Brazilian Banking Giant Bradesco Plans for AI

Brazilian Banking Giant Bradesco Uses AI

Brazilian Banking Giant Bradesco Uses AI for Next-Gen Banking Services

Brazil’s second largest private bank, Bradesco, will step up its artificial intelligence efforts to increase sales, improve the customer experience and reduce operating costs in 2019. The bank, which has a portfolio of more than 71 million customers, has been working for four years on a platform called Bradesco Artificial Intelligence (BIA). BIA’s capabilities translate into an enhanced customer experience across the bank’s digital channels, particularly the application, which now accounts for 60% of customer interactions with the bank.

Modernized Banking Services

Currently, 90% of the bank’s services are already available through the app, but mobile sales currently account for about 20-30% of the total business volume. Representatives from the bank said that this was a low percentage and that they were working on increasing sales in this channel. Mauricio Minas, the Executive Vice President of the bank, added that the goal was to increase mobile sales to 50% this year. A few years ago, the bank invested heavily in the idea that BIA would drive a substantial increase in the perception of Bradesco’s customer value, and today it is an integral part of any customer interaction and in 2019, it will continue to strive to add more complex operations this platform

Constant Evolution of the BIA Concept

According to Minas, the company focused on voice assistance and voice recognition technologies, which are a priority and one of the bank’s key challenges for the coming months. Bradesco was one of the first Brazilian companies to use Watson from IBM. According to Minas, the idea is to make BIA technology more and more agnostic in terms of technology. This year, the use of other voice assistants will also be more intensive, such as Alexa of Amazon and Cortana of Microsoft.

The bank wants to automate more processes and perform sophisticated functions such as investment consulting with the artificial intelligence (AI) platform. He also wants to improve BIA to facilitate interactions with customers, regardless of their digital skills. Today, their application is complex and has many features, but navigation is sometimes difficult because it requires certain capabilities that the average customer does not have and should not possess. Artificial intelligence and voice will always facilitate the use of the application, it will be just a service gateway, according to Minas.

Bradesco’s Big Plans for the Future

In 2019, Bradesco will be the bank that offers the best customer experience on the market and BIA will be the natural way for people to interact with Bradesco, Minas added. They also have a myriad of AI challenges, as many other areas are applicable or applicable, including risk, credit, and security, all of which will materialize in the years to come. Second, Bradesco’s digital bank is also playing a central role in the company’s efforts to increase sales through digital channels and is also benefiting from advances in artificial intelligence from its parent company.

The new mobile-centric bank plans to offer more investment products and lines of credit to digital, with the support of the artificial intelligence platform. They are hoping that they will become Brazil’s biggest digital bank this year or at least one of the top three. It’s a world in which the winner wins the most – there will be few winners and I hope we’ll be one of them, predicts Minas.

With regard to the key lessons learned from Bradesco’s AI journey, Minas’ main advice centers on curation, he added that it is essential to have a team that oversees this specific activity, otherwise, results could be catastrophic. His advice is to build a team that focuses on information retention, both from the point of view of what is being introduced into the platform and in particular from what the algorithms provide exactly to the clients. Technology is really the simplest part of bankers offering their customers next-gen banking services.

About Varun Seepathi 40 Articles
With an experience of over 3 years, Varun Seepathi has aided more than 50 medium to small and large firms for foraying into new markets, by increasing footprint in the existing bracket and understanding the ins and outs of these beasts. These beasts are the companies which have been exclusively engaged in materials, chemicals or packaging activities, and have encountered restraints either in the maintenance of P&L or in beating their competitors. He has also authored more than 300 research papers relating to the industry which consist of crucial information such as addressable serviceable market, strategies of players, growth of the market, market size, forecast, market share estimations and winning strategies along with opinions on the same. The “three slope distributor/off-taker evaluation model” currently in use by a lot of multinational companies has also been pioneered by him. A mood driven writer, a professional consultant, and a born explorer, Varun Seepathi is currently working as a full-time consultant. Healthcare, wealth management and information technology are some of the verticals of the industry where he has demonstrated his skills.