurance represents a simple, new revenue streams for banks, too.
Parametric insurance risk is decreasing with time thanks to better risk hedging and data-driven predictive models. No loss adjusters plus automated underwriting and claims means reduced costs.
Uncertainty is reduced because risk is easier to predict on parameters and data is monitored constantly. A reduced premium boosts sales and new market penetration.
Our technology accurately captures, analyzes and impact behavior through artiﬁcial intelligence to deliver personalized financial protection.