Artificial intelligence technologies are becoming essential in our everyday life, and banks need to deploy these technologies at scale to remain relevant.
For a second year, during our Annual CEE SME Banking Club Conference, we will discuss the topic of how AI transforms Banking, and especially SME Banking, how AI-bank of the future will look like, and how SME customers will benefit from that.
Last year, we discussed the main challenges banks need to face when implementing AI, and from what to start: from use cases or from defining a whole AI strategy? Antti Myllymäki, Head of Artificial Intelligence at OP Financial Group, presented their strategy on AI implementation at OP Financial Group (Finland), which started in 2017.
You’re welcome to watch Antti’s full presentation below:
What we see now in the CEE region is that many banks have implemented selected use cases and haven’t proceeded yet with scaling AI technologies across the whole organization. The main reasons are the lack of AI strategy, the challenge of integration with existing core systems, fragmented data assets, and out-of-date operating models, and internal organizational culture that slow down collaboration between business and technology teams.
This year, together with Asseco, we, at SME Banking Club, produced a Study, which we called Artificial intelligence in financial institutions. Next-Generation Intelligence Platform for SME financial sector.
We’ll be happy to present and discuss the main outcomes during the Conference. In this Study, we analyzed how, and to which extend financial companies in Europe are ready to implement AI technologies when providing services in general processes and also in providing services to business customers.
How can AI change SME banking in the nearest future?
- Improved customer experience. To meet customers’ rising expectations banks should provide personalized, truly omnichannel offers (seamlessly crossing the physical and online contexts across multiple devices), mixing relevant banking products and beyond banking services.
- Customized product offer. A customer will receive a product offer based on relevant business data and in the context of their business situation. For example, a customer gets a loan based on a cash-flow projection. To implement such an offer banks should integrate with customer’s business management systems.
- Sophisticated customer analysis and based on that next product offer.
- Customer retention, which should be based on some loyalty and rewards programs for SMEs.
Join us during the Conference to learn more details!