Banking Gets Smarter with Salesforce Einstein AI

June 20, 2018 Rachel Koeling

Banking transactions are a built-in part of our lives. We rely on the ability to buy a KitKat bar at the gas station with just a quick swipe of our debit card. It’s just easier and more secure to make purchases with a bank card. (In fact, I don’t remember the last time I carried cash in my wallet.) But how do banks keep up with our daily purchases and still provide an out-of-the-box customer experience?

The convenience of that ongoing digital communication between our bank accounts and various retail stores and businesses is not part of our conscious thought. But all of this information is tracked and stored, for our security and to maintain proper accounts. Banks are finding ways to utilize that stored data, through cloud services, to provide a more tailored customer experience. They’re using Salesforce Einstein AI — this cloud solution combines the power of Salesforce technology with the financial institution’s stored data, leading to insights that can improve the customer experience.

Easy answer: Salesforce Einstein AI

AI gives financial institutions the capability to properly nurture customer relationships, thereby transforming the industry. Einstein is a Salesforce solution that provides data organization with customer insights, which is based on data derived from advanced analytics and artificial intelligence. 

“AI guides CRM at every level of customer engagement. From sales reps to marketers, customer service representatives to developers, everyone in the business can benefit from Einstein’s insights,” according to Salesforce. “Einstein Analytics uses a two-stage process that enables companies to find patterns and recommendations in their data and to operationalize those insights in real-time.”

Invest in customer loyalty

Salesforce Einstein AI keeps your customers loyal. It enhances the quality customer service that banks provide, creating the competitive edge you need to make your customers happy. 

Through accumulating data and providing real-time insights, Einstein can give retail banks the predictive intelligence they need to create a more personalized customer journey. Because of the vital information Einstein’s insights offer, financial institutions can identify characteristics that make a customer loyal. This information can even determine which individuals are likely to invest more and which will likely reduce future investments. This information gives bankers the ability to reach out and market to specific customer groups with customized messaging, leading to higher levels of satisfaction and loyalty.

Adding more, Einstein’s automated machine learning framework creates predictions for each customer, at scale. In fact, Einstein hit the one billion predictions mark early in 2018. For example, one prediction involves a bank that combined Einstein with Einstein Discovery “to predict which prospects to prioritize in the sales cycle.” Data was categorized into financial goals, center-of-influence relationships, life events, and more. Einstein reporting suggested how to engage with customers in each part of the purchase funnel, leading to higher engagement and satisfaction.

(Small business) customers benefit

U.S. Bank wanted to understand why its small business clients were churning — manipulating or abandoning loans — so they imported all of its small business customer data to their Einstein implementation. They found that small businesses with modest loans ($500 and $5,000) had minimal churn and few defaults.

Banking agents moved quickly to offer similar loans to small businesses that hadn’t yet taken advantage of those banking services, further strengthening those customer relationships.

AI fights fraud

Along with providing actionable customer insights, Salesforce Einstein AI works to improve security against fraud. Because banking institutions and financial services combat fraud claims daily, backed-up claims continue to grow and grow without a dedicated product to organize. With the help of AI, institutions can assess, classify, and respond to claims, based on both the amount of money involved with the fraud and its location.

Salesforce Einstein AI revolutionizes how bank agents understand data, interact with customers, and detect fraud. And Appirio has the expertise and capability to transform banking services with the help of Salesforce Einstein AI. 

Learn more about how Appirio and Salesforce work together to provide cloud support on the Appirio Hub.

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