BANKING: MAKING AI IN CUSTOMER SERVICE A REALITY

Banks are constantly looking for opportunities to up- or cross-sell products to customers. Increasing product penetration from 2.5 products to 4 products per customer can add millions to the bottom line and it is estimated to be 5 – 10 times cheaper to up- or cross-sell to an existing customer than to acquire a new one. Combining in-memory computing with AI opens up new opportunities to do so. When it comes to engaging customers in up- or cross-selling conversations, timing is everything. Customers are far more likely to be receptive to an approach when they are already interacting with the bank – online, via the telephone, or in branch.