5 min read

Banking on AI: Dynamics 365 Customer Insights and Virtual Agent for Customer Service

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A bank’s AI goals should look beyond cost reduction, welcome though that is. This technology has the capacity to do much more. Indeed, it can completely transform on institution from the core.” (Accenture, Redefine Banking with Artificial Intelligence)


In our recent Banking on AI article, we gave an overview of the rapid pace of AI evolution in the banking sector and looked at the limitless opportunity to automate functions and augment the banking workplace. Microsft’s Dynamics 365 AI solutions feature the most impactful and proprietary AI capabilities in global technology, and support banking organisations to deliver meaningful customer experience. Rich banking data across the business turns into proactive ideas and actions.

Customer Insights and Virtual Agent for Customer Service

In this follow up article, we’ll take a closer look at Dynamics 365 Customer Insights and Virtual Agent for Customer Service for banking. These AI technologies are helping front line sales and service banking agents make better use of their time, enabling managers to use team resources more efficiently than ever and improving satisfaction and experience, no matter which platform customers are engaging on.

In a recent Intelligent Economies survey by Microsoft, AI use is reportedly high amongst banking organisations worldwide. Nearly half (48%) of banking and financial services leaders reported that they’d already implemented virtual agent technology, with more than a third making use of both machine learning (36%) and predictive analytics (38%). Broad examples of these tools in action are:

  • Virtual Agent can be deployed proactively to resolve common service queries and frequently asked questions but can also be configured quickly to react and problem-solve when new, emerging issues arise.
  • Predictive analytics can be used to analyse account behavior and identify the potential risk of lending defaults.
  • Machine learning can monitor account behaviour and highlight any activity or transactional patterns that may suggest fraud or risk.

AI drives market differentiation and competitive advantage

Microsoft’s position on AI is that the technology works best when the people closest to a problem are empowered with the AI tools to solve it themselves. This is made easy with the low-code, no-code point and click technology which is at the heart of their AI development, putting problem-solving capabilities in business users’ hands. When individuals and teams create their own solutions, as and when they need them, it increases team competencies and heightens impact and ownership. Which of course, leads the way to strong differentiation and provides maximum competitive advantage.

Dynamics 365 Customer Insights and Virtual Agent for Customer Service

Which brings us back to Dynamics 365 Customer Insights and Virtual Agent for Customer Service. Together, these solutions provide banking customer service managers with a 360-degree overview of service operations and allow customers to access not only immediate but intelligent responses to each and every request. What’s more service levels are measurable and unified, whether getting in touch by telephone, text, online or via banking apps.

At Redspire, we recommend Customer Insights and Virtual Agent as some of the most impressive tools for delivering enhanced customer experiences to retail and commercial banking customers. The combination of service operations and machine learned insights means users can make use of all the data coming into the system to make smarter decisions on what to optimise and what to automate. A simple overview of the tools in action include:

  1. Data is constantly being fed into Dynamics 365 from omni-channel customer support queries, cases being raised and transactional requests.
  2. Customer Insights AI analyses these support cases them groups them into similar themes and topics to identify potential problems in real-time and inform non-technicaly teams that action is required. For example, a card provider’s hardware outage would lead to query spikes or increased online banking activity, as banking customers are unable to use their debit cards and call to report the issue. Or a branch emergency closure would lead to a rise in transactional calls and online activity.
  3. Before these calls become a drain on front line agents or support staff, business users of varying skill capability can quickly and easily configure automated conversations with a Virtual Agent bot via a web based application. The bot can engage, inform, easily take action and interact with existing systems to transact or problem solve to the customer’s satisfaction where possible, or escalate to a human for higher touch resolution where required.
  4. Throughout these conversations and transactions, Virtual Agent is constantly learning, mining user feedback and getting smarter over time. This continual improvement steers best practice with human teams and recommends future actions to update the bot in the interface to provide the greatest impact.
  5. Visual dashboards and business analytics on the service scenarios report and allow customer service managers to quickly evaluate and act to meet key performance indicators (KPIs) and maintain customer satisfaction levels.

