Unlocking new value
When it comes to the benefits realized by augmenting processes with technology, the top focus area has been operational efficiencies (see Figure 5). For example, AI-infused analytics can help banks more quickly identify non-performing loans, liquidity impact and fraud so they can respond more quickly.
Between now and 2023, though, the focus will shift dramatically as customer experience takes center stage. Respondents expect to see a 29% improvement in the customer experience by 2023, up from just 9% today.
Elevating the customer experience starts with finding and addressing pain points that can be relieved and liberated with digital technologies. For many banks, this starts with a focus on the call center. AI-based call centers can not only help reduce wait times, but also provide more accurate and faster resolution and also provide next-best actions that lead to revenues.
Another top benefit area by 2023 will be decision-making, which will grow from 10% improvement today to 23% in 2023. For instance, banks can use AI to forecast customer behavior and make instant decisions on loan applications and credit limits. By doing so, banks can close the gap with fintechs, which can process loans in minutes vs. weeks.
Customer experience and efficiency are top outcomes
Respondents were asked what progress they expect to make in a variety of outcomes as a result of process augmentation, now and by 2023. (Mean percent increase)
Base: 287 senior banking and financial services executives Source: Cognizant Center for the Future of Work Figure 5