AI has become pervasive. True, not everyone has adopted AI, but to remain relevant, sooner or later, they will have to. AI technologies allow the Banks and Financial Services Industry (BFSI) to scale, offer a superior customer experience, reduce costs, and derive value from legacy systems. With the unprecedented growth of customer data, banks can reimagine customer engagement and provide an outstanding customer experience. In addition, ML models can boost productivity across all bank functions.
The adoption of AI does not need to be an extended year-long project. Most BFSI clients are data-rich and technology savvy, which presents many opportunities. You can go the whole nine yards or chip away at it – a bit at a time.
At Daitrix, we recognize that you already have core business applications and enabling technologies. We are not one more new platform. Daitrix is all about high ROI, business-specific, pre-built ML software solutions that solve your complex and specific business problem problems. We call this the Last-MileAI. As a business value abstraction layer, we drive higher ROI from IT investments you have made and data you already have by delivering meaningful business outcomes.
A leading Asian bank with over 10m retail banking customers wanted to expand its credit card business. Our ML-based customer engagement solution resulted in a 4X conversion rate improvement in telemarketing campaigns and a 2.4X conversion rate improvement in SMS campaigns. As a result, the bank saw a 72% increase in cards issued.
A top national bank with over 100m credit card customers faced stiff competition. Competing banks offered Credit Line Increase (CLI) as a solid lever to increase customer stickiness and loyalty. We implemented a machine learning-based risk assessment for CLI on both permanent and temporary credit line increases. The outcome was increased customer lifetime value and reduced churn with optimized credit lines increase while balancing risks.
A large financial services company that offered unsecured credit, such as auto loans, needed to speed up underwriting and take credit decisions accurately and efficiently. Our ML-based underwriting scorecard and credit decision solution improved loan processing accuracy and efficiency. The result was a fast one-day loan processing and over $2.5m annual recovery from the collection.
AI and ML allow banks and financial institutions to be customer-centric. For example, normalizing, transforming, and enriching legacy data will help understand customers' changing needs resulting in offers for relevant products and services. Knowing your corporate clients through company name standardization, total transaction volume, and other data sets could result in a new line of credit. Automating services such as wire transfers by balancing the risk of transfer with a speed of execution will help speed up and enhance customer experience while reducing risk and cost.
Customer centricity through data increases customer lifetime value and growth in top and bottom lines. In addition, the increase in data through engagement over time builds a solid foundation to introduce new products and services and create new business value.
Connect with us today to explore how you can harness our cutting-edge solutions to unlock your growth story!
