SmartBanking AI:
AI in Financial Services

Banks have all the data they need to understand their customers, but they often struggle to uncover insights that can forge deeper relationships and drive personalized service. AI in financial services can close the gap.

When it comes to being customer centric, banks have an advantage: a trove of data, everything from transaction histories, product usage, and risk profiles to online searches and campaign responsiveness. But they also have disadvantages: legacy technology, data scattered across the organization, silos instead of synergies. This makes it hard to create a comprehensive customer view—let alone to leverage AI in banking solutions.

SmartBanking AI from BCG addresses these challenges head-on, making it simpler to bring data into a single platform, apply the latest technology for AI in financial services, and reach out to the right customer with the right action, when and where it matters. Integrating advanced analytics into operating models can boost profits by 20% to 30% and pave the way for fully customized experiences and personalized offerings across all client segments.

How SmartBanking AI Works

Financial services is about relationships. Bankers—in particular, relationship managers—continually strive to better understand and engage their customers. Deeper relationships are more effective—and more rewarding, for bank and customer alike. SmartBanking AI accelerates the process.

SmartBanking AI creates visibility by consolidating customer information from different departments and systems (including data on products, transactions, behaviors, and interactions) onto one central platform. Then it leverages that data to do even more:

  • Identify signals. SmartBanking AI mines the data for signals—a significant decrease in credit card spending, for example or a new loan with a competing bank. These signals provide clues about life events (such as a new job), actions customers may be contemplating (like leaving the bank), or trouble ahead (say, deteriorating credit).
  • Generate insights. This is the heart of AI in banking: What does it all mean? SmartBanking AI interprets and prioritizes the signals to generate insights in bankers’ own language—and a plan. For example: a customer at risk of closing their account might be receptive to a specific product at a specific price, offered via a specific channel.
  • Take action. Finally, SmartBanking AI helps deliver the recommended actions, creating a seamless workflow (through APIs and links) to existing systems (like CRM platforms) and channels (such as web, email, call center, and branches). Insights are readily accessible and are delivered in context so that relationship managers have the full picture every time they talk to a customer.

A Unique Approach to AI in Banking Solutions

Through machine-learning algorithms, SmartBanking AI unearths the treasure within your data, delivering qualified leads, attrition alerts, early credit risk warnings, and much more. It helps banks see patterns and respond with foresight and precision. Unique features accelerate the journey:

A Modular Approach

Two Engagement Models

Intuitive Insight

Built for Mass-Market Banking, Too

BCG: A Leader in AI in Financial Services Consulting

BCG GAMMA helps organizations unleash the power of signals hidden deep within their data. But algorithms alone aren’t enough. Companies reap the full rewards of AI when they combine analytics with the right processes, ways of working, and change management.

That’s where the breadth of BCG expertise comes in. Our advanced analytics experts work with thought leaders across the full range of functional, technical, and industry areas. This lets us take a holistic approach: providing not just the right capabilities but also the right operating model. When companies have both, they can seize the full potential of AI in banking solutions.

Our Impact in AI Banking

Across regions and markets, we’re helping leading players stay on the cutting edge. Dozens of global banks already rely on SmartBanking AI. Here are some examples:

Explore Our Insights on AI in Financial Services

The Sun Is Setting on Traditional Banking

The pandemic has accelerated the inevitable; the AI revolution is overtaking banking as we knew it. Banks that don’t transform stand to lose market share to faster, nimbler tech players.

Meet Our AI Banking Experts