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Nationwide, which banks 15 million customers in the UK, has enlisted AI from analytics firm SAS to analyze customer interactions more effectively and resolve issues earlier, per Finextra.
Nationwide’s deployment of AI comes amid growing digital transformation efforts from incumbent lenders as they look to reduce operational costs and improve how they service customers. In September 2018, for example, Nationwide announced its intention to step up its digital transformation, saying it would invest a further £1.3 billion ($1.7 billion) on technology, taking its total tech investment over the next five years to £4.1 billion ($5.4 billion).
Here’s how Nationwide deployed AI to identify customer pain points and strategize to resolve issues:
During the proof of concept (PoC), it deployed text analysis from SAS to figure out the root causes of email inquiries from customers. It also identified whether a query was subsequently resolved and the number of emails exchanged during the process. Further, Nationwide leaned on sentiment analysis from SAS to determine members’ …read more
Source:: Businessinsider – Finance