American multinational, Adobe, announced earlier this month that it will now allow banks to use and benefit from its own artificial intelligence (AI) platform, Sensei. The platform will enable banks to provide automated personalization and marketing analytics for its customers.
Although Sensei was first unveiled last year, Adobe wanted to keep its usage to a minimum, to begin with. But now, it will be rolled out to banks for them to use to help highlight data trends and match certain products with the needs of their customers.
“AI and machine learning can help banks to see in their data what humans can’t uncover manually, tapping this to better connect with customers,” said director of financial services industry strategy at Adobe, Christopher Young. He also commented that Sensei would use “anomaly detection” to pick up on any performance issues that a bank’s app may be experiencing and offer analysis as to why it’s happened in the first place.
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Young also explained that banks would have the opportunity to use their AI tool to customize how products appear on their website to target different individuals based on their preferences. For example, HSBC recently trialed the technology in order to gain more interest in a particular product that already performed well on its website. Results from the trial confirmed that technology led to a 109% rise in customers reaching that product.
“The best use case is, if you are a retail bank and you have a high volume of anonymous individuals that are coming into your site, typically the response is very static,” confirmed Young. “But, what the (Adobe) Experience Cloud can do with Adobe Sensei is to get an understanding of the performance of the site of an anonymous individual and they can start making recommendations on what to show people – even an anonymous profile.”
“Banks don’t have enough people with the digital skillset they need to power some of these solutions and all of these digital solutions,” Young continued. “Sensei in this particular case helps alleviate that need. So, if you have analysts that can’t find these particular things, and you don’t have enough people, then to automate the insights to the people that you do have is beneficial.” Many of the big banks are clients of Adobe’s including American Citi, and U.S. Bank, European HSBC, and Barclays, and Australia’s National Australia Bank, to name just a few.