As aI technology evolves and grows progressively more sophisticated, the complexity of the tasks that bots and virtual agents take on will continue to grow. Virtual agents will collaborate with team members, for example by prompting them to ask the right questions throughout customer calls or will pro-actively serve them with customer data or product information, without the human agent having to search manually.

Redspire: the leading digital transformation partner for Banking and Financial Services

IF you’d like more information on Customer Insights and Virtual Agent for Customer Service get in touch today. At Redspire, when we partner with you to implement Microsoft’s leading AI technologies, we become your dedicated Dynamics partner throughout your whole improvement journey.

We have particularly strong capabilities in Banking and Financial Services, FMCG, Government, and Third Sector and have worked on the biggest operational challenges facing these industries today. From Small Business Banking improvements at CYBG, client and stakeholder engagement at Money and Pensions Service, our expertise in Dynamics 365 and the AI-driven Power Platform, we help our clients achieve service excellence and deliver transformation projects that promises return on investment.

Contact us today

For more information on the Future of Banking download our Future of Banking white paper. To discuss what Microsoft and Artificial Intelligence can offer your organisation, get in touch with Redspire today on 0845 226 8170 or email us on info@redspire.co.uk.

5 min read

The Power Platform for Insurance: automating car insurance claims with PowerApps, Flow and Power BI

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Earlier this week we took a good look at the Power Platform for the Insurance sector. In this third part of our Power Platform for insurance series, we’re looking at automating car insurance claims processes using the Power Platform’s capabilities, and integrations with the wider Microsoft stack.

There are endless use cases and opportunities to Analyse, Act and Automate processes within your own insurance business, in particular with over 400 new capabilities released across Dynamics 365 and the Power Platform this month. This short use case will provide some context for the tools in action, showcasing incredible customer and partner engagement and highlight rich data insights.

A summary of the Power Platform

For those who haven’t read our recent articles on the Power Platform, here’s a short summary before we jump into the car insurance claim scenario.

The power Platform’s capabilities can be summed up in three key words: analyse, act, automate, known within Microsoft circles as the Triple A-Loop. The tools combine the capabilities of three key products, namely:

  • Microsoft Power BI: this analytical platform allows organisations to build and lead a data-driven culture. All users are given the power to turn data into insightful visualisations, driving quick and informed decision-making.
  • Microsoft PowerApps (including PowerApps Portals): these tools allow users to build custom apps same day instead of undertaking a month long development process, connecting to existing data and systems and solving specific process and business needs.
  • Microsoft Flow: is low-code / no code functionality that allows users to self-build automated workflows in minutes across hundreds of popular apps and services.

With Microsoft’s proprietary technology, users of all skill-levels, from pro-developers to authorised administrators can analyse, act upon, and automate data in ways that have never been possible before at business user level.

Automating car insurance claims processes using the Power Platform

Although fairly new to market, Redspire are deploying Power Platform capabilities to solve business pain for our Banking, FSI and Insurance clients and automating processes through all levels of their businesses.

In this scenario, we’ll showcase a user journey after automating car insurance claims processes using the Power Platform. The main functionality used here is PowerApps, supported by Office365, Flow and Power BI.

  1. A customer has an accident and needs to report the incident to start the claims process. Historically, policyholders would call the claims line to begin the claims process, however, digital natives are increasingly looking for mobile or desktop first reporting methods.
  2. Whether the policyholder has called the claims line and been signposted to the online functionality or logged into their account to begin their claim, a secure PowerApps Portal has been created to begin the claims process. The customer is asked to log in. Secure personal data will be pre-populated and the policyholder can submit the details of their incident within the requested fields, with the capability to upload images of the damage for assessment too.
  3. Using postcode data held against the policyholder, a Microsoft Flow has been created to pull through a choice of local car garages and automate the process of sending the claims data, photo of the vehicle damage and a request for quote (RFQ) to this selection of garages.
  4. Once received, the garages who received RFQ will be able to submit a quote for repair work via a bespoke Canvas PowerApp, supported by pre-determined Flow functionality.
  5. Once three quotes have been returned, Flow sends an automated Office 365 email to a claims processor, who can log in to a Model Driven PowerApp to review the quotes for repair work provided.
  6. Once reviewed and authorised for next stage by as assessor, these quotes for repair work are sent along the next stage of the automated process. Confirmation of the accepted quote is sent to the garage and the customer to arrange for completion of work.
  7. The selected garage completes the repair work and provides a completed status on the Canvas PowerApp once work is complete, notifying customer and insurer that the work is complete.
  8. Payment for repair work is automated via Flow and third part payment solutions.
  9. Flow sends out a Forms Pro survey to capture customer feedback on both the garage and claim experience, enriching customer service data and informing satisfaction scores.
  10. PowerBI can provide granular reports on customer satisfaction or wider data insight in the volume of claims, costs, types of damage, car models, garage satisfaction rating and so on.

