November, 2017 BFS Digital Works Lab POCs 2017 Cognizant
Customer Branch Experience with beacons Currently banks do not have any way to 1. Get contextual information about the customers that are visiting bank s retail branch 2. Do active or real time in-branch management or offer special / personalized services to its customers 3. Perform analytics on services provided and / or in-branch experience such as service rendering or wait time and so on Due to contextual information, branch officials are able to provide better in branch experience This enables bank to deliver hyper-personalized services in real time to their customers Contextual digital signage, pre-staging of steps in a workflow etc. can also be pushed to customers Data gathered during various customer visits across branches can be used for analytics for improving efficiency and customer service levels across geographies About Our Solution Estimote beacons along with accompanying mobile apps to offer indoor location or proximity based services Beacons can be place within the branch at various places such as entry & exit, waiting area, counters, digital signage and so on to detect customer presence When customer is in the near vicinity of a beacon, mobile app on the client s device triggers appropriate notification which can be viewed Tablet based Dashboard app for RMs / branch officials to get a 360deg view of customer and insights based on CRM data, client s journey inside the branch, past transactions, customer s portfolio etc. Client app on mobile Bank branch app on tablet for RMs 1 2015 Cognizant
Social Investing Investment for a retail investor is mired with lots of constraints: 1. Researching stocks is a time consuming activity and not all investors are equally savvy towards investments and trading 2. The other option is to outsource this to fund managers or advisors which can be expensive and individual needs still may not be met 3. Investors who prefer to maintain stronger control and play active / independent role often find brokerage accounts too complex to deal with for their simple requirements 1. Simple and transparent way to manage investments with people whom one knows 2. Leveraging social network effect for better portfolio management 3. Less intimidating for novice / first time / millennial investors 4. More financial products can be made to work for retail investors this way besides stocks such as mutual funds etc. Solution A simple, transparent and enjoyable way to do investments! The social layer involved in the solution ensures collective potential of a diverse group is channelized into investment ideas through sharing 1. A simple way for group of people to come together and start investing 2. Any person can start an investment group and invite people to join it. 3. Such person by default becomes the group admin and owns the responsibility of setting up the initial portfolio and any re-balancing that may be required later 4. People in the group can invest and track performance of the portfolio at individual level, in isolation, as well as at the group level 5. Performances of all the groups are visible to all the people in the system for transparency and social network effect 2
Social Investing (Contd.) Stock Sentiment Analysis Investors need to analyze stock analysis reports to make trading decisions 1. Reports are sometimes complex to understand with excessive information 2. Investors still need to consult Investment Advisors about the type of trading orders to be placed 3. Interpreting complex stock analysis reports requires investors to have prior knowledge of capital markets Solution The stock sentiment tool in Social Investing is an easy-to understand visual tool to estimate the social sentiment of a company on the basis of Business and Industrial news published on news portals across the world. 1. Business & Industrial articles for a company are obtained, with a Doc Sentiment score assigned to each article 2. Articles are batched to accumulate 30 days of content 3. Relative number of articles/day is calculated by comparing with the maximum articles received in a batch 4. Document sentiment for each article is stored & relative sentiment for daily batch is computed 5. Degradation weights are assigned to document sentiments. This ensures that the latest news has significant weightage 6. Scores after degradation are calibrated on a pre-defined scale 7. These scores will enable end users to receive trading recommendations for stocks contained in their portfolio 1. Central access to news about NASDAQ listed stocks in various sectors 2. Unbiased indicator about social sentiment of a company as the Text Analytics engine uses Natural Language processing for assigning sentiment score to a news 3. Weightages assigned based on publication date of news to ensure that latest news is considered for making trading recommendations 3
Voice Banking (based on Google Home) 1. Bank customers, who are busy professionals and struggling to manage their work-life balance, often falter on credit card and bill payments. 2. They have to juggle through several account statements to plan and manage their finances appropriately 3. Visually impaired or specially abled individuals are generally not considered while designing the banking channels of interaction As part of this PoC, voice based banking has been developed for common transactions related to balance, past transactions, etc. 1. Seamless digital experience for users by taking voice as input for routine banking related transactions 2. Saves the customer s time and hassle of manually querying through multiple channels/documents to get account related insights 3. Aids accessible banking for the visually challenged, helping them to conduct banking in a simpler and faster way Mobile App based Solution 1. Voice biometrics authenticates customers using their voice vs. PINs, password, and security questions for enhanced security 2. Customer can perform routine transactions like account balance, transaction history, money transfer to registered payees, etc. 3. Spend Advisor feature gives a customer some useful financial advice based on his transaction history. 4. Customer is also provided with rich insights like his expense categorization, upcoming bill payments date or even his Portfolio Performance 5. The Goal Advisor feature helps a customer plan future purchases based on historical expense-income data. 4 2015 2016 Cognizant
