Developing New Retail Banking Services with Artificial Intelligence Technologies

Our Client & Their Goals

Our Client, a major financial institution, recognised that their front-office banking operations had been losing customers. Some customers had left for familiar competitors, while others had signed up with new technology-centric companies that offered retail banking services. Our Client recognised that Artificial Intelligence-based applications were the common factor in the new value that each type of competitor was providing to their former customers.

New AI-based applications included virtual assistants developed using machine learning, budgeting tools based on “Big Data” analytics, enhanced account security measures involving biometrics, and robotic assistants leveraging computer vision. Our Client recognised that they needed to quickly develop a strategy to provide similar offerings. However, they lacked the necessary experience to efficiently guide their research and development work on this issue.

They asked CamIn for our expert evaluation of the current technological landscape for AI-based solutions for front-office banking applications. They also sought our advice regarding which solutions were most relevant for their goals, and our guidance on challenging their competitors—both old and new—by providing new technology-based solutions.

CamIn's Solution

We quickly recruited an expert with an extensive background in using AI-based technologies to develop front-office banking applications to serve on our project team. Together, we developed a detailed technology landscape, identifying providers of AI-based solutions for front-office banking applications, including eight of the leaders and fast-followers in this sector.

We then critically evaluated the technologies offered by each company, considering each solution’s competitive advantages and disadvantages, and its suitability in achieving our Client’s strategic goals. We also forecast each technology provider’s prospects in developing new innovations over the next five years.

Out of the vast landscape of AI-based solutions, our research provided our Client with a clear indication of the most promising opportunities that could achieve their specific goals. We also identified the technological edge that each of these AI-based solutions could provide for their customers in a front-office banking application.

The Impact

Out of the vast landscape of AI-based solutions, our research provided our Client with a clear indication of the most promising opportunities that could achieve their specific goals. We also identified the technological edge that each of these AI-based solutions could provide for their customers in a front-office banking application. This helped them define a clear strategy for the development of their own AI-based applications, gave them confidence in their choice of technologies and solution development partners.

The comprehensive nature of our investigation provided significant benefits to the Client’s strategic planning by making them more aware of their competitors’ approaches. They noted that our assessment had identified several companies that they hadn’t heard of before, or weren’t aware of their activities in retail banking. Additionally, we had found competitors that our client they knew of, but had not realised that they too were pursuing AI-based front-office banking applications.