August 12, 2022

Quick wins in six to eight weeks using AI and ML for financial institutions!

AI has become pervasive. True, not everyone has adopted AI, but to remain relevant, sooner or later, they will have to. AI technologies allow the Banks and Financial Services Industry (BFSI) to scale, offer a superior customer experience, reduce costs, and derive value from legacy systems. With the unprecedented growth of customer data, banks can reimagine customer engagement and provide an outstanding customer experience. In addition, ML models can boost productivity across all bank functions.

The adoption of AI does not need to be an extended year-long project. Most BFSI clients are data-rich and technology savvy, which presents many opportunities. You can go the whole nine yards or chip away at it – a bit at a time.

At ElectrifAi, we recognize that you already have core business applications and enabling technologies. We are not one more new platform. ElectrifAi is about high ROI, business-specific, pre-built ML software solutions to solve your business problem. We call this the last-mileAI. As a business value abstraction layer, we drive higher ROI from IT investments you have made and data you already have by delivering meaningful business outcomes.

As you embrace AI, here are some examples for you to consider.

A leading Asian bank with over 10m retail banking customers wanted to expand its credit card business. Our ML-based customer acquisition solution resulted in a 4X conversion rate improvement in telemarketing campaigns and a 2.4X conversion rate improvement in SMS campaigns. As a result, the bank saw a 72% increase in cards issued.

A top national bank with over 100m credit card customers faced stiff competition. Competing banks offered Credit Line Increase (CLI) as a solid lever to increase customer stickiness and loyalty. We implemented a machine learning-based risk assessment for CLI on both permanent and temporary credit line increases. The outcome was increased customer lifetime value and reduced churn with optimized credit lines increase while balancing risks.

A large financial services company that offered unsecured credit, such as auto loans, needed to speed up underwriting and take credit decisions accurately and efficiently. Our ML-based underwriting scorecard and credit decision solution improved loan processing accuracy and efficiency. The result was a fast one-day loan processing and over $2.5m annual recovery from the collection.

AI and ML allow banks and financial institutions to be customer-centric.For example, normalizing, transforming, and enriching legacy data will help understand customers' changing needs resulting in offers for relevant products and services. Knowing your corporate clients through company name standardization, total transaction volume, and other data sets could result in a new line of credit. Automating services such as wire transfers by balancing the risk of transfer with a speed of execution will help speed up and enhance customer experience while reducing risk and cost.

Customer centricity through data increases customer lifetime value and growth in top and bottom lines. In addition, the increase in data through engagement over time builds a solid foundation to introduce new products and services and create new business value.

ElectrifAi: US’ leading ML solutions provider

ElectrifAi is one of the US’ leading ML solutions providers with an extensive library of pre-built ML solutions, enabling our clients to capture tangible benefits quickly. We work with the C-suite to understand and solve business problems through data and machine learning in diverse industries such as BFSI, HigherEd, Life Sciences, Hospitality, Retail, Chemicals, Oil & Gas, Telecom,Insurance, etc. The insights generated by our ML solutions help our clients realize savings in 6-8 weeks.

Our solution does not require investment in a new platform or infrastructure.Instead, we leverage the data existing in your system to power the ML models to deliver business outcomes.

We are the last mile solution that sits on the top to solve specific business problems and bring about savings. Contact us to reimagine your business with last mile AI!