AI in Financial Services: Work Faster, Better, and Smarter Today.

Human Inspired, AI Driven

It’s interesting that artificial intelligence is such a hot topic these days because AI itself is not new. The concept of an ‘artificial brain’ was discussed by scientists in the 1930s. In 1950, Alan Turing created the Turing Test to distinguish machines from ‘thinking’ machines. In 1964, Daniel Bobrow wrote a program that could understand and solve mathematical word problems. Fast forward 50 years and AI had gained mainstream acceptance with Amazon recommendations, Siri, etc.

Despite all that, or maybe because of it, software vendors are peppering their sales and marketing materials with promises of artificial intelligence. The reason I find this interesting, personally, is because NexJ has been delivering intelligence in its product suite for years. I touched on this topic in a blog last summer, noting that AI is augmenting human intelligence by:

• Providing helpful suggestions for interactions and product recommendations
• Taking over some of the simple tasks so we can focus on revenue generation and customer experience
• Analyzing massive amounts of customer data to improve forecasting and continuously refine sales and service activities

With NexJ, firms can immediately leverage intelligence in their CRM to improve the customer experience, drive productivity, increase assets under management, and capture a greater share of customer wallet. When they’re ready, they can layer on business process automation, data preprocessing, and machine learning to generate deeper insights and enable their users to act immediately upon them. This evolutionary approach to intelligence, in which banks and wealth management firms can incorporate progressively more advanced artificial intelligence into their front office, is one of our primary differentiators.

Not sure what I mean? Let’s start with our CRM, which integrates readily with enterprise data sources and third-party data streams to create a comprehensive customer view. Advisors and bankers can leverage this view in conjunction with intelligent capabilities for financial services to work faster and smarter. For example:

• Customer Loyalty Management segments clients based on their strategic value and notifies advisors and bankers about financial and non-financial touches they should have with their clients
• News and Research Recommendations suggests timely news, articles, and recommendations to share with clients based on their unique interests and financial holdings, and enables them to schedule distribution in email or social channels
• Lead matching, scoring, and routing continuously assesses the value of leads and distributes them to the right person based on geography, specialty, etc.

Next comes CPM. Every advisor, banker, and customer dreads lengthy sales and service processes. Here again, intelligence saves the day. NexJ delivers business process management capabilities designed to streamline and automate key workflows like client onboarding, KYC, and AML:

• Integration with CRM pre-fills data wherever possible
• Dynamically-branching smart forms ensure users capture outstanding information for all necessary forms
• Approval workflows automatically submit completed forms to the right people for processing

No guesswork, no repetitive data entry, and no processing delays as a result of incomplete information or submitting forms to the wrong person.

Finally, when they’re ready, firms can add analytics and machine learning into their AI strategy. NexJ CDAi leverages the integration work performed for the CRM implementation to access enterprise and third-party data sources. It then works as a data preprocessor behind the scenes to deliver real-time, consistent information to analytics and machine learning projects. This may not sound like a big deal but the ability to quickly provision current and consistent data is unique to NexJ CDAi. It enables firms to create continuously-learning decision models with results they can trust (not the case when data is inconsistent!) and to embed those results in CRM in the form of dashboards and alerts so users can take action on them immediately.

So, as you can see, intelligence is not a new concept for NexJ. Individually, our products deliver intelligence in a pragmatic, revenue-focused manner. Together, they create a strong foundation for progressively advanced AI, enabling bankers and advisors to work faster, smarter, and better, with an ultimate goal of maximizing assets under management and share of wallet. No hype, no marketing jargon. Just real productivity and bottom line results.

What are your thoughts about AI in customer management software? Are you working with it today? If so, what value does it bring to your workday? I’d love to hear about your experiences. Share your comments below or email me at debbie.gallo@nexj.com.

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