This report details the results of a survey on AI, onboarding and information readiness in financial services that was conducted online in mid-2019 by Finextra, in association with OpenText
We had responses from 70 financial institutions, predominantly from retail and corporate banking groups, in 42 countries.
While customer personalisation for guidance and communication is widespread in financial services (63% of respondents), moving beyond segmentation to true individualisation of product and service is not yet a priority. Only 9% of respondents ranked this first or second on an importance scale.
AI is going to have an impact across many different parts of financial institutions, but 42% of respondents to this survey believe it is going to have the biggest effect on the value chain in the area of customer service and retention. But only if challenges around accessing data from disparate sources and growing management’s understanding of AI can be overcome.
Just over half (58%) of respondents say they can today onboard new customers using only digital channels. Most of these digital-capable banks can complete onboarding processes in two days or less, but this was more likely for retail institutions rather than corporate banking divisions. Overall, 45% of survey respondents say they can complete onboarding of a new customer in 40 minutes or less.
80% of organisations say they aspire to exchange, integrate and leverage underutilised data sitting siloed inside their enterprise’s legacy applications. But the nature of these systems poses the biggest challenge to effective information governance.
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