In this highly competitive and data-driven environment, financial institutions are looking for innovative new ways to drive sales in the finance sector.
For banks, one of the most exciting technologies to explore is the artificial intelligence and natural language generation (NLG) space. NLG is a technology that can write like a human and turn big data into narrative and easy-to-understand content. It serves big data analytics, customer service and sales.
Three Ways to Drive Sales
Artificial intelligence-powered NLG software allows banks to understand unprecedented levels of client data, enhance customer service and ensure regulatory compliance.
- Make Sense of Big Data
Banks need tools that explain what their big data means, what to do about it and why—in plain English (or the language of their choice) and in real time. The challenge is there is too much data, too few data experts and too little time to transform volumes of data into insight. But AI-powered NLG technology can turn data into written financial reports, executive summaries or portfolio analysis, for example, and explain how and why a conclusion is reached.
- Provide the Highest Level of Customer Service
Banks are competing to deliver expert customer service—on the phone, online and in the branch. AI-powered NLG systems, often called “smart machines,” can be programmed with the expertise of your bank, can connect to client data and serve as an interactive expert to guide customer service teams through interactions. These systems can turn customer service agents into top tier sales people. They can even be deployed online to replicate the in-store banking experience and help make selling complex products and services easy.
- Ensure Compliance and Autonomy
The advice-giving space is fraught with the potential for litigation in the face of ever-growing levels of regulations. Financial advisors and bankers must protect themselves by keeping meticulous records. These records, a sort of audit trail in case of litigation, coupled with legal fees and the fear of legal action, cost businesses millions if not billions of dollars each year. But AI-powered NLG can help. Programmed with the bank’s unique regulatory and legal framework, it can ensure compliant, expert advice, as long as the system is kept up-to-date. In case of litigation, it creates what we would call in banking an "audit trail.” The software shows its decision-making process, the advice it gave and explains why (and pursuant to what rules) it gave the advice. Since the software is incapable of human error, it never forgets a rule.
Is AI-Powered NLG Ready for Your Business?
NLG has been around for several decades, but NLG software has only recently been commercially viable, really since 2008. Fast forward eight years and Fortune 500 companies on both sides of the Atlantic are already using the combination of NLG and AI as a single software to make sense of big data, provide the highest level of customer service and ensure compliance and autonomy—all to drive revenue. In fact, these solutions are now fully scalable so banks can build their own applications—with no need to rely on vendors. Additionally, leading vendors of AI-powered NLG software provide configuration environments so easy to use that even non-technical users can build and update their own applications.