What is Amelia artificial intelligence? How can the AI platform help improve banking and financial services while keeping operating costs low?
For more: https://www.cxotalk.com/video/ubs-bank-amelia-ai-customer-service
Tom DeCarlo, UBS head of client services in the Americas, tells industry analyst Michael Krigsman at CXOTalk during the IPsoft Digital Workforce Summit in New York about the company's efforts to improve efficiency and increase the quality of customer experiences through technology. UBS is continuously training its workforce with focuses on policy process and procedure, but is also using IPsoft's Amelia AI platform to help ensure a return on investment.
At UBS, Amelia works within a contact center to help CSAs and sales assistants work more quickly to assist financial advisers and account holders. Amelia can simulate interaction with a customer service representative and help clients with different interactions, ranging from simple account updates and password changes to more complex assessments of risk profiles for new loan applicants or advising employees on HR policies.
Early feedback is overwhelmingly positive. "When I think about AI, I think about the closest thing to a human being that I can have interacting with my clients at the highest level of quality," DeCarlo says.
From the transcript:
Michael Krigsman: So Tom, how do you manage to improve the client experience and at the same time, reduce your cost?
Tom DeCarlo: So, it's a couple things, right? You have the people, right? The workforce, in itself, is the primary driver of that. Continuously training, and having a quality team that can focus in on specific types of training is a huge effort in itself. We've self-funded a team to do that this year.
Secondly, is policy process and procedure. So, we want to be as efficient as possible with our processes so that we have very little exceptions there.
And thirdly, is technology. So once you have well-trained people and clean procedures, and policies, then you can begin to layer technology on top of it, and show a good investment and ROI.
Michael Krigsman: And that’s the nature of your current project with IPsoft and Amelia.
Tom DeCarlo: That's correct. Yeah. So we actually have completed Phase I of a Proof of Concept pile with a pretty complex business case on the retirement – deceased distribution side of the business where we have Amelia interacting with our CSAs, our sales assistants, in determining what documentation is necessary in order to have a distribution lead the retirement account once the client account holder had been deceased. So, there are many different situations, many different dependencies, and documents that need to be signed in order to do so.
We taught Amelia, we trained her with a training documentation, workflows, policy and processes, approvals as well, on the best way to do so. And, she’s interacting directly in this controlled environment with our CSAs at a high quality.
Michael Krigsman: And, you deliberately chose a process that’s a particularly complex one.
Tom DeCarlo: Yes. So, I wanted to prove not only that Amelia could work within a contact center, but I wanted to prove that this artificial intelligence in itself could be a tool that we could use across the firm for many different functional interactions. We could have chosen password reset, right? And just about any type of bot can change a password; identify, authenticate, change the password, re-enter that password, and it's done. But, when you have an inquiry type that is robust, that can go many different directions and requires some thought process, this artificial intelligence does the right job.