Redspire and the Insurance sector.

This short scenario is barely scratching the surface of the capabilities of the Power Platform for the insurance sector. At Redspire, our delivery team can’t recommend the tools highly enough. We’re leading radical digital transformation in the insurance sector via these new and constantly emerging world-class Microsoft technologies. Together, we’re helping insurers understand and engage customer needs and deliver seamless, proactive and personalised experiences. We’re not just improving the claims process, we’re helping insurers digitise and automate all types of processes from underwriting to broker management.

If you’d like to find out more about how the Power Platform’s Triple-A-Loop can support your Insurance firms through its next phase of digital transformation, get in touch with our team of specialists today on 0845 226 8170 or email us at info@redspire.co.uk. For an overview of how Dynamics 365 and the new and emerging tools from Microsoft are driving change in insurance, download our Digital Insurer white paper now, or sign up to receive our Power Platform e-book when it launches next week.

9 min read

Power Platform for Insurance: harnessing the power of Power BI, PowerApps and Flow

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There’s been a lot of noise coming from Camp Microsoft on the Triple threat (or Triple A-Loop) of Power BI, PowerApps and Flow in the last year and we’re seeing some excellent use cases of the tools in action within the Financial Services sphere

At Redspire, we can’t recommend the Power Platform for Insurance firms highly enough. Microsoft, as always, is leading the way in the evolution in the insurance sector, bringing over 400 enhancements to Dynamics 365 and the Power Platform in the most recent release. The tech giant’s investment in Artificial Intelligence (AI) and low-code, no-code technologies directly support insurance businesses through the on-going digital skills gap and enable business users of varying capabilities to build apps, visualisations and workflows and improve business performance via simple point-and-click technology.

At Redspire, we’re working closely with our insurance clients to maximise use of the latest releases. Our clients in the insurance sector have undergone rapid digital transformation with Microsoft Dynamics 365 business applications in recent years. Progress has been made to shatter barriers between departments and insurers no longer approach each policy, person or departments as standalone but part of a connected universe of data that provides valuable insights to business performance. The Power Platform – with it’s integrated AI-infused technologies and the recent announcement of Wave 2 enhancements – opens up unlimited opportunity to harness the power of that data-unification. With hundreds of data connectors and a toolkit built on a common data language, insurers can achieve peak productivity, maximise engagement and provide data-driven decision making to manage their brokers, customers, products, policies and claims.

Yet across Banking, FSI and Insurance, many of the new clients we meet are unsure about the Power Platform and how it can be deployed granularly within their organisations. And more importantly, just why they should invest.

So, what is the Power Platform?

Power platform can be summed up in three keywords: analyse, act, automate. Known within Microsoft circles as the Triple A-Loop.

The toolset allows users to automate processes across the Microsoft stack and beyond. It ensures that everyone with permissions within your insurance organisation has the ability to build rapid business solutions, and solve all types of daily or organisational business pain.

The Power Platform combines the capabilities of three key products – Power BI, PowerApps (including PowerApps Portals) and Flow. With Microsoft’s proprietary technology, users of all skill-levels, from pro-developers to authorised administrators can analyse, act-upon, and automate data in ways that have never been possible before.

The tools have been developed upon the Common Data Platform and are designed to work together for maximum business value. All users within the business with suitable permissions can quickly and easily build custom apps that solve immediate business pain, automate complex workflows to improve business productivity, and analyse data for insights – no matter their technical expertise or capabilities.

