About
We can now combine both prediction and personalization leveraging data and artificial intelligence to provide the best possible customer experience.
Innovation presentation
Santander Spain uses deep & fresh data (historical records of the client transactions, and a snapshot of the products & balances) to create predictive patterns that may impact our customers in the near future. With the pattern detected, Santander Spain uses its digital channels to create an insight for the customer, so he/she can evaluate the possible situation, and to solve it before it really happens.
Thus, on the other hand, from Santander we have extended the use of prediction to not only anticipate customer events, but also provide them with the best tools with that prediction: predictive push notifications (that notify you of upcoming movements, for example, a periodic transfer that is going to be executed soon), a section of upcoming receipts within the Receipts and Taxes area of the digital channels, and especially, a tool called Financial timeline, available from the app and the web, where the client can take control of everything that will happen in the next few days in your accounts (your most relevant financial events in the past and the next to occur: the receipts and subscriptions that are going to charge you, the installments and settlements of loans, cards, insurance, periodic transfers...) so that the consultation of future events through this Financial timeline has become the top 3 of consultations in digital channels.
Uniqueness of the project
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.
