“By 2030, the AI evolution will shift the finance sector from its current state, transforming every aspect of the industry in this process.” – McKinsey and Company
In the economy we are in, customers desire a solution that is smarter, more convenient and yet secure to trust their money with. Artificial intelligence has proven to be that one powerful technology which has given the world of banking and financial industry a plethora of opportunities to fulfill such demands of their customers.
Evidently, many financial institutions are evaluating and adopting AI measures in their operations for protection against threats, strengthening customer relationships, fraud analysis, improving operational efficiency etc. For example-in the case of insurance claimants, AI can transform how insurance companies process claims, assessing their validity more appropriately than ever before.
However, in the age of digital marketing, it’s more important than ever to focus on one-to-one services and connect with customers on a more personal, human level. Topping the ladder in such scenarios as the most efficient and seamless AI-enabled real-time communication technology is Live Video powered by Face Analysis and Emotion Recognition. While Live Video has witnessed increasing popularity as a medium for brands to effectively communicate and engage with their customers, Facial and Emotion Recognition has been gaining most prominence over other AI-prospects due to its cognitive and emotional ability to understand humans and respond appropriately. By reading eye movement, facial expression and more, banks could understand customers’ mood and liking and offer solutions accordingly.
Coupled with Facial Recognition and Emotion Analysis, EnableX FaceAI helps verify customer identity, prevent fraud and build a smarter, more personalised experience that works just right for their businesses and customers. It implements a future-ready mechanism that helps in reading customer emotions, preventing accidents and validating claim automation and processes. In short, it assists banks and financial institutes to create a personalised, contextualised and secure experiences for individual customers.
Let’s take a look at some use cases of FaceAI and Live Video in FinTech to understand how they can bring in a significant difference.
Identify Customer with Video KYC
Video-KYC is a digital alternative to in-person KYC process that banking customers are required to complete before they avail of any services such as account openings and loans. With AI-enabled Video KYC, customers have the convenience to be onboarded faster. It’s a flexible process where banks can automate customer identity verification using liveness checks and facial analysis of the customers that ensures whether the person in the video and the one submitting documents are the same or not. Since the AI also detects and evaluates face and facial features, head poses, eye gaze, emotions, it can protect customers and financial institutes from deceivers who may be trying to spoof attacks in situations when the applicant is using a static image or pre-recorded video.
Recognising and analyzing emotions to improve customer relationships
The ability to capture and analyse customer emotions is important to every business since it helps them to tailor their services to improve customer experiences. They can leapfrog learning the customer experience by utilizing emotion recognition to know if they are happy, sad, angry, or unsatisfied with the service. For example, in a bank’s call center, the Emotion AI can help identify an upset customer, who’s call can be transferred directly to a Senior Bank Agent. Similarly, the same mechanism could be used to check whenever a call center employee is unable to take care of a customer query and requires additional support from a Senior Representative.
Intelligent-Selling at bank kiosks
To turn the customer experience more exciting and engaging, banks can set up smart digital kiosks inside their branch. As soon as a customer stands in front of the kiosk or passes by, FaceAI Video will recognise the customer and show him an ad that best suits his category. Not only does this saves banks from repetitive, irrelevant selling but helps explore a proactive approach to delight customers. For example- banks can offer self-service activities such as passbook and account statement printing, depositing cheque, opening a bank account, etc. by authenticating customers as per their account number and live face detection.
Cutting wait-time for VIP customers
VIP customers are of immense importance to businesses. And it’s necessary to provide them with nothing less than a perfect customer experience. One of the things to keep in mind, when it comes to VIP customers, is to never make them wait. So when they reach out to a bank’s customer service over a video call or walk-in the branch, FaceAI will immediately recognize their face, signal the customer agent to prioritize them first and solve the issue as soon as possible.
Change is here. The faster it’s accepted and nourished, the fruitful it’ll turn out! Facial Recognition and Emotion Analysis isn’t just seldom a means of protection for financial institutes. If widely adopted, it can help financial institutions wipe off fraudsters and establish a phenomenally secure and tailored workflow.