Act with PowerApps for Insurance

PowerApps allows everyone from developers to business users within your insurance business to create interactive apps that support with specific business scenarios from Claims processing and renewals to risk and compliance. Tying onto a specific  Dynamics 365 use case or standalone, your in-house teams will be able to react quickly to ever-changing customer, partner, product, claims and compliance needs, all without writing a single line of code. Or having to engage with a developer partner. Integrating neatly with Dynamics 365, the Common Data Service, other line of business systems and accessible by Power BI and Flow, users across the organisation can carry out tasks and complete processes quickly and efficiently on their device of choice, with the information flowing back into the CRM. Supported by hundreds of point and click Flow connectors, the data captured within the apps can be used to automate processes and drive insight like never before.

PowerApps puts the power to automate back in the hands of the insurance business and solve challenges in real time by creating focused journeys. To summarise the benefits of power Apps you can:

  • Easily build apps within a full feature low-code/no-code point-and-click platform
  • Connect to all of your valuable data with a suite of pre-built connectors or custom connectors
  • Put your data to work with the Common Data Service for Apps
  • Integrate neatly with Office 365, Azure, Dynamics 365, Power BI and Microsoft Flow
  • Make use of strong enterprise governance & security
  • Access Pro-develop extensibility

Sample use cases for PowerApps for Insurance include:

  • Improve and complete policyholder on-boarding in real time with bespoke PowerApps and PPowerApps portals, designed to capture the required data for each scenario. Create Flows to connect this data to the next step action in the process and automate risk and compliance controls too.
  • Automate task-led business process flows like renewal processes or escalations for medical underwriting.
  • Manage the claims process more efficiently. Provide loss adjusters or even customer access to a front-facing app where they can answer the required questions, capture and attach jpeg or png photo evidence or pdf and word supplier quotes for repairs. Feed their responses directly back in the CRM and automate to next stage with one of 250 out of the box Flow connectors.

Recent enhancements for PowerApps in Insurance

Recent announcements from Microsoft include the wide release of AI builder for Power Platform. One of our top picks from the functionality is object detection. This provides the capability for AI to read, understand and translate photographs of handwritten notes and convert into word documents, or analyse text from Excel or PDF and feed directly into the appropriate Dynamics 365 fields. The time-saving capabilities of these tools are immense.  Anywhere you can rekey data, you can feed to power app, AI will read, recognise the data and populate it. This will be extremely helpful for rebuilding and legacy platforms.

Analyse: Power BI for insurers  

Power BI is Microsoft’s market-leading intelligent business analytics solution. With familiar Excel-like controls, with Power BI, users can connect a multitude of data sources – legacy on-premise, in the cloud or elsewhere –  to gain valuable insights, analyse trends and make rapid, data-informed decisions. Data is visualised helping teams share insight, collaborate and report across the entire organisation, on any device. With in-built governance and security, sharing customised dashboards and interactive reports with the right teams at the right times becomes process-led, with the right risk controls in place to protect the sensitive information in your business.   

Some sample use cases of Power BI for insurers 

  • Power BI allows users to visualise real time insights and analysis of losses from insurance claims. This constant feed of data empowers business users to highlight trends across the business and leverage underwriting data to make prudent business decisions, minimising future losses.  
  • Create visual reports to analyse your brokers, agencies and intermediary performance levels. Understand which relationships are working well or which may need urgent attention. Visually view gross written premium per broker and understand the cost of each new policy or renewal.  
  • Closely analyse policy and product performance. If a product is performing particularly well within a certain demographic or geographical area, this may inform a reactive marketing campaign or a review of the policy price point.  

Recent enhancements for PowerApps in insurance  

Within the latest Power Platform release, Power BI improvements focus on four critical areas that drive a high performance data culture. Largely AI focused, these are: intuitive experiences, a unified BI platform, big data analytics, and pervasive artificial intelligence.  

Automate with Flow for Insurers  

Microsoft’s Flow – again, low code, no-code, point and click functionality –  puts power to create complex workflows within your organisation. It uses over 250 out of the box connectors to automate all types of processes and removes the risk for human error stalling a journey’s progress. Once the Power Platform has been implemented and adopted by your workforce, Flow removes the need for developer support to create workflows, heavily reducing costs and implementation time for new business critical or improvement processes.   

