Japanese banks to employ AI as marketers

Sumitomo Mitsui Financial Group (三井住友金融集團) is reported to be developing an AI system in collaboration with NTT Data that will provide marketing support for its staff in a move to increase the effectiveness of sales and boost profits.

The AI will guide sales conversations with customers by advising marketers to “interject” with an appropriate response, Nikkei Asian Review reports. The bank collected data from conversations between sales staff and customers, and analysed this data to find patterns using ‘deep learning’ to piece together what motivates its customers to buy certain products.

The data collection and analysis will continue to increase the accuracy of the AI, and formal launch is expected in 2018.

Similarly, Shinsei Bank (新生銀行) subsidiary is working on SecondXight – a fintech venture established together with a data analysis and consulting startup. This system studies the bank’s three million accounts and gauges the probability of purchase of specific products, including insurance and housing loans, for that specific customer, essentially generating hot leads for sales staff to pursue.

Going even further, the system will determine the most effective channel to reach said customer and learn to improve its capabilities over time by learning from the sale’s outcomes. It’s due to launch in February next year.

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