Let’s take a look at the results achieved last month by one Micronotes client as a great example of what artificial intelligence machine learning can do for banks and credit unions.
When you work for an artificial intelligence software company that uses machine learning to help financial institutions to engage more effectively with online banking users, you tend to notice things related to your work. One day, while coming around the corner of the building I work in, I happened to see a sign in the window of People’s United Bank advertising attractive CD interest rates. It got me thinking.
USALLIANCE has used Micronotes' AI-driven marketing automation platform to conduct more than 200,000 conversations with its digital user community. As a result, USALLIANCE has been able to thrive during a time where branch visits to banks and credit unions have dwindled and online and mobile banking has exploded.
Recently, I received an inheritance and deposited it into the local bank I’ve done business with for a long time. And because my job is to sell Micronotes’ AI-driven marketing engagement solution to banks, I conducted a little experiment. I wanted to see how long it would take my bank to recognize this deposit, and engage me in a discussion about what I could do to maximize the funds. And I wanted to see what form the engagement would take.
FinTech innovations are changing the way banks and credit unions engage with their customers and members. But one of the most frustrating aspects of introducing new technologies is how long it can take to get them up and running. Watch this video and learn how Micronotes helps clients, including Pioneer Bank in New Mexico, go Live in One Day.
Here’s how Micronotes helps financial institutions retain customers at risk of attrition: We consume 6 months of historical data from the banking institution and build a list of customers who were lost during that time period. Those lost customers now become the predicted variable in our propensity scoring procedure.
The only thing worse than losing a profitable customer is knowing that you’re systematically losing profitable customers! As an AI-driven marketing technology company focused on deepening customer relationships, it was a natural evolution for Micronotes to begin offering our customers propensity risk scoring. In short, here’s why is matters and how it works.
Following our recent webinar Regulating AI in Banking (watch the replay), we received some thoughtful questions from a chartered financial analyst at a major commercial and investment bank about a new AI-enabled offering from Bank of America.