Corporate news

  •  
  •  
  •  

5 ways Artificial Intelligence is changing Customer Service

15 May 2020

image

It is clear that the way we deliver financial services across Africa is rapidly changing every day; with mobile wallets and innovative payment solutions, banking and credit is becoming more and more accessible for those that have always been excluded from the financial system. McKinsey predicts that by 2022, over half of the African population will have access to banking services. With innovations in the technology, data and AI industries, pioneers are finding unique and profitable ways to deliver products faster, safely and making it easier for customers to access services from anywhere. __Automated conversational responses__ AI-powered chatbots are used across almost all service providers from banks and credit providers to news sites and food outlets. With API integrations on social medica platforms such as Facebook and WhatsApp, as well as chat platforms on websites, it has never been easier for customers to interact with brands, getting answers and assistance in real time, anytime, drastically improving customer service and user experience. Using AI agents allows 24/7 customer service and instant customer assistance. __Hyper personalisation__ The ability to pre-empt customer needs and conversations has become easier using AI automation. By storing and analysing customer data such as previous conversations and customer queries, down to the finer details such as the language in which the customer prefers, customer service teams are able to personalise service delivery dialogues. AI driven customer service changes the conversation from client to client, personalising each customer’s experience. Customer problems are solved almost immediately, reducing waiting time on query resolution. __Personalised product offerings__ Transactional behaviour modelling creates the opportunity for companies to up-sell and cross sell products as well as identify where improvements can be made based on a customer’s current financial portfolio and spending habits. Through scrutinising clients’ personal data, companies can optimise leads, define the quality of leads and determine which customers may qualify for a product, providing product expansion possibilities. __Sales and Marketing__ Analysis of customer data is one of the most crucial models used in service delivery today. With AI and data analysis, marketing teams are able to advertise and sell relevant products and services to customers by scrutinizing information such as internet searches and purchase behavior. Marketers are able to personalise sales offers and improve customer journeys with targeted messaging from data insights, refining the sales funnel, decreasing costs and increasing revenue. __Overall Product delivery__ AI automation has entirely changed the way products and services are delivered to customers which not only includes the service they receive from consultants, but more importantly, the final delivery of the products and services purchased. The ability to scrutinize customers data to create relevant product offerings, and the delivery of personal customer care based on previous interactions all contribute to the decreased delivery time, massively improving the overall brand experience. With AI integrations into almost any device, customers can purchase and utilise products and services at any time resulting in instant gratification.

How Artificial Intelligence is Transforming Financial Services

13 May 2020

image

Gone are the days of standing in long queues or a three-day turnaround time when it comes to servicing consumers in the financial services sector or any industry for that matter. With advances in technology and the way we use customer data, companies are able to do more in a day then we used to in a week. Digital Intelligence solutions will help organisations increase business operations by optimising automation initiatives and functionality. With AI being the new buzzword in the financial services industry, there is no doubt that these companies are fighting for market share when it comes to banking, lending and payment solutions. The use of artificial intelligence has transformed how customers interact with businesses and purchase products and services, making the customers experience far more tailored to their need, while at the same time being more secure and efficient than before. By scrutinizing customer information, sales and marketing teams have the ability to deliver a hyper-personalised needs based products and services to clients, improving brand experience and increasing customer engagement. The use of AI certainly has its perks for organisations too; reduced fraud and anti-money laundering, risk modelling enabling quicker and more accurate credit risk scoring, and improved customer experience where processes are automated and products can up upsold or cross sold based on client data all contribute to the success of these businesses. Artificial intelligence helps minimise errors and boost the overall efficiency within a company. With automation there is less human intervention required, and less time spent on production and output, lowering operational costs and increasing revenue. Fractal Labs understands the power of big data and AI capabilities, taking company and customer data and transforming it into measurable and scalable financial and risk tools to grow and streamline business operations. Fractal Labs’ AI solutions have changed the way customers apply for and receive credit from GetBucks South Africa, a registered online credit provider. With a turnkey solution from data optimization, credit scoring and the generation of personalized product offers, experienced through a simple easy-to-use interface. The customers entire journey from application to fulfilment takes less than 20 minutes, a major contributing factor to GetBucks’ 70% customer retention rate. “Data is nothing if not converted to actionable insights and used to make smart business decisions. With our team of scientists, stack of bespoke technology, and industry experience, Fractal Labs can simplify raw data, enabling businesses to unlock insights for strategic development.” Says Gunter Marais, Managing Director for fractal Labs. Fractal Labs builds and implements AI solutions for multiple banks and financial institutions across Africa, including MyBucks Banking Corporation. “Done correctly, the use of artificial intelligence and big data can create significant change for its customers, operations and communities. Machine learning and disruptive technology has become a way of life and is not going anywhere anytime soon.” concludes Marais

Downloads

  •  
  •  
  •  
document

Fractal Labs Presentation

document

Fractal Labs: Fraud Lab

document

Fractal Labs: Score Lab

document

Fractal Labs: Risk Lab

document

Fractal Labs: Offer Lab

document

Fractal Labs: Lender Lab

document

Fractal Labs Fact Sheet

Videos

  •  
  •  
  •  

Fractal Labs Answer lab

19 November 2020

play

Fractal Labs Offer Lab

13 July 2020

play

Fractal Labs Score Lab

13 July 2020

play

Fractal Labs Risk Lab

02 July 2020

play

Fractal Labs Fraud Lab

25 June 2020

play

Fractal labs lender lab

25 June 2020

play

Contact Us

  •  
  •  
  •  

Find out more about how Fractal Labs can transform your business.

Fractal Labs

The Wedge - 1st Floor
43 Garsfontein Road, Waterkloof, Pretoria, 0145

+27 12 045 0701 | info@fractallabs.net

Leave your details

Copyright © Fractal 2021. All Rights Reserved