Like the rest of the Power Platform, Flow provides point and click functionality that connects legacy technology infrastructure. Out the box connectors integrate not only with Microsoft tools but less well known systems too. Secured within the Microsoft cloud, these workflows provide the functionality to move your insurance business forward.  

Some sample use cases of Power BI for insurers 

  • Flow can connect sales journeys, policyholder on-boarding and renewalsClients or intermediaries complete front-facing PowerApps Portals forms are then connected to the next stage of the process for action, review, risk, approval, decline. With data feeding directly into the CRM, a risk audit trail is created, productivity maximised and data accuracy maintained.  
  • When call centre activity spikes – for instance, regarding storms claims when the UK has been hit with bad weather – Flow can be connected to a quick deployed bot that can direct clients towards self-service options for lodging the claim or answering frequently asked questions 

Recent enhancements for Flow in insurance 

Microsoft Flow’s new functionality creates smarter, more meaningful experiences in three key areas. Users – again with varying levels of expertise – can leverage world-leading business process capabilities, work off-line and make use of rich administration tools that drive connectivity across the insurance business.  

Why invest in the Power Platform?  

A recent Economic Impact study of Dynamics and the Power Platform highlighted that the average cost of app development is reduced by 70% with PowerApps and Flow, with £2.9 million avoided in application development and management costs. These types of cost savings are indicative of the costs and productivity savings that can be made with each individual solution within the platform. Combined with no-code capabilities that drive high user adoption, it’s clear that return on initial investment is high. And with the tools included within the standard Dynamics 365 licensing, it’s easy to get started with Power Platform today.  

Redspire and the Insurance sector.  

At Redspire, we’re leading radical digital transformation in the insurance sector via world-class Microsoft technologies. Together, we’re helping insurers understand and engage customer needs and deliver seamless, proactive and personalised experiences. We’re improving underwriting processes, loss ratios and policy lapse rates whilst reducing customer churn. In the new, differentiated marketplace, everything is to play for.  

If you’d like to find out more about how the Power Platform’s Triple-A-Loop can support your Insurance firm through its next phase of digital transformation, read how the Power Platform can automate a claims scenario,get in touch with our team of specialists today on 0845 226 8170 or info@redspire.co.uk. For an overview of how Dynamics 365 and the new and emerging tools from Microsoft are driving change in insurance, download our Digital insurer white paper now.  

2 min read

What’s new in Microsoft Dynamics 365 wave 2?

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The October 2019 Dynamics 365 wave 2 release for Dynamics 365 is, as expected, is a love story to Microsoft’s continued investment in AI and commitment to industry and commerce. The release brings a whole host of AI-infused and industry specific capabilities and brand new world-class innovations that provide meaningful capabilities to digitally transform organisations of all shapes and sizes.

The enhancements and improvements to Dynamics 365 suite of applications include hundreds of brand new capabilities across the usual business process applications.

  • Sales
  • Marketing
  • Customer Service
  • Field Service
  • Project Service Automation
  • Finance
  • Supply Chain Management
  • Talent
  • Retail
  • Business Central

Microsoft October 2019 release for Dynamics 365 wave 2

We recently shared an article covering AI driven sales insights, market insights and customer insights capabilities and enhancements. Additional release announcements include Dynamics 365 Product Insights, which connects product telemetry to Microsoft Business Applications, bringing valuable in-branch, store-level insights and gives visibility into product and service performance and customer interactions.

Enhancements to Dynamics 365 Customer Insights extends the reach of the tool further from mainly B2C scenarios. Additional features will now allow organisations to generate powerful insights into complex B2B journeys too and understand and serve leads and accounts better.

At Redspire HQ, we’re very excited about Dynamics 365 Virtual Agent for Customer Service. This is a vital tool to deliver enhanced customer service and experience, and is improved with with brand new authoring capabilities. This allows users to test and deploy AI-powered chat bots with greater speed, freeing front line agents to focus on more complex issues, and providing deep insights into customer satisfaction and experience.

Security and risk is also covered. Dynamics 365 Fraud Protection provides a formidable fraud protection solution,  decreasing fraud costs and helping increase acceptance rates for customer payment transactions.

