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The role of AI across banking value chain

Roland Berger has identified over 50 use cases for AI in banking, inventoried their current deployment status and assessed the potential impacts.

Client-facing front-office AI applications hold considerable promise to drive topline growth and improve customer satisfaction in everything from retail banking to wealth and investment management. Banks are working hard to get these applications ready for market and reap the many expected benefits. Generative AI conversational agents are being incorporated in numerous aspects of client interaction, for instance. What are known as next-best-action (NBA) and microsegmentation algorithms will enhance clients’ experience by predicting financial needs and personalizing both products and marketing content. Financial services can thus be ‘hyper-personalized’ and seamlessly integrated in customer journeys and in each client’s digital ecosystem.

In the context of middle-office applications, AI is delivering excellent results in detecting and preventing cases of fraud in areas such as anti-money laundering (AML) and know-your-customer (KYC) compliance. Cyber-security and cyberresilience are two more areas where AI is already yielding important benefits for banks, alongside more efficient and effective compliance monitoring, credit analysis and loan approval handling, all of which is improving banks’ core risk models.

Back-office applications such as payment processing and IT operations, but also data extraction, document processing and any other processes that lend themselves to automation, are obvious targets for the use of AI. Many such applications deploy large language models (LLMs) to automate activities such as non-financial reporting (e.g. sustainability reporting and media relations). At the same time, generative AI tools are also increasingly helping software engineers to write and test code.

From a technological and commercial perspective, a number of AI use cases are already solid enough to be integrated in current operations. Very specifically, we expect that a wide array of banks will adapt the seven use cases highlighted in the above chart sooner rather than later. 

The sheer scale and breadth of these potential benefits – affecting everything from top line to bottom line to customer satisfaction – highlights the importance of acting quickly and resolutely to secure the advantages of AI. That said, due consideration must also be given to a number of risks and limitations. 

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Source Roland Berger

#ai #banking #technology #fintech

Enrico Molinari David Jimenez Maireles Arthur Bedel 💳 ♻️ Sabine VanderLinden Florian Graillot Alex Jimenez Monica Jasuja

Sam Boboev

Digital Onboarding

During Q2 and Q4 2023, Arkwright investigated and scored a sample of 198 online current account and credit card application processes from a sample of banks and neobanks. 

Overall, the benchmarking exercise highlighted two main findings: pervasive inconsistencies across all analyzed categories; and different fulfilment levels across countries. 

✅ Pervasive inconsistency 

The research found that there is a significant variance across all criteria in every country in the sample. However, user journey and UX scores illustrate a higher convergence compared to that of the other three features groups. 

Fig. 4 provides an illustration of the score distribution across the five featured criteria (otherwise referred to as scoring parameters). 

The findings highlight room for improvement in every category. This is particularly true in the user journey area, which records the lowest top score and only around 50% on average. UX, on the other hand, is the criteria with the highest average score of 71%. 

User journey and UX scores have compressed distribution ranges, which indicate a possible area of convergence on which banks are concentrating on. This could be explained by banks’ initial focus on UX, which has recently been enhanced with further digitalization attempts within the user journey itself. 

For example, banks are now gathering much more data and relevant documents throughout the onboarding journey, as well as improving the process flow (minimized clicks per journey, chatbot support, simple navigation).

✅ Inconsistencies across products and selection of detailed metrics 

When comparing the performance and characteristics of the onboarding journeys across products – current accounts and credit cards – the research found that these can vary even within the same bank. Fig. 7 to 11 provide an overview of the range (min.-max.) and average values for both account openings and credit card applications across individual countries. In addition, some best practices gleaned from the top 10 organizations in their respective categories are listed. 

Website performance 

Superior website performance with fast loading times and a well-structured user interface plays a crucial role in the application process. Efficient navigation and short loading times promote user satisfaction and reduce potential abandonment. Additionally, compatibility with different browsers is essential to reach a broad user base. 

Overall, top-notch website performance emphasizes the importance of a smooth online experience in the sales journey. While several countries have individual top performers who score 100%, the average values and wide ranges vary from country to country

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Source Arkwright Consulting

#banking #fintech #digitalonboarding

Francesco Burelli Arjun Vir Singh Nicolas Pinto Paolo Sironi Panagiotis Kriaris Anna Maj Theodora Lau

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