Banks are changing course from the mass standardisation of customer experience to highly bespoke personalised interactions, using artificial intelligence.
That was the message from Deutsche Bank’s chief product officer and CIO to delegates at this year’s Money 20/20 Europe in Amsterdam on Tuesday (5 June).
Joanne Hannaford, who took up the position with the corporate bank arm of Deutsche in February, says AI is fundamentally shifting how banks think about customer communications.
“The interesting thing about AI is how it can personalise our client experience. Historically, trends in banks have been driving efficiency through standardisation,” she said.
“We see artificial intelligence as being evolutionary as opposed to disruptive. AI is a new topic and how we’re using that is in operational efficiencies.”
Hannaford joined Deutsche after a two year stint at Credit Suisse, but she is perhaps better known for her near 25 year career at Goldman Sachs where she rose to partner, with responsibility for the bank’s location strategy in Europe.
She was joined on the panel by ING COO and CTO, Marnix van Stiphourt, who said he was confident that bank won’t be challenged by “big tech”.
“I think big techs aren’t going steal our lunch, we’ll take some of their lunch too to become better at AI,” he said.
“And we have excellent relationships with clients. Will there still be relationship bankers and people on the phone with clients? Of course, there will be. But we see AI as a massive opportunity to become more productive, more predictable, and providing better quality.”