Will the Real AI Please Start the Conversation

By Kevin Flanagan, Director of Marketing, Micronotes

Working in marketing for a company that provides an artificial intelligence machine-learning solution to financial institutions, I read a lot—as in every article, tweet and LinkedIn post I can find—about how banks and credit unions are using AI technology.

I see a fair number of articles about how AI can help institutions detect fraud, but I’m surprised by how many articles focus only the most basic of AI use cases. For instance, there are numerous articles that herald the news that the use of chatbots demonstrates this or that financial institutions has made the move into AI.

Courtesy: Bank of America

Courtesy: Bank of America

We’ve all had the opportunity to interact with a chatbot while we’re shopping or banking, such as Erica from Bank of America, in the example to the right. These chatbots can provide some useful information, but in my experience, I usually become frustrated quickly with the slow response time and the lack of specificity in the answers.

Chatbots have one thing in common with the smart speakers from Amazon, Google and others that are becoming fixtures in many homes: a person must begin the conversation. For example, when you walk into your kitchen for breakfast, Alexa doesn’t automatically give you with the weather forecast and Google Home doesn’t automatically tell you what meetings you have that day. You—the person who needs to decide what to wear and what your schedule looks like—must initiate the conversation.

One of the key attributes that makes Micronotes’ artificial intelligence machine-learning solution stand out is its ability to start the conversation with a digital banking user. Institutions use Micronotes to offer customers a quick interview, either in-session or at logout, that asks questions pertinent to the specific individual designed to provide them with a targeted offer or other information.

The ability to start the conversation is to provide the real power of AI machine learning to digital banking users.

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To the left is an example of a conversation that a financial institution using Micronotes initiated with a digital banking user who had a propensity score that indicated he would be a good candidate to open a high-yield CD.

This is the future of how banks and credit unions will engage with their customers and members.

This is the new way of replicating those valuable conversations that used to take place while people visited a branch to do their banking.

This is the way AI machine learning is changing banking.

This is happening today.