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Banking

Accelerating the overall Business Model with the power of AI.

With the finances growing, one needs banks to manage them. However, long gone are the days when there were just a few banks to name and the market got divided amongst them. The competition is growing and to ensure that a particular bank gets the maximum market share, one needs to act in advance-provide a solution and make the customer realise that this is what they always needed.

Artificial Intelligence with its ever-growing advancements provides such a path to increased revenues and market caps.

The Major Concerns

Banking, as we mentioned earlier, no longer remains the playground for a few brands. Multiple banks keep coming up from time to time and with the entire global economy pushing towards getting more automated and going digital, and the customers getting more demanding, it is imminent that the level of efficient customer service is going to play a crucial role.

To ensure a happy customer, a trained team would be required and hence the operational costs are bound to increase. This and several others are the concerns which the banking firms will face to ensure that they remain relevant in the market. The major concerns however would be:

  • Difficulty in reaching out to customers across diverse locations
  • Absence of adequate platforms to create engagement to educate customers about new services
  • Inadequate resources to tackle the demand-supply mismatch
  • Lack of prioritisation and adequate information to facilitate credit disbursement
  • Increasing overheads and distribution channel costs
  • Ever increasing competition and dwindling revenues hence

Where the Solution Lies

The solution to most of the above problems lies in the following:

  • Hyperpersonalisation to make sure that one knows the customer beyond the basic KYC
  • Educating the customer in general so that they understand the importance of the services at offer
  • Product Recommenders so that the importance of one service can be tied to the one which the customer is already taking and hence facilitate up and cross-sell
  • Omni channel presence so that even those who cannot come to the bank can access the services from elsewhere
  • Ready assistance with documentation which is fast and not necessarily personnel dependent.

At Racetrack,

we understand how unique can the challenges faced be to a firm. Hence, instead of offering a single solution, we offer a bucket of solutions to choose from so that the final product can be customized to the specific needs.

For the Banking sector, we have four broad offerings:

  • A Robo Advisor
  • A Sales Intel powered Smart Communicator, MARVIN
  • An Advanced Analytics Solution
  • Agent Training Solution

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