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Putting the human back into the equation: Personalization and AI-driven digital banking experiences

Presented by Capital One 


Nearly every aspect of our lives shifted to digital when the pandemic first took hold, and the way we manage our finances was no exception. Financial service providers had to adapt to rapidly-changing consumer needs to provide the support of traditional banking experiences via smarter, faster, and humanity-driven digital solutions.

With more consumers leveraging digital tools to manage their finances, it’s imperative that banks create proactive, contextually-relevant experiences standing on the shoulders of real-time, intelligent solutions. At Capital One, we’ve done this in a variety of ways.

Doing the work for customers

We continue to make Eno, the intelligent assistant from Capital One, helpfully proactive in ways that alleviate work for the customer. Eno offers insights like free trial reminders — when Eno detects a user has signed up for a free trial, Eno notifies them before the trial ends and the paid subscription begins so they can avoid any unwanted charges. Eno also supplies Capital One cardholders with year-end charitable giving summaries, which help identify possible charitable donations that may be eligible for tax deductions. This allows customers to be better prepared for tax season, minimizing the time they spend combing through statements searching for deductible transactions.

With proactive alerts and insights that reduce work for the customer, Eno serves as the intelligent backbone behind Capital One’s digital customer experiences, helping millions of customers have confidence and control over their financial lives.

Bringing banking to customers and providing integrated help when they need it

Consumers are adjusting to a more hybrid lifestyle as a result of the pandemic and they want their digital tools to mimic in-person interactions. Digital tools should not simply compensate for in-person financial interactions; instead, they should serve as a vehicle to reimagine banking for the individual user, no matter where they are or what their context is.

We continue to add capabilities to our award-winning mobile app to enable customers to complete almost any task at anytime from anywhere. We obsess over customer feedback and data to make every experience as seamless as possible. When customers need assistance, we’ve built Eno to enable customers to ask their questions in natural language and get a real-time response 24/7 with increasing success rates. Natural-language understanding (NLU) within a user interface allows us to better comprehend, and anticipate, customer needs. With dialogue management serving as a companion to NLU, we can create more human-like conversations and accomplish more personalized tasks.

Adapting experiences to fit individual needs and preferences

Being heavily invested in the future of customized mobile banking helps us explore new and innovative ways to revolutionize the digital banking experience. At Capital One, machine learning and AI are at the epicenter of our ability to better understand customer needs and behaviors, offering an experience that is tailored to each individual.

As part of Capital One’s multi-year tech transformation, we are prioritizing building customer experiences grounded in data and enabled by forward-leaning technologies. We’re not satisfied with only optimizing an experience for the majority; rather, we prioritize offering solutions that work for each customer individually. If 60% of customers prefer widget A and 40% prefer widget B, our job is not to give everyone widget A, but instead to ensure that we provide widgets A and B targeted to match different customer preferences. We do this by leveraging our real-time data ecosystem and machine learning models to predict which variant of an experience will be most helpful for each customer. These processes, coupled with a focus on data-driven insights, are continuously working to bring consumers closer to a 1:1 digital experience.

Customer-centricity realizes innovation

Our multi-functional team of designers, product managers, technologists and data scientists innovate through human-centered design with end users in direct consultation. Our ability to closely collaborate across teams, leverage various areas of expertise, and maintain a customer-centric mission enables us to make digital experiences increasingly human-like. This, in turn, builds trust and efficacy between consumers and the digital banking solutions on which they rely.

The bottom line

The massive digital adoption accelerated by the pandemic did not shift users’ desire for connectedness. In fact, it reinforced the need to prioritize building personalized experiences.

As we adapt to an increasingly hybrid world, it is important for teams to keep the customer at the forefront as they work to evolve their digital tools. The result? Comprehensive, intelligent financial support that is more accessible than ever before.

Ken Dodelin is Vice President of Mobile, Web, Conversational AI & Messaging Product Experience at Capital One.


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