The Power Platform

The Power Platform is bringing unbelievable new hands on automation and innovation superpowers to organisations and internal teams globally. The new wave 2 capabilities really extend their reach and maximise the power of AI for everyone from pro-devs to front of house teams. Read more in yesterday’s Power Platform article or get in touch with us to find out more.

About Redspire 

Whilst just scratching the surface of the top tier Dynamics 365 wave 2 enhancements here, our technical team are delving deep into the new capabilities to bring them to our clients. As a Microsoft Gold Partner, leading business transformation in Banking, Insurance, Government and FMCG, we know Dynamics 365 inside out and we love getting under the hood of our clients’ businesses to innovate, automate and return on your digital investment.

To read more about the Microsoft technologies driving digital business transformation, download our guide today. To discuss how Dynamics 365 and the latest technologies from the Microsoft stack can transform your business, please get in touch with our team of specialist Microsoft-accredited consultants today for an informal chat. Ask about our suite of on-site business transformation workshops. Call 0845 226 8170 or email info@redspire.co.uk.

 

 

3 min read

Power Platform Oct wave 2: Flow, Power BI and Power Apps

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Microsoft 2019 wave 2 launched 1st October – the largest release to date – with over of 400 new feature updates and capabilities across Dynamics 365 and the Power Platform.

As we look at the new release enhancements and deep-dive into the opportunities they create for our clients to drive intelligent action across their business, Consultant Claire and CEO Billy have been out in Stockholm this weekend delivering an exciting session at Power Platform Saturday Sweden.

Focusing on non-standard Business Use Cases for the Microsoft Stack, the session showcased the capabilities of the Power Platform and highlighted how the tools: Flow, Power BI and PowerApps are automating business critical processes, helping users create bespoke personal workflows and providing intelligence that makes both daily life and business operations easier.

An overview of the Power Platform

Microsoft’s Power Platform gives everyone within your organisation the ability to build business solutions. It combines the technologies of three key products – Power BI, PowerApps, and Flow and enables users of varying technical capabilities to analyse, act on, and automate data in never before ways. Because the tools are designed to work together, everyone across your business can quickly and easily build custom apps that solve immediate business pain, automate complex workflows to improve business productivity, and analyse data for insights—no matter their technical expertise.

Microsoft October 2019 wave 2 release: Power Platform

So what’s new for the Power Platform for 2019 wave 2, October 2019 to March 2020?

For PowerApps, the wave 2 release brings major enhancements that empower app creators of varying capabilities to easier develop superior quality apps. Advanced enterprise and administrator requirements are still supported. As well as introducing new capabilities, the enhancements to PowerApps simplify existing concepts on both PowerApps and Dynamics 365 apps built upon the Unified Interface, increasing developer productivity and app stability.

Additionally, creators can also create new PowerApps Portals experiences that improve engagement with internal and external audiences. These web portals surface data stored in the Common Data Services to internal teams, partners, third parties and customers.

Microsoft Flow’s new functionality creates smarter, more meaningful experiences in three key areas. Users – again with varying levels of expertise – can leverage world-leading business process capabilities, work off-line and make use of rich administration tools that drive connectivity.

AI Builder is a new to market capability for Power Platform that highlights Microsoft’s commitment to AI for all. It allows teams with the organisational expertise to rapidly automate processes with ease and predict outcomes that improve business performance. This turnkey solution takes the power of Microsoft Artificial Intelligence through a user-friendly point-and-click experience, directly integrated into both PowerApps and Microsoft Flow.

Power BI is already simplifying how businesses gain valuable insights from transactional and observational data and drive a data culture where teams decision-make based on hard facts, not opinions. Within this release, Power BI improvements focus on four critical areas that drive a data culture. These are intuitive experiences, a unified BI platform, big data analytics, and pervasive artificial intelligence.

Data integration provides businesses with built-in connectivity to the Power Platform and beyond, with data across hundreds of business system unified and connected, enabling richer, smarter experiences. The Common Data Model provides semantic consistency for canonical business entities across Dynamics 365 and Common Data Service, increasing value and saving time for application developers, ISV partners, and integrators.

Get in touch with our Microsoft accredited consultants

For more information on how Microsoft Dynamics 365 and the Power Platform can revolutionise your business, get in touch with our team of specialist consultants today on 0845 226 8170 or email us on info@redspire.co.uk. If you’d like to read more on the Power Platform for insurance, read parts two and three of our information series.

