These days, organisations have to disrupt themselves before they get disrupted by the various startups. The financial institutions are not shielded from the threat of the various disruptors in the market today. FinTech is one area which the financial institutions are beginning to embrace.
In Malaysia, Hong Leong Bank started the ball rolling today by partnering with IBM Watson to introduce cognitive banking. Specifically, they are leveraging on IBM Watson’s cognitive technology which would function as an online customer self-service advisor with 24/7 support for cardholder enquiries, as well as an internal service supporting the Bank’s call center service advisors.
Think of it as your banking ‘Siri’. IBM Watson cognitive learning system is not based on a database of predefined questions and answers but a database which will constantly learn from the various engagements with the customers to improve on its future interactions with the customers.[adrotate banner=”4″]IBM Watson claim that the system can even interpret the tone of voice of its customers which will be crucial in managing the customer’s queries. This technology has already proven itself in the healthcare industry through the IBM Watson Health program and is set to make its mark in the banking industry.
If all goes well, IBM Watson will be integrated into Hong Leong Bank’s customer engagement model within the next 4-6 months. Customers should be able to expect an improved customer service experience including a shorter call waiting time.
Such is the prowess of IBM Watson processing capabilities that Chong Chye Neo, IBM Malaysia Managing Director claimed that it could process 500 GB of data in a second which is equivalent to 1 million books.
Meanwhile, Edward Pinto, the Chief Operating Officer for Customer Experience & Analytics said that the initiative forms an important part of Hong Leong Bank’s overall digitization blueprint.
Through IBM Watson, Hong Leong Bank customers will have round-the-clock access via online live chat to information about general credit card terms, policies, and procedures, as well as to find the most suitable card to match their lifestyle needs.