Standard Life is testing over 24 AI pilots, focusing on applications like secure messaging and staff education. Andy Young, Head of Digital, describes their structured approach, involving discovery and testing phases. The aim is to enhance efficiency and customer interactions while maintaining human oversight. Future plans include generative AI voice assistants to improve accessibility in financial engagement.
Standard Life is pioneering over 24 artificial intelligence pilots, exploring diverse applications from secure messaging to educating staff about vulnerabilities. These initiatives are in different phases, guided by a systematic discovery-alpha-beta-live approach, which Head of Digital Andy Young elaborates upon. This process starts with identifying business challenges, creating a prototype, and rigorously testing it with small groups before deploying it more broadly, ensuring it meets customer needs.
The company is already harnessing machine learning in various aspects of its operations, leading to improved client interactions. Young points out, “For example, our monthly email: if you open it at 6am on the tube, next time we’ll learn to send it at 6am.” This tailoring has helped boost open rates by personalizing communication to fit customer lifestyles. However, he emphasizes that machine learning is rudimentary compared to the possibilities of generative AI.
Focusing on internal implementation, Standard Life aims to enhance the efficiency of its teams. Young is spearheading a pilot that will leverage generative AI to streamline responses to secure messages, where currently, team members sift through over 1,500 articles for the right information. “We believe a generative AI assistant could do that faster,” he explains, envisioning a future where customers receive accurate answers quickly while still having human oversight.
With promising pilot results, Young foresees a future with generative AI chatbots, but he stresses a careful approach. “I’m super excited, but we also need to stay grounded, because digital is great – but only if people can use it,” he asserts. Standard Life embraces a digital-first mindset while ensuring that customer service representatives remain readily accessible.
Looking towards the horizon, Young imagines a world where generative AI voice assistance could transform how customers interact with their financial information. He highlights the naturalness of verbal communication, saying, “Interacting with screens isn’t natural…But speaking is.” He envisions a scenario where customers can inquire about their pensions through voice assistants, greatly enhancing accessibility and engagement in finance.
Standard Life is pioneering the implementation of artificial intelligence through diverse trials aimed at enhancing efficiency and personalization in customer communication. With a systematic approach to development and testing, the company envisions a future where generative AI transforms client interactions, while prioritizing human oversight and accessibility. The integration of voice assistants in financial queries could revolutionize customer engagement, marking a significant evolution in the industry as it embraces digital innovations.
Original Source: www.moneymarketing.co.uk