If you’re unsure where you are in your CRM or business transformation journey, enquire about our bespoke on-site workshops. No matter what stage you’re at, we can tailor a session to suit your needs.

 

8 min read

Banking on AI with Microsoft Dynamics 365

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“Artificial intelligence isn’t going to replace bankers. It’s going to optimize how banks work by helping them become more agile, make smarter decisions, and, ultimately, stay more competitive.” (Banking on AI, Microsoft, 2019)

With the October wave 2 release for Dynamics 365 featuring 400 new updates and capabilities across Dynamics 365 and the Power Platform (more about that soon), as well as brand new AI-infused, industry-specific capabilities included in the release, our attention at Redspire is on how AI (Artificial Intelligence) is evolving banking and financial services . Should the c-suite be banking on AI to drive product and service innovation and steer customer excellence? The short answer: yes. It’s rapidly becoming clear that current and emerging artificial intelligence has the power to transform FSI, far more than any other technologies have done in recent years.

Microsoft investment in AI insights

Microsoft’s continued investment in AI is helping the banking sector turn valuable agent, customer, product, sales and competitor data into proactive ideas and action. Existing AI insights are already revolutionising product and service delivery for early adopters of the capabilities in banking. Yet as we hone and develop new and exciting use cases for our FSI clients with the features like AI builder, the opportunity to transform operations is immense. AI-driven agents, rapid implementation model and line of business apps and problem solving bots used alongside constant machine learning will boost team productivity, solve immediate business or operational pain and drive experiences with the sharpest of precision.

Out of the box Dynamics 365 AI tools for banking

The three main pre-packaged AI tools that are really allowing our banking clients to predict customer needs and provide services when the customer wants, just how the customer wants it are:

These insight apps, particularly when powered by Azure AI, enable bankers to apply artificial intelligence within line of business workflows that slicken operations and steer customers to the right channel for their needs. That could be a knowledge centre bot to answer a simple, frequently asked question or a rapidly deployed bot that’s been set up to respond to an emerging complaint theme. This sort of client self-service frees up Relationship Managers and gives them almost superpower like abilities to drive more personal and well-rounded customer experience. Teams can provide tailored, value-driven communications through a 360-degree view of their customer, across all business departments. Predictive intelligence analyses data touch-points like buying habits, financial aspirations and emphasis on income-proportionate savings, and can help banks better understand the customer sets that will respond better to specific and targeted offers, and create hyper-tuned cross-sell opportunities based on the information gathered and analysed by the AI systems.

But what does this look like in action?

Dynamics 365 AI for Sales Insights

If we had to pick a tool from the Dynamics suite that’s absolutely vital to the success of banking sales performance and levelling the playing field for incumbent banks and challengers, this is it. Steering opportunity propensity to close and measuring the sentiment of communications to serve you insight on how the relationship is going is only scratching the surface of the capabilities of the AI. For example, the sales insight tool listens to calls and can provide slick, in-depth feedback and a wealth of learning from the call, such as:

  • Conversation analysis: Did the sales agent provide enough information in line with the customer’s needs? Did they talk too much or too little? This can really hone individual sales capabilities and help create sales playbooks for future opportunities.
  • Sentiment analysis: Cognitive AI measures and reports back on customer mood within the conversation. Were they upset, excited? This can be used to turn the sales opportunity around by recommending next best action if the propensity to close has decreased and also be used by sales and relationship managers for future coaching.
  • Keyword and trends analysis: AI can measure and pick up on keywords and report on an individual level or a collective department or organizational level if there are any keywords that are trending up and down. For example, a banking competitor or new lending product is being mentioned more often than usual. This is reported to the sales manager who can then create sales battlecards to overcome the threat before the competitor has had a chance to steal market-share. Similarly, this tool can report back if there are recurring queries or objections that salespeople are having to overcome and create solutions, collateral or playbooks to support.

With AI for Sales Insight’s predictive lead and opportunity scoring, salespeople are provided with valuable AI insight to prioritise the right relationships, to help close faster and win more business. Sales Managers can analyse individual, team and third party performance and view rich sales activity reports and view pipelines at the touch of a button. This is just a few examples of the tool in action. Get in touch today if you want to chat Sales for AI with our consultants.

