Setting the stage for conversational banking in India
Conversational banking warrants a paradigm shift in the way banks operate – it entails New IT (for example, AI, Machine Learning, and Big Data), new skills and a new operating model. With execution challenges threatening to impede the real potential of conversational banking, it is imperative for banks to have the right implementation approach and business model.
Key steps for making conversational banking a reality:
Create a conversational banking strategy
The first step for banks is to identify appropriate use cases and choose areas of maximum impact in terms of customer value and rate of return. They will need to deploy a range of bots – including application bots, mail bots, credit bots and recon bots – simultaneously or in quick succession to tap the full benefits of the transformational technology.
Design a framework and roadmap
A clearly defined framework will help banks systematically shift toward the effective use of AI for building conversational banking capabilities. The roadmap will help prioritize use cases, along with putting in place knowledge and content repositories, and training to enable intelligent bots.
Build AI capabilities
Banks need to build three sets of capabilities. First, they must focus on a core data management platform that consolidates their structured and unstructured data. Second, banks need to set up an AI workbench that brings together the core AI technologies. Third, they must build products for specific use cases to resolve discreet business challenges.
Focus on the missing enablers
While multiple banks have experimented with limited AI plays like chatbot, they are yet to see substantial returns. This is because they’re overlooking investment in enablers around training data, content and algorithms. Acquiring skills for these roles will be a challenge.
Re-imagine the operating model and internal culture
Banks will need to reinvent their operating model to accommodate CUIs that’re powered by teams comprising humans and bots. This will mean completely new skills around managing AI – skills to train, explain and sustain AI.
Conversational banking is here to stay
Conversational banking promises a considerable upside for banks amid intense competition and gives them an opportunity to become part of the everyday life of their customers. Our experience with global banks shows conversational banking can accelerate revenue growth by 25 percent and reduce costs by up to 30 percent. Contact the Accenture team to know how your organization can cash in on the conversational banking advantage. Download our report to know how banks in India can reduce the conversational divide and reinvent to remain relevant in the AI-powered future.