As the second day of this year’s Money20/20 draws to a close, we’re reflecting on another amazing day of keynotes, panel discussions and networking. As our team dons their finery ready for this evening’s Money Street Fest, we take a look back at a couple of our top takeaways from today’s sessions.
We’ll be wrapping up the key takeaways and insights from each day of this year’s Money20/20. If you missed yesterday’s recap, head over to our article from day one.
The role of AI in banking
The discussions around the rise of AI systems within the financial ecosystem continued as we started the second day of this year’s event in earnest. As the applications, use cases, and impact of the technology continue to be evaluated on a global scale, Uri Levine, Founder of Waze took to the stage this morning and touched on an important question for our industry: “What is the relevancy of AI in the banking industry?”
AI systems are already being rolled out in banks to improve customer service through the likes of chatbots and virtual assistants, designed to help customers to get answers to everyday transactional questions and gather information.
Whether AI will replace the human intervention required for technical product advice, personal recommendations, and more complex customer service issues however, is the real question on all of our lips.
Undoubtedly, AI technology can be used to support the automation of routine tasks such as balance enquiries, address changes or password resets, but does it have the potential to replace the need for human customer service advisors? Uri delved into this poignant question on the Encore stage this morning:
“In some cases, by replacing people with technology, we create a better user experience for some of the audience, and a lesser user experience for some other parts of the audience. Whether or not we can replace transaction based operations, definitely yes, we are doing that through applications, we are doing that through standard chat, we are doing that through web services; then obviously, yes, we can do that through ChatGPT.
“Can we replace advisors?
“Robo-advisors have existed for a long period of time and still, they are a very small fraction of the market. So I doubt that this is going to replace advisors because at the end of the day what advisors provide to a user is not the advice, it’s the peace of mind.”
AI in banking: a case study
The hottest topic of this year’s Money20/20 continued throughout day two’s conference track, with Annerie Vreughdenhul, CCO of the Dutch-headquartered ABN AMRO Bank discussing the current methods in which they are applying AI technologies in their customer call centres.
“We have two use cases live at the moment. In our contact centres, which is obviously the easier place to start with this, there are still pilots, but there are a couple of really exciting things about it.
“When call centre agents have had a conversation with a client, they have to make a summary and store it in a CRM system. And now, ChatGPT is making the summary for them and they just have to see whether it is correct. And actually, it’s really good, so they hardly correct anything.
“What I’m really excited about is that the agents are saying ‘this allows me to really concentrate on the client. I don’t have to scribble notes while I’m having the call. I can really listen to the client, and be empathetic about what concerns the client has.’ We have 20 agents working with it right now and we’re scaling up to 200 as we speak.
“One of the challenges that we have is that there are so many product pages that they don’t know everything by heart so they have to look at all these pages. So we’ve now used ChatGPT. The client asks a question, ChatGPT brings up a summary of all the product pages that would answer this question.
The client asks a question, ChatGPT brings up a summary of all the product pages that would answer this question.Annerie Vreughdenhul, Chief Commercial Officer, ABN AMRO Bank
The agent can use the information in summary, they can click through if they want to and, again, it’s something where they say it means they can focus much more on the client rather than clicking on 12 screens to see where the information is.”
Meet the NorthRow team
If you’re at Money20/20 this week, do stop by and visit the NorthRow team on stand N06 in Hall 5. Or, if you (like me!) are keeping up-to-date with all the latest Money20/20 news from a distance, why not bookmark our blog and pop back at the end of each day for a roundup of the most fascinating topics from the event?
📸: Our very own Rich Evans, Customer Success extraordinaire