Garanti uses Big Data and Artificial Intelligence to enhance user experience
Big data and artificial intelligence (AI) are among the most discussed subjects of our age. Terms such as machine learning and deep learning are gradually becoming part of our daily lives. Increasingly, a wide array of economic sectors, including banking, is taking advantage of the potential offered by these exponential technologies to improve customer experience and offer a more relevant catalogue of products and services.
AI is not a new concept. The first examples of it —such as the natural language processing program called Eliza— emerged in the ‘50s and ‘60s. At that time, systems responded to predefined rules. In the ‘80s, we started to see the first examples of machine learning. Rather than running encoded rules on the input, these systems were able to produce algorithms that analyzed data sets in order to retrieve insights. In the last decade, we have begun to see “deep learning” systems. These systems have started to infer meaning from what they’ve learned, identifying potential actions.
There are a few key factors that have enabled the mind-blowing progress in artificial intelligence. Size of data is one of them: 90 percent of today’s total data has been generated in the last two years. Another important factor is processing capacity: data processing capacity is now 3 trillion times higher than 60 years ago, according to Business Insider.
Garanti Bank has made significant investments in big data and AI to provide a seamless user experience to both customers and clients. Increased data generation and processing capabilities together with complementary artificial intelligence advances have also created new opportunities in the field of marketing.
Didem Başer, executive vice president of Garanti Bank.
Garanti has launched an AI-based virtual assistant in its mobile app. With the help of this assistant, customers can perform almost all of their banking transactions and inquiries using voice commands. This feature was singled out by Forrester as one of the most relevant in its report on European banking apps published in June.
Experts believe that voice assistants will be crucial in the future. In fact, according to a study by Future Today Institute, in 10 years 50 percent of the population in developed countries will interact with voice assistants. “At Garanti, we had predicted this trend early on and launched the relevant functionality in 2015. The 12 million customer interactions that have used it to date attest to its success,” said Didem Başer, Executive Vice President of Garanti Bank in charge of Digital Banking.
The BBVA Turkish unit leverages AI to deepen its customer relationships on multiple fronts. “We analyze their data as thoroughly as possible to recommend relevant products and services and provide valuable insights. We make it possible for our customers to compare their expenses with those of people with similar profiles so they can better manage their finances,” she added.
Didem Başer, believes “that the bond between the bank and our customers will continue to grow based on trust. As part of this trust, people will continue to be at the center of the relationship. We view Big Data and AI as powerful technologies that will enhance the human experience, helping us provide the most delightful experience to our customers.”