At Money 20/20, FaceMe took to the stage to demonstrate next-gen banking via Digital Humans. At a session titled “Humans + machines”, VP of Sales Nick Sokolich introduced Digital Human ‘Sophie’ to the audience and then instructed her, live, to suspend his credit card as he’d forgotten it in a cab that morning. Sophie was friendly, empathetic and efficient – instantly recognizing Nick and completing the task in a matter of seconds. No queues. No call centres.
60% of financial institutions are currently investing in robotics; AI will be a $52 billion market by 2021; and astonishingly - 71% of financial institutions believe that AI is capable of becoming the face of their brand (Fiserv Forum 2018). But while everyone has ‘gone digital’, what will influence customer loyalty? “The future of banking will be about experience and not products,” believes Nick. The company’s vision for banking is to “make digital banking more human” via its Intelligent Digital Human platform.
Enterprise transformation through human-machine collaboration
The session focused on how business leaders can achieve enterprise transformation and elevate their workforce to create new value through human-machine collaboration. On the question of job loss, Nick commented: “Far from fearing that Digital Humans could potentially take over human roles, banking staff are excited about how Digital Humans will enable them to deliver great outcomes for customers by supporting ‘transactional’ tasks so that they can focus on higher value interactions. One of the biggest misconceptions about AI is that AI is designed to ‘replace humans’. Great AI should be designed to enhance what banking staff do and should leverage the technology as a tool to support and empower them.”
“There is little doubt that our future is being influenced in a major way by next gen technology. Companies will need to revisit their sustainable differentiation against the backdrop of commoditization and many agree that their key strategy will be based around customer experience. What companies do to make their customers’ lives easier and creating memorable experiences is often the deciding factor in how likely those same customers are to recommend you or become ‘repeat business’,” comments Nick.
This is a sentiment many of the largest banks in the world agree with. FaceMe’s Intelligent Digital Human Platform is being used by banks globally to provide amazing customer experiences, at scale. This includes UBS and ASB banks – with more banks set to follow suit. “FaceMe’s platform enables them to design, build and deliver a customised Digital Human experience – including brand-elements brought to life through persona, face, appearance and voice,” says Nick.
Reinventing the customer experience is critical. Customized, exceptional customer experience across all channels will offer the hometown advantage in the bank war to come. This may even be driven by fintech itself.
“FaceMe encourages banks to take a few steps back – enough time to extract themselves from the hamster wheel of optimising short-term profitability – to consider a longer-term vision that can buffer future uncertainty and innovation,” concludes Nick.
Watch a clip of our presentation here.