Challenged by disruptive players and ever-increasing customer demands, banking, finance and insurance companies are looking for new ways to quickly adapt. However, an infrastructure full of technical debt is holding back innovation. How can AI and analytics help these big companies break free?
The banking, finance and insurance companies have a lot in common: they are traditional, large and have a heavy tech legacy. The companies are also characterized by numerous disruptions, like insur/fin-techs, changing customer expectations where personalized experiences delivered with speed and scale 24/7 is the norm, and stricter regulations. Add to this the pressure of the Covid-19 pandemic. The ability to change is imperative.
“There’s a huge potential in these sectors”, says Anoop Sharma, who is leading Cognizant’s Nordic AI and analytics practice. “Now, amid the crisis customers need more advice about personal finance, mortgages, investment management, insurances, pension and other financial decisions”.
Getting closer to customers
Through digital and data transformation, companies can get a competitive edge by gaining a deeper understanding of their B2B and B2C customer needs and behavior. Leaders are now focusing to improve direct-to-consumer channels, omnichannel customer journeys, customer engagement, personification, customer segmentation, the use of demographics and other parameters to be able to engage with customers and share better recommendations.
“We’ve seen great business outcomes in use cases like online and digital customer acquisition, churn prediction, digital leakage prevention, identifying disruptions during customer journeys and utilizing opportunities to cross-sell and upsell”, says Anoop Sharma.
Companies are also utilizing multi-lingual chat and voice bots to provide seamless customer engagement and advance recommendations to end consumers.
Modernizing digital platforms
How do you make AI happen then? Leaders globally, as well as in the Nordics, are focusing on building a modern data ecosystem and a digital core by modernizing their legacy systems. This means moving to the cloud, creating coherent stories by joining the dots between silos of data and by enriching new data sources, using un-utilized dark data and applying industry-specific machine learning models, image analytics and NLP (Natural-Language -Processing) techniques
As one of the major data and AI consultancy organizations in the world, with over 400 AI experts in the Nordics alone, Cognizant works to operationalize and implement data, AI, and analytics solutions at some of the world’s biggest companies.