Personal Finance Manager Financial institutions need to engage with the millennial segment of service seekers through innovative ways. Research shows Millennials feel unprepared when it comes to managing their finances. Financial marketers can bridge this gap and build long-lasting relationships with millennials by providing easy to use and transparent solutions. Helps with managing finances properly without too much effort for the user Provides location based advice Provides the financial institution with valuable data and a channel to market their products and services Solution To address these problems, this solution offers a simple and intuitive way to manage money. 1. We use analytics, optimization algorithms to provide user s with a personal finance management solution with a simple and intuitive user experience 2. Our Personal finance management suite contains spend analysis, spend advisory and investment advisory modules 3. Spend analysis and advisory perform analysis on the users transactional data to help the user manage his expenses properly 4. Whereas investment advisory helps the users select the right assets to optimize their own portfolio as per requirements Future releases to offer more insights and automation for overall money management and financial planning more holistically. 5
Paperless Customer On-boarding with Social Media Verification Currently, customer on-boarding process in the context of new Bank Account opening is riddled with too many pain points, such as: Human intervention involved, either the customer visits the branch or a bank executive visits the customer premises for document collection, etc. Every time the customer has to re-submit the same set of KYC documents, if he has to avail another financial offering by the same bank The bank has to verify the KYC documents at their backend, which is a time consuming task (can take from few days to few weeks) Increased Admin costs and Overhead costs - for new account opening, document collection, proof verification, etc. Mobile App based Solution 1. Streamlines account opening process by making it paperless 2. Customers can take photos of KYC documents or upload digital images. Data from these documents gets extracted by OCR technology 3. Photo identity gets verified through matching of photo taken via mobile app (selfie) against uploaded photo id documents such as license/passport 4. The customer s data also gets verified against the data points pulled out from customer s social media profile (Facebook/LinkedIn) 5. Additionally, the app asks some Knowledge Based Authentication (KBA) questions to verify the authenticity of Facebook user profile 6. Documents authenticity can be verified against block chain record keeping. Blockchain also acts as a digital locker where the KYC documents can be re-used to avail any other financial offering by the same bank 1. Seamless digital experience for customers without the need to visit a branch or meet relationship manager 2. Digital uploading of documents and extraction of data through OCR makes the onboarding process paperless 3. Online (Social Media) verification of customer s data eliminates the need for offline verification 4. KBA questions further validates the Facebook user-authenticity 5. Time taken to onboard a new customer is significantly reduced Social Verification OCR data extraction Facial Biometric 6
Augmented Reality based Offers Banks provide various services to their customers which include branch banking, ATMs and offers on various merchants. However, customer awareness of these offerings and usage is low because: 1. Mobile banking apps do not provide a easy and engaging way for customers to avail these services 2. Offers shown to the customer are less relevant as the user might not be in a position to avail the offers immediately Solution An augmented reality and GPS based mobile banking solution to show the user offers and services near him and make the experience more engaging. 1. On starting the mobile app user has to scan his credit card using the phones camera 2. Once the card is identified the user will be shown different offer categories and also an option to turn on the GPS if it is off. The categories will be shown around the card in a augment reality view 3. If the GPS is on and the user selects a offer category he will be shown offers in ascending order of his distance form the store where he can avail the offer 4. On selecting the offer he will be shown more details about the offer and a map to reach the store. On clicking the map he will be taken to google maps navigation interface so that he can reach the store 5. User can also select the Near me option and view offers/services on the skyline. Details will be displayed on selecting an offer 1. Simple and engaging interface for the user 2. Relevant offers as the nearer offers come up first 3. Access to all services at a glance 4. Offers can be customized further using user profile to give a more personal experience. 7
Omni-Channel Journey Manager New-age customers desire an Omni-channel experience in their regular interactions with banks and financial institutions. Most banks now introduce applications that are responsively designed and easily accessible across mobile channels like handsets, tablets etc. retaining the basic desktop applications. Sometimes customers do not complete a banking process on a single channel or skip completion totally because of process complexity resulting in Digital Leakage. Solution How it works A light-weight analytics solution that tracks customer s journey across banking processes and helps in simplifying complex processes. 1. Logging on to the Omni-Channel Journey Manager presents the user with an enriched graph of tasks attempted by customers for completing a banking process Credit Card application 2. The application also tracks the device on which the process was attempted by the customers such as Tablet, Mobile & Desktop 3. Time spent by individual customers on performing various tasks along with specific points of digital leakage are included in the graph 4. Once the user has this information it is very easy to establish a trend for tasks that attribute to Digital Leakage. The user can then apply alternative pre-determined approaches to complete complex tasks 5. If an alternate approach is applied to a task it appears real-time on the bank s customer app and the customers can resume the process without any further challenges 1. Real-time tracking of customer journey across a banking process 2. Intuitive mechanism of altering a customer journey for a simplified experience 3. Improved customer loyalty due to personalized experience in completing mundane banking processes 8