Dynamics 365 AI for Customer Service Insights  

Of course, it isn’t all just about selling. With customer experience a key differentiator in banking and competition levels fierce, delivering impeccable customer service is vital in both retail and commercial banking environments. What does AI infused customer service look like within a banking? Like Sales Insights, Dynamics 365 AI for Customer Service Insights can use predictive analytics to provide actionable insight into business critical performance metrics. AI analyses operational and customer contact data to group cases and provide trends in real time to highlight and create instant solutions – before issues get out of hand. In-house teams receive reports that action is required and they can then create an easily configurable bot to respond and answer basic questions, measure their sentiment and pass the complaint to a team member if they require higher touch interaction. Throughout the entire process the AI and bots are collecting constant feedback and feeding continual improvement Built-in reporting dashboards, interactive visual charts and reports provide views into support operations data across channels, highlighting improvement and best practice that will have the greatest impact. Customer service managers can quickly evaluate and act to meet key performance indicators (KPIs) and maintain customer satisfaction levels.

Dynamics 365 AI for Market Insights  

So you’ve got your sales and service performing with AI. What’s next? Understanding your own and your competitor brand position with AI for Market Insights. Interpret what your customers say, do and feel about your organisation online and measure their sentiment against your bank in comparison to key competitors. Are you delivering on brand promise and customer excellence? AI for market insights is also valuable to when managing third party relationships in the banking environment. Are your stakeholders getting what they expect from the relationship?

How safe and secure is AI for Banking?

Machine learning functionality provides a comprehensive analysis for deeper insight into risk and operational models, as well as real-time response to the intelligence gathered for an enhanced risk management procedure – specifically tailored to suit and meet any regulatory requirements like GDPR or advanced AML checks.

The data collected is safely and securely stored in Microsoft’s award-winning Azure cloud infrastructure, with multi-factor authentication, continuous monitoring, increased transparency and digital privacy protection to ensure all sensitive data adheres to any industry, domestic or global standards

The future of AI and overview of the new release AI tools

By 2021, Gartner estimates that AI augmentation will generate about $2.9 trillion in business value and recover about $6.2 billion in worker productivity

On top of the existing AI capabilities, the October 2019 release brings a whole host of AI-infused capabilities that will help the banking sector thrive. Dynamics 365 Product Insights connects product telemetry to Microsoft Business Applications, bringing valuable in-branch or ATM insights and give visibility into product and service performance and customer interactions.

Enhancements to Dynamics 365 Customer Insights extends the reach of the tool further from mainly B2C scenarios. Additional features allow banking organisations to generate powerful insights into complex B2B commercial banking journeys and understand and serve leads and accounts better.

We’re very excited about Dynamics 365 Virtual Agent for Customer Service, which is currently still in preview. This is a vital tool for all banks and financial services firms, and is enhanced with new authoring capabilities. This allows users to test and deploy AI-powered chat bots with greater speed, freeing front line agents to focus on more complex issues, and providing deep insights into customer satisfaction and

Dynamics 365 Fraud Protection provides a formidable fraud protection solution,  decreasing fraud costs and helping increase acceptance rates for customer payment transactions.

Finally Microsoft have enhanced the Microsoft Banking Accelerator, released earlier this year, with use cases for retail banking and sample APIs for interoperability with the Banking Industry Architecture Network (BAIN). These enhancements enable banking and financial organizations to rapidly build intelligent, data-driven solutions across retail and commercial lines of business, accelerating time to value for a range of customer scenarios.

Banking on AI?

It’s an exciting time to be in banking! Implementing Artificial Intelligence has the power to transform the industry in ways we’ve never seen before. Cost saving, improving the speed and efficiency of decision-making, identifying and supporting new cross-selling opportunities for new and existing customers and most importantly, working towards the full and uninterrupted retention of all current business across the various departments and services. All whilst growing revenue and boosting the bottom line.

For more information on the Future of Banking download our Future of Banking white paper. To discuss what Microsoft and Artificial Intelligence can offer your business. get in touch with Redspire today on 0845 226 8170 or email us on info@redspire.co.uk.