Money Pa - Smart Customer Engagement with Cognitive Computing
Smart Customer Engagement | Cognitive Computing | Content-as-a-Service | Financial Chat Bots | Robotic Process Automation | Digital Wallets
These are Tags increasing seen in discussions on how best to engage a customer and achieve a more effective and mutually beneficial customer engagement for both the customer and the product/service provider.Many of us though will have experienced acute frustration when contacting an organisation’s customer services operation; likely several numeric buttons will have been entered just to identify an appropriate customer representative, then as likely, we will explain to more than one service agent why we are calling and what information we are looking for.Many of the responses we receive to our calls for information or requests for action have rules-driven answers; only when a question cannot be answered at the point of contact should it become necessary to escalate the caller to the next level management authority.Cognitive Computing, Machine Learning and the use of Artificial Intelligence is still in its infancy today, but the ability for systems to interpret and understand the nuance of our question, as well as its content, will in future become an importation dimension of Smart Customer Engagement.This could never truer than in the world of Financial Services and Insurance where the plethora of competing products and services, together with changing rules and regulations, is a challenge for even the most financial savvy individuals. The reality: it can be difficult to find the best answer when dealing with an organisation where we are already a customer, let alone one we are trying to engage with. One could say from a technology perspective, we want ‘Content-as-a-Service’; information presented to us in a cohesive, consolidated and meaningful way, in a format and medium of our choosing.
The ‘Financial Chat Bot’ in its robotic process automation role is here today; we can ask questions such as ‘What is my current account balance?’, ‘When was my last utility payment and how much was it for?’ But this is only the start, because responses could elaborate on the answer by adding ‘you have uncleared items and your predicated cleared funds tomorrow are’; equally, a system could add when your next utility payment is due. Cognitive computing will adapt to questions being asked in different ways and ultimately a system will be able correlate one question with another, interpreting the direction of the questions and the outcome being sought.But let us extend this thought process outside of organisations where one is already a customer. Could we develop a simple solution to answer for example a question such as ‘What is the best available ISA rate for 2017/2018?’ Yes, there are comparison websites, but they can require one to enter the same information each time one asks the question of a different organisation, or a different question that requires the same data. Would it not be easier to have a ‘Digital Wallet’ that maintains all your necessary personal data? You could release this data to your digital personal assistant who can search the market on your behalf. For those smaller purchases, set your digital personal assistant a spending limit to manage your budget, small purchases and cash flow. Welcome to the concept of ‘Money Pa’, a digital personal assistant, one that can intelligently interact with both your own financial universe and the wider public financial universe.