Loyalty Rewards Program (Based on Blockchain) A person is usually a part of multiple rewards or loyalty programs with different merchants. He is seldom able to keep a track of all the his points across merchants and geographies Merchants find it very difficult to partner their rewards program with non competing merchants All these factors contribute to poor redemption rates and performance of the loyalty programs Benefit 1. User can view the point balances of all his merchant reward points at one location 2. User can redeem his loyalty points in a convenient and secure way 3. Can track the transaction history of the reward points 4. Easy to partner with other non competing merchants Our Solution 1. Blockchain based reward loyalty management solution allows storage of all types of reward points in a single source of truth 2. It offers transparency in accrual, redemption, transfer and conversion of rewards points across customers and merchants spread across geographies 3. Customers can manage multiple reward programs with the application and track their transaction history 9
Smart Website Virtual Assistant for Customers Banks have a large number of diverse products and service to offer. This leads to a lot of cluttering of information on their websites and other online channels, making effective communication with the users challenging. This becomes even more difficult while dealing with complex financial products or lengthy online processes leading to a large number of abandonment on online channels. Bot assisted smart website solution 1. User can begin interacting with the website by chatting with a virtual bank representative 2. Based on the user s queries or concern, the virtual bank representative presents relevant content in real time, simplifying navigation 3. The Virtual representative also guides the user select financial products that is the most suitable for their needs by asking the right questions 4. It can also handle customer grievances and complains by providing a resolution if applicable and providing suggestions to improve their future experience 5. It can be trained to provide a wide array of services which can be available 24/7 without human intervention 1. Easy navigation for website users 2. Will be able provide service around the clock with no human intervention 3. Can be trained for a wide variety of tasks 4. Can assist users complete lengthy and complex work flows such as application forms while guiding them 10
Digital Assistant for Financial Advisors 1. Investors demand immediate access to information, expect well researched and rock-solid recommendations from their advisors 2. The explosion of data available from traditional news sources and social media, has led to the necessity for new real- time analytical tools to help advisors quickly filter and understand relevant events 3. Advisors spend too much time trying to manually aggregate the required information from multiple internal and external sources 4. Setting up of complicated strategies that can be executed automatically requires the expertise of a qualified programmer 1. The virtual assistant can aggregate data from multiple external data sources for the advisor to improve his productivity 2. Effort and time to search client-related information is reduced significantly, hence the advisor is better prepared for client meetings 3. Ability to interact in a natural language and 24/7 availability makes the virtual assistant user-friendly Our solution 1. Our digital assistant for financial advisors uses natural language processing algorithms to engage in a two-way conversation 2. Advisors can ask the assistant to pull data from multiple internal and external data sources 3. It can also monitor events, execute relatively complex investment strategies and carry out real time analytics on text based data such as news and reports 11
Context Based Offer Management 1. Customer s credit/debit card carries a host of merchant specific offers depending on the card type, but the customer seldom redeems these merchant specific offers because of low awareness 2. Offers pushed to the customer are less relevant as the user might not be in a position to avail the offers immediately 3. There s no easy way for the merchants to customize the offers for each customer depending on the proximity of the customer 4. Offer promotions are sent at a time when the customer doesn t need them and they sit in the customer s mailbox/message box without the knowledge of customers 5. No real-time and condition-based pushing of offers solution available in the market Solution 1. The Relationship Manager (RM) gets a list of merchants as well as their respective offer description, so as to customize the push-offers as per the spending pattern or merchant preference of customers 2. The following conditions can also be set at the backend for each customer: Days on which the offer should be pushed weekdays/weekends Customer behavior w.r.t. the merchant location walking by the merchant outlet, driving across the merchant outlet, etc. 3. Weather conditions sunny day, rainy day, etc. to draw more traction at certain merchants during certain weather conditions. For example, Starbucks offers can be pushed during a rainy day, etc. 4. The customer gets a push-notification of the merchant specific offer as pushed by the backend 1. Easily convert data into business intelligence to deliver personalized customer experiences 2. can engage your customers with the right content, at the right time, in the right place 3. Improved offer redemption rate/conversion rate as the offer notification are readily available at hand when the customer really need them 4. Merchants can increase the footfall at their outlets by sending push notifications based on various factors like - demand on certain days, weather conditions, customer behavior, etc. 12
Thank You 2017 Cognizant