technology
The impact on banking
So, how are these technologies affecting the world of banking?
Barclays recently launched its own AI-based digital assistant with the aim of helping customers stay financially fit. Noel Lyons, director of digital design at Barclays, explains that inspiration for the project was drawn from fitness apps like Fitbit. The first iteration was tested on a small number of people who liked the concept but wanted it to do more.
Lyons explained: “In June 2017 we rolled out the first proper iteration of our financial coaching system. It will give you genuine insights and breakdowns of your spending. It’s out with 25,000 customers, they’re using it and we’re getting the data back. We’re trying it out with people, finding out how they’re using it, if it makes sense, whether it’s helpful over a long period of time and how it’s changed their behaviour.
“One of our big learnings was that this kind of service could allow us to build a relationship over time. So, imagine it’s payday and we change the image to a happy one and start talking to the customer about saving. Talking about saving on payday is much better than talking about it a week before payday.”
Everything from colours to tone of voice and how the system was received by customers in their 70s has been tested. A major result has been that the AI system appears to be three times more likely to convert people into customers than the existing system and various media companies have reported similar results.
This kind of technology could complement existing service levels. For example, it could be used to carry out the functional tasks in call centres, freeing up staff to deal with more complex issues for customers, where real human interaction is needed.
Business implications
The infiltration of RPA and AI into business strategies over the past few years has led many UK companies to rethink the way they will do business in the future. These new automation technologies are helping businesses to streamline processes and customer journeys, manage costs and improve business development. Those companies that don’t look to embrace RPA and AI in appropriate areas of their businesses risk getting left behind.
Lee Atkinson, a relationship director at Barclays who works with IT companies, sees a number of challenges for firms looking to navigate a successful AI journey.
“Directors are grappling with AI strategy, they are often unsure how AI can be utilised affectively within their business in a cost-effective manner. In the early adoption stage its usually unclear whether AI will work and what the benefits will be. Often the initial investment can be off-putting, there are businesses that allow you to investigate how AI works best for them through proof-of- concept projects that run alongside existing embedded processes before looking to adopt this.
“Finding the right skills can also be a challenge. Data scientists tend to be expensive and in short supply.”
To find out more about how we can help your business success contact:
Lee Atkinson 07775 542589
lee.atkinson@
barclays.com barclayscorporate.com
Barclays Bank PLC is registered in England (Company No. 1026167) with its registered office at 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority (Financial Services Register No. 122702) and the Prudential Regulation Authority. Barclays is a trading name and trade mark of Barclays PLC and its subsidiaries.
The views expressed in this article are the views of the author alone and do not necessarily reflect the views of the Barclays Bank PLC Group nor should they be taken as statements of policy or intent of the Barclays Bank PLC Group. The Barclays Bank PLC Group takes no responsibility for the veracity of information contained in the third party guides or articles and no warranties or undertakings of any kind, whether express or implied, regarding the accuracy or completeness of the information given. The Barclays Bank PLC Group takes no liability for the impact of any decisions made based on information contained and views expressed.
THE BUSINESS MAGAZINE – JULY/AUGUST 2018
businessmag.co.uk
17
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