Integrating AI & Cognitive into your Business Strategy
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The document outlines key use cases of AI in the BFSI segment, including chatbots for customer support, robotic process automation (RPA) for operational efficiency, and personalized financial services. It emphasizes the importance of aligning AI technologies with business objectives, improving customer experiences, and enhancing compliance monitoring. Additionally, it discusses the benefits of automation in reducing processing times and increasing customer satisfaction.
Integrating AI & Cognitive into your Business Strategy
- 4. data
- 5. Top use Cases of AI for BFSI Segment Chatbots or voicebots for customer support Robotic Process Automation Robo Advisors for Financial Products Smart Wallets Fraud Detection and Prevention Insurance Under- writing Personalized Financial Services Compliance Monitoring
- 6. Start with your Business Objectives • To track consumer behavior and offer customized products Marketing • To offer a more proactive and personal customer experience at lower cost Customer Support • To reduce human error, improve turn-around- time of routine back end manual processes Back-end BPM • To monitor processes and data for regulatory compliance, anti-money laundering, and risk management Security and Compliance • To engage with customers meaningfullyCRM
- 7. Identify your Challenges Finding similar industry use cases Structuring data according to the requirements of AI based system Training the deep learning system to work efficiently with less data Getting the AI system to interpret questions correctly Getting right answers from the AI based system Addressing Security and privacy issues Customers prefer interacting with humans
- 8. RPA at Leading Insurance Player Used to automate mundane, time consuming tasks for ops and tech teams that were hampering productivity, due to human errors as transaction volumes increased. Uses software based robotic automation to take over from humans Benefits: The process of clearing up 100 transactions reduced from 4 hours to just 5 minutes Fire and group health insurance policy digitization time reduced from 4 hours to 1 hour per policy User management requests reduced from 15 days to just 2 days Benefits contd… Quotes sent in less than 3 minutes as compared to 5-6 hours earlier Customer satisfaction index improved from 97% to 99%, resulting in 2% increase in cross sale; Improved efficiency so no need to recruit more manpower for back-end 2% new agents and brokers on-boarded
- 9. Determine which AI technologies would be relevant for your business Put a strategy in place of how you’d like to leverage them with well-defined metrics Identify and prioritize what data is important for your organization and how’s it being generated Prepare an implementation roadmap Learn from initial success stories and start experimenting Summary