Science & Technology

NCR President Says Banks Must Use AI to Stay Relevant to Customers

Doug Brown, president of NCR, an American company specializing in computing technology for retail chains, the banking sector, tourism, and medical industries, said that at present, an up-to-date understanding of consumer thinking is of paramount importance for financial institutions.

NCR President Says Banks Must Use AI to Stay Relevant to Customers

Doug Brown, while talking to the media, expressed the opinion that banks should refocus on a consulting approach as part of their activities. But this does not mean abandoning other aspects of the work. According to him, the relevance of the concept of the existence of a financial institution depends on the level of personalization, which is based on arrays of data. In this case, business and individual consumers are aimed at continuous movement towards improving the quality of cash flow management and material well-being.

The President of NCR emphasizes that the achievement of business relevance and the subsequent preservation of a high level of actuality directly depend on data, and it is the arrays of information in this context that are the main value that determines the entire development process in terms of moving towards the goal. He also noted that in this case there is no single concept of activity that would be a simple instruction without difficulties associated with its compliance. According to him, as part of working with information, banks may have different guidelines. For example, one lender will coordinate its line of financial products and offers based on the needs of millennials, and another bank in this context will seek to meet the demand of another demographic group.

Doug Brown says that there are pockets of resistance within credit unions and local financial institutions. This is due to the fact that some teams of specialists have not yet fully refocused on consulting activities.

The implementation of a strategy for democratizing information arrays within a financial institution can cause discord. The reason for this scenario is the intricacy to transform cultural thinking about working with data within the framework of interaction between departments and stakeholders. Doug Brown says that some people perceive the rejection of control as a threat to the integrity and quality of information. There is also a risk of a situation when the user who received the data uses them incorrectly or makes an incorrect conclusion.

Many banks have a negative result in the implementation of attempts to create the best methods of working with customers, retaining them, and maintaining relevance. Doug Brown insists that data can help financial institutions strengthen their image and enter the market, abandoning the strategy of activity in favor of targeted campaigns and products focused on achieving a high level of loyalty. According to him, any concept of contributing to the growth of engagement is complex and requires the collection and analysis of information, and taking measures based on available data in real-time through all channels. Doug Brown says that this format of activity needs the creation of an information transmission infrastructure.

The President of NCR drew attention to the fact that there are advanced technologies, the use of which can potentially encourage teams of specialists of financial institutions to pay more attention to consulting work in the framework of daily interaction with clients. In this context, he drew attention to artificial intelligence, which he described as a way to improve communication with consumers.

Doug Brown separately noted that AI has the potential to profoundly change what, as he put it, is happening behind the scenes. NCR is currently developing various options for using machine intelligence in banking. One of the AI application scenarios is the introduction of advanced technology for mortgage loan processing in the lender’s back office in order to reduce the procedure time and simplify manual work. Also, in this case, the issue of transparency of the financial institution’s activities is successfully resolved.

Doug Brown argues that FedNow and faster payments can also make a difference in the financial services industry. In his opinion, the movement of money in real-time will encourage banks to reconsider the concept of service and interaction with products, and rethink the mechanisms for saving deposits.

The President of NCR says that data and analytics will help financial institutions become more culturally aware. He also believes that arrays of information can become the basis of proactive strategies to increase customer satisfaction. According to him, the main thing in working with data is to make them accessible, relevant, and useful.

As we have reported earlier, TIFIN Launches Platform for Creating AI FinTechs.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.