Santander Spain – Self-driven Finance: AI driven data to create engagement

Back to basics: it is needed to raise confidence between the bank and its customers, and one of the ways to increase confidence is to give the customers pieces of real advice to the customers.

Our market research shows that:
– 89% an IA framework that creates personalized insights using the unique data from each customer.
– 1 in 5 Customers say they are willing to pay their banking provider to know them better.
– Customers are seeking meaningful insight and advice on demand. They want and need to be understood as individuals, and they expect served based on their unique needs.
For that reason, using an IA framework that creates personalized insights using the unique data from each customer. That insights need to match:
– Focus in the person, not on the product. And focusing in the person implies using the customer transactions, in order to detect his/her hidden patterns.
– After the analysis, the insights should enlighten the customer to realize his/her hidden patterns. Such as “your expenses in “dinner” are skyrocketing”, or “check this payment, it may be duplicated”, or “check your balance, because with the regular payment pace it may be turn negative” (in this case the bank giving real advice to the customer, so in the case the balance turn negative, it won’t be charged).
– And finally, Santander Spain is offering an honest advice, and in some cases, it may bring a solution to that possible situation. Such as “check your balance, because with the payment of your car insurance it may be negative”, may include a shortcut to transfers, o money from the cart to the account, or so…

The concept of Self Driving Finance is a mindset where Santander provides each customer insights that enlighten customers to full manage his/her finance.
Technology is a breaking point to get back to the retail banking industry origins: To create a real trust between our customers and the bank (engagement), and it would create an exit barrier.