About Client

Our client is a leading bank in Europe that operates across
different national markets in the continent, offering banking
customer services in seven languages. To keep up with the
growth and improve customer experience, our client wanted to
automate its banking processes using artificial intelligence and
machine learning technologies.

Industry Banking

Services Conceptualization, Development, and Deployment

Business Type Enterprise

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Business Challenges

Every day, banks generate massive data in the form of transactions, loan applications, and more. Even the simplest customer action such as withdrawing cash from an ATM is a data point for banks that can be used to enhance customer experience. Our client wanted to unlock the value from its data to scale and improve its customer service.

Our client was also losing almost 6% of its home loan portfolio each year through customer churn. While the bank knew how many customers it was losing, it did not know the reason behind the same. Through AI in banking and finance, the client wanted to gain the ability to understand why the customers were unhappy and looking to leave so that it could improve its operations and enhance customer experience.

Solutions

Our client joined hands with Appinventiv to get their artificial intelligence idea to production in just 10 weeks. Our team consisting of data scientists, developers, designers, testers, and product managers worked closely with the client to automate its complex banking processes.

Our team deployed an AI-based chatbot assistant in the bank’s web and mobile apps that runs in seven different languages, handling complex tasks such as resolving customer complaints in real-time and reporting cases of stolen credit cards.

To reduce the customer churn rate on the bank’s home loan portfolio, our team developed an AI software product that ranks customers on a scale of 1 to 10 – 10 being the customer is most likely to stay and 1 being the customer is most likely to leave. The software also provides the reason behind customer ratings, allowing the bank representatives to make an intervention at the right time and enable ongoing personalized conversations with the customers.

To improve ATM cash management and determine optimal cash levels for each ATM, our team used advanced ML techniques to analyze over 10 million transactional data points and 80 variables including ATM locations, seasons, holidays, pay days, etc.

All of the data to deploy AI-driven solutions, was made accessible through an API into the bank’s CRM.

Our Process

Conceptualization1

Market understanding
Competitor analysis

Development 2

Data-driven software
development
App development

Deployment 3

App Store and Play
Store deployment
Post-launch
maintenance

Client

Our efforts to make use of artificial intelligence in banking processes are yielding great results for the business. By automating processes and analyzing data, we have been able to build an advanced capability that is enhancing our customers’ experience and keeping us ahead of our competition. Appinventiv has been a valuable partner in this journey whose AI development services have helped us achieve all this with great ease.

The Results

The use of AI in banking through automation reduced manual processes by 35% and improved accuracy by 50%. Automating the daily forecasting of ATM cash management improved the ATM service levels by 92%.

With the help of conversational AI in banking, our client is able to handle over 50% customer service requests through chatbot, thus reducing the manpower costs by 20%.

The custom-made software product for the bank predicted over 40% of home loan customers that were at a risk of churn. This allowed the bank to make interventions to pursue personalized conversations at the right time, thus improving the customer retention rate by 20%, and enhancing the overall customer satisfaction levels.

92% increase in ATM service
levels

20% increase in customer
retention rate

35% reduction in manual
processes

Appinventiv helped a leading bank improve
customer retention by 20%.

Let’s discuss how our AI-driven solutions can drive value for your
particular business use cases.

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