NAB “Customer Brain” Coming to Life in 2023
(17 November 2022 – Australia) NAB is expected to release its intuitive “customer brain” personalisation and prediction omnichannel-ready capability by Q4 2023 according to the group’s Chief Digital, Data and Analytics Officer, Angela Mentis.
The “customer brain”, using NAB’s customer data assets, will be able to pre-empt not only the optimal time but also the best channel (digital, phone, RM) and correct messaging to effectively engage with customers. The “brain” will utilise existing data gathered about its customers “to deliver human-like, personal experiences, that are relevant for the moment, in any channel – digital or human, inbound or outbound”.
In initial technology prototype trials, Mentis said that the bank had observed “a 43 percent increase in customers clicking on a banner because it’s just more relevant to the customers who are seeing that banner”.
“The technology will be able to anticipate a customers’ needs and put meaningful value in their hands. And we can do this digitally and at scale, through data and analytics” Mentis commented.
“We can see when customers are struggling financially, we know when they’re not using all of the features of their accounts and we understand that they want to know how their loan application is progressing. Imagine if, rather than having to come to us, we are reaching out to them and we’re doing it consistently across any channel that they’re in.”
CBA is also focused on artificial intelligence (AI), reinforcing its position to become an AI-first bank at the H2O World event featuring the latest advancements in machine learning, deep learning and AI solutions. The H2O.ai partnership provides CBA with access to exceptional world-leading talent and supports the bank’s strategy towards offering global-best digital experiences and technology, as well as reimaged products and services.
“We want to be doing really high quality work that makes a big difference on a national scale, and be able to attract the best people in market to come and work as part of that team. We've used AI in lots of areas, everything from emergency situations in bushfires and floods to give advanced notifications and real time information, through to analysing fuel spending patterns to suggest where the cheapest place is to go to get fuel” commented CBA CEO Matt Comyn.
“Anything we do with AI obviously has to be really grounded in what are the benefits that we can deliver for customers and communities. Fundamentally, it starts with high quality data, with the right controls and customer privacy absolutely at the forefront of that. We want to be known as an organisation that you can come and work with large data sets on leading edge tools and with some of our partners, while making a real impact for customers.”