Intelligent banking: the role of predictive technology

Author: David Webber

With predictive technology, banks can support customers where they need it most, and enhance loyalty with an improved, personalised service

“I’m becoming much more than what they programmed. And I’m excited,” explains Samantha, the intelligent computer operating system played by Scarlett Johansson, in the latest box office hit, Her.

The film, which follows lead character Theodore’s relationship with his Siri-like computer operating system, explores the increasingly important role of predictive intelligence in our lives. 

Its release is timely as predictive intelligence is now beginning to impact our lives, while businesses are now using the technology to improve their offerings.

So what can banks do to capitalise on this new, intelligent processing power?

With predictive intelligence, banks have the opportunity to fundamentally improve the way customers manage their finances.

According to the American Institute of Stress, money management is one of the top stress causes.

Moreover, our recent research revealed people would like their banks to do more to help them with it. 

38% of respondents would like their bank to automatically transfer money from their savings into their current account when they are about to hit their overdraft limit.

Simplify your customers’ money management

By using analytics to predict customers’ spending habits and identify large impending payments, banks could dramatically improve the customer experience by making their day- to-day money management quicker and easier.

For example, banks could predict when a customer’s house insurance renewal is due before the payment takes place, and ensure there are enough funds in their current account.

There is potential for customer service improvements by using predictive intelligence. By foreseeing customers’ needs, and delivering services before they are requested, banks can support customers where they need it most, and enhance loyalty with an improved personalised service.  

Just as Theodore’s life starts to pick up after he “meets” Samantha, there’s an opportunity for banks to do the same for their customers by introducing smart predictive intelligence.

07 Mar 2014

Author: David Webber

With predictive technology, banks can support customers where they need it most, and enhance loyalty with an improved, personalised service

“I’m becoming much more than what they programmed. And I’m excited,” explains Samantha, the intelligent computer operating system played by Scarlett Johansson, in the latest box office hit, Her.

The film, which follows lead character Theodore’s relationship with his Siri-like computer operating system, explores the increasingly important role of predictive intelligence in our lives. 

Its release is timely as predictive intelligence is now beginning to impact our lives, while businesses are now using the technology to improve their offerings.

So what can banks do to capitalise on this new, intelligent processing power?

With predictive intelligence, banks have the opportunity to fundamentally improve the way customers manage their finances.

According to the American Institute of Stress, money management is one of the top stress causes.

Moreover, our recent research revealed people would like their banks to do more to help them with it. 

38% of respondents would like their bank to automatically transfer money from their savings into their current account when they are about to hit their overdraft limit.

Simplify your customers’ money management

By using analytics to predict customers’ spending habits and identify large impending payments, banks could dramatically improve the customer experience by making their day- to-day money management quicker and easier.

For example, banks could predict when a customer’s house insurance renewal is due before the payment takes place, and ensure there are enough funds in their current account.

There is potential for customer service improvements by using predictive intelligence. By foreseeing customers’ needs, and delivering services before they are requested, banks can support customers where they need it most, and enhance loyalty with an improved personalised service.  

Just as Theodore’s life starts to pick up after he “meets” Samantha, there’s an opportunity for banks to do the same for their customers by introducing smart predictive intelligence.