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MORE THAN TWO-THIRDS OF FINANCIAL SERVICES WORKERS SAY ARTIFICIAL INTELLIGENCE CAN TRANSFORM THE SECTOR, YET BANKS ARE STILL SLOW TO ADOPT

Nuxeo research report highlights the industry’s struggles with managing information and data, and how AI could be used to address these struggles

 

More than two-thirds (67%) of UK Financial Services (FS) workers believe that artificial intelligence (AI) has the potential to transform many FS practices, according to new research from content services firm Nuxeo out today.

 

58% of respondents in the report – Information, Intelligence & Innovation: How UK Financial Services is shaping up for 2020 – also say that FS firms which embrace AI are a more attractive place to work. Despite this, UK FS firms have been slow to adopt AI across most business functions. Just 34% of UK FS firms are using AI for improved customer service, 33% for automating backend processes, 29% searching for information and 41% for data analytics.

 

While many respondents said that AI was ‘under consideration’ for many of those business functions, 45% of respondents said that their organisation’s inability to adopt AI quick enough was already impacting their day-to-day activities. 58% say there is a shortage of AI talent and expertise in their company.

 

“AI can be genuinely transformative in FS but it would appear that many organisations are still thinking about deployment, rather than getting on with it,” said Chris McLaughlin, chief product and marketing officer, Nuxeo. “It’s a challenging landscape in FS right now and firms need to improve the user experience and improve productivity, and AI can play a significant role in achieving these goals.”

 

The sheer volume of data and information is another challenge for UK FS workers and this is an area where AI has potential to help – 64% of respondents say using AI for mundane backend processes would free their time to do more interesting work. 

On average, people in UK FS firms are storing information and content across nine different systems, with almost three-quarters of respondents saying that these systems are not fully connected with each other, in a way that allows information to be shared across them.

 This is having a significant impact on knowledge workers in FS – those who need to access information as a regular part of their jobs are spending almost one hour a day (52 minutes) just searching for information, because it is not readily discoverable. 

This equates to each employee spending four hours 20 minutes each week just looking for information, so the total time over a year would be vast. Some of the most common reasons cited for this were: information is stored across multiple systems in the organisation (42%); information is inconsistently, incorrectly or inadequately named (34%); and workers lack the right tools to find information efficiently (22%). 

“Quick information search and retrieval is an enormous part of the modern FS user experience – customers simply don’t want to waste their time waiting for an agent to find information when they are used to more immediate interactions elsewhere,” continued Chris McLaughlin, Nuxeo. “With more data entering banks than at any time previously, it’s an issue that the industry collectively must be willing to address. Speed, accuracy and agility are essential when managing information and addressing them can have a real impact in terms of improved customer retention and loyalty.”

 

The findings come from a new Nuxeo research paper – Information, Intelligence & Innovation: How UK Financial Services is shaping up for 2020.

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BATTLEFACE RECEIVES INVESTMENT FROM FINTECH VENTURES FUND

battleface Inc., a rapidly growing tech-enabled insurance startup focused on providing travel insurance products for unconventional travellers worldwide, announced today that it successfully closed its seed financing round with backing from leading strategic and venture capital investors.

 

Atlanta, Georgia-based Fintech Ventures Fund has invested in the company, joining existing investors Greenlight Re and Tangiers Group. This investment will be used to expand software development, hire sales and business development personnel, and further the company’s global reach.

 

Sasha Gainullin

battleface is led by a team of travel insurance experts. CEO Sasha Gainullin previously developed global operations for AIG Travel Guard and has worked with battleface since its inception. Managing Director Paul Simmonds brings experience as a Lloyd’s of London underwriter with previous leadership roles at Berkley Syndicate, CNA Hardy, Brit, and Goshawk.

 

“We got our start because many travellers couldn’t find the right insurance products with coverage for their unique travel destinations and real needs,” said Gainullin. “With the latest investment from Fintech Ventures Fund, we’ll continue to expand our B2B partnerships custom-building travel insurance solutions for groups, including business and NGO travellers, associations and membership-based organisations.”

 

battleface combines innovative technology and underwriting to create, distribute and service specialty travel insurance products for people in both retail and wholesale. Products are supported by a network of 24/7 assistance coordinators, medical providers and on-the-ground field agents who provide emergency claims, medical and travel assistance services on a global basis.

 

Fintech Ventures Partner Lucas Timberlake said: “A core area of our fund’s investment thesis is that technology can be leveraged to more efficiently provide insurance products to markets that have been underserved by current offerings. We believe that battleface’s seasoned management team will create an industry leader in the travel insurance space. It is for these reasons that we are excited support the company’s future growth.”

 

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VANQUIS BANK PARTNERS WITH HOOYUTO DIGITALISE KYC PROCESSES

HooYu KYC digital journey deployed during the customer lifecycle on a risk-based approach

 

Leading customer onboarding and KYC technology firm, HooYu, has announced a partnership to digitalise Vanquis Bank’s KYC processes.  The HooYu KYC journey has been selected to provide additional identity proofing during the customer lifecycle when customers perform a potentially high-risk action on their accounts.

 

Vanquis Bank is part of the Provident Financial Group, a UK and Ireland business with over 140 years’ experience in lending to consumers who are not well served by mainstream lenders. With millions of customers, Vanquis needed to find a way to help balance fraud prevention and KYC with a great customer experience.

 

Existing customers calling in to the change the details on their account were in some cases having to wait weeks before the change could be approved.   The team at Vanquis Bank is continually looking to improve how their products work for their customers and that they are easy to apply for and manage.  Vanquis Bank decided to implement an ID document validation solution that would speed up customer lifecycle management and improve the customer experience.

 

Sue Singleton, Process Change Assurance Manager at Vanquis Bank said, “By adding HooYu to our KYC tools, we can improve some of our higher risk customer processes and can now facilitate customer requests without asking the customer to post in copies of documentation. Our agents deal with thousands of customers a day and now what could have been a delay of weeks for our customers, can be achieved in a matter of minutes with HooYu”.

 

David Pope, Marketing Director at HooYu said, “It’s been great to see the results of Vanquis implementing the HooYu digital journey and how the HooYu UI and UX tools are helping their customers though the KYC process.”  

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