KeepFlying® FinTwin®, a Data Science as a Service (DSaaS) platform from CBMM Supply Services and Solutions Singapore, has raised $1.2 million in seed funding from a New York based Venture Capitalist, Bala Swaminathan Trust Fund to deliver the first of its kind AI solution to the Aviation Asset Management Industry.
In an environment where Asset Owners and Financiers manage financial data in silos to an Asset’s Technical & Operational data, the platform is aimed at using the power of Data Science to bridge technical statuses of each Asset to its finance cashflows and jurisdictional risks (Cape Town Convention) to forecast the financial lifecycle of an Asset through a Digital FinTwin®. MROs can visualize the revenue potential and profitability of upcoming Asset visits through the FinTwin®. Commercial viability of trades, carbon credits and residual value forecasting can assist Asset Owners to make informed decisions on Asset placement and subsequent tracking through an Asset’s RUL.
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Take a quick glance at the ways mobile apps are boosting the businesses:
Rethinking marketing: It’s a valuable marketing tool to promote the brand through social channels, location-based advertising, relevant push notifications strategy, dynamic offers, and loyalty programs because the mobile apps are the best source of gathering customer’s data.
No matter where the users are, it becomes difficult for them to neglect or forget branding.
Grabbing the attention of the people in the real-time helps in bringing more leads down the funnel.
Let’s hop onto the technology bandwagon while going mobile to see how it helps in knowing the customers better, which in turn help the brands to serve the customers better using the apps:
Mapping the customer journey helps in unearthing the customer’s micro-interaction with the application which makes it easy to identify all the points that engages the customers, find out the customer behavior across every touchpoint in detail, understand the impulsive points that encourages the customers to act, and keep collecting the data to fill the potential gaps in the customer experience.
Artificial intelligence is providing more insight and better automation for businesses of all sizes in all industries. It is proving itself as a powerful tool to reduce repetitively, eliminate money and timewasting tasks, as well as increase what businesses can learn from their customer data.
What are the applications of artificial intelligence in banking?
NCR says that AI can do more than just automate tasks for banks. “…Banks should be looking at the bigger picture – how AI can not only save costs, but also open up new opportunities to design and deliver next-generation services, and revolutionize customer experience? Rather than being perceived as a replacement for people, AI can be deployed to do simple, monotonous jobs that don’t require the human touch. Consequently, the human resources within an organization are given the time to focus on more complex, nuanced jobs that could ultimately prove much more valuable, such as engaging with customers and designing new products.”
Customers who interact with banks digitally create a lot of data for banks and financial institutions to gather, analyze, and act on. Using artificial intelligence and machine learning techniques can help businesses track and understand what the needs and wants of their customers are, ultimately using this data to create better products for customers and enhancing their overall experience with your business.
Customer intelligence, as defined by Aspire Systems is “the process of gathering and analyzing information regarding customers, and their details and activities, to build deeper and more effective customer relationships and improve decision-making. CI helps businesses create an ideal customer profile, predict their wants and dislikes and engage customers at an emotional level. It also gives a better insight into the customer persona thus enabling improved targeted marketing and better analysis of customer complaints.” Ultimately. AI works to make it faster and easier to make smarter business decisions, using the plethora of business data available. This customer intelligence data can grow your business, give you a competitive advantage, and help you remain innovative.
Artificial intelligence in banking to improve the customer experience
Is using artificial intelligence in banking a good use of your business resources? Here are some of the customer experience benefits that AI can drive in your business and use customer intelligence data to improve the banking experience for customers.
1. Better personalization for a better customer
Banks aren’t retail, but they do sell products like loans, accounts, and investment services, so they need to be turned into customer data to find out how to personalize their offers to customers. Showcasing your additional abilities and products to existing companies can help drive your revenue, and using AI to help you not just understand what the smartest recommendation is but also how to develop the most personalized content that can be delivered at the right time.
2. Improved trust and customer loyalty
The Royal Bank of Scotland has 17 million customers and like most businesses, particularly banks, used upsell tactics with existing customers in order to build revenue. Some customers found this too aggressive and weren’t turned off by their efforts and marketing communications. AI helped businesses transform their customer outreach. In this particular bank’s case, this meant reaching out based on customer behavior and creating conversations that mattered, such as reaching out with advice to customers who continuously overdraft their accounts.
