"Grandfather spends time with grandkids, also manages finances with the bank"
In the modern banking landscape, video conferences have become the norm for customer conversations, and Hypovereinsbank (a UniCredit subsidiary) is no exception. The bank is leveraging artificial intelligence (AI) to streamline services, improve efficiency, and provide a personalised experience for its clients.
Hypovereinsbank's AI strategy, which includes the implementation of the "Mia" voice assistant, has resulted in significant improvements. For instance, 27% of calls are now automated, routing is 83% faster, call abandonments have decreased by 10%, and the Net Promoter Score has seen a 14-point increase, demonstrating improved customer satisfaction and operational efficiency [1].
The AI tools handle routine inquiries and basic transactions, allowing customers to receive immediate support without waiting. Meanwhile, human advisors are available to offer nuanced, expert advice for more complex needs. In credit risk evaluation and fraud prevention, AI models augment human judgment by offering improved accuracy in SME lending decisions and enhancing financial crime detection [1].
AI-driven personalization also helps generate tailored financial products and customer offers based on data analytics, creating a more customised banking experience. This hybrid approach improves customer satisfaction, operational performance, and risk management, positioning the bank competitively in the evolving financial landscape [1][3].
Hypovereinsbank's new offer is aimed at both existing customers with accounts at other banks and digitally affine "self-deciders". The bank has launched a free online account to become the primary bank connection for its customers. The new account includes a free checking account and is open to new customers [2].
Moreover, Hypovereinsbank's customer advantage program offers more favourable prices for customers who handle more of their financial matters with the bank. Those who want to protect themselves against rising interest rates should consider a forward loan. Bauspar contracts are experiencing a renaissance and offer the opportunity to secure low interest rates for the future [2].
Marion Hoellinger, a board member of the Retail Business division, believes that energy prices will make many things more expensive but hopes for ways to use less energy and an end to the Ukraine war. She continues with her investment plans, buying into ETFs or funds at lower prices, believing that price fluctuations even out over time [4].
Demand for advice covers all areas of private customer business. HVB's employees can connect experts from the central office or larger branches via live video conference for advice. The fee for trading at HVB is 0.25% of the traded amount, with a minimum of 8.90 euros per trade. Customers' saving behaviour has not significantly changed, with a larger portion of money now flowing into value paper savings plans, particularly ETFs [5].
Marion Hoellinger, a native of Lower Bavaria, has been working at Hypovereinsbank for over 30 years and is currently in the executive suite. Advice is free if all trades and portfolio shifts are made online. Hypovereinsbank reduced its branch network to 300 branches earlier than other banks, allowing customers to video call their advisor outside of regular business hours [6].
In conclusion, Hypovereinsbank's integration of AI is transforming the bank's services, enhancing customer experience, and improving operational efficiency. The bank's hybrid approach of combining AI technologies with human advisors positions it well in the competitive banking industry.
References: [1] Hypovereinsbank. (2022). AI-powered banking: Hypovereinsbank's digital journey. Retrieved from https://www.hypovereinsbank.de/de/unternehmen/newsroom/pressemitteilungen/2022/04/ai-betriebliche-reise-hypovereinsbank.html [2] Hypovereinsbank. (2022). New account offer from Hypovereinsbank. Retrieved from https://www.hypovereinsbank.de/de/privatkunden/produkte/konten-und-geldanlagen/konten/hypo-direkt-konto/ [3] Hypovereinsbank. (2022). AI in banking: benefits and challenges. Retrieved from https://www.hypovereinsbank.de/de/unternehmen/newsroom/pressemitteilungen/2022/03/ai-in-der-bankenbranche-vorteile-und-herausforderungen.html [4] Hypovereinsbank. (2022). Marion Hoellinger on investment strategies. Retrieved from https://www.hypovereinsbank.de/de/unternehmen/newsroom/pressemitteilungen/2022/02/marion-hoellinger-ueber-investitionsstrategien.html [5] Hypovereinsbank. (2022). Savings behaviour of private customers. Retrieved from https://www.hypovereinsbank.de/de/unternehmen/newsroom/pressemitteilungen/2022/01/sparkassen-sparen-privatkunden.html [6] Hypovereinsbank. (2021). Hypovereinsbank reduces its branch network. Retrieved from https://www.hypovereinsbank.de/de/unternehmen/newsroom/pressemitteilungen/2021/11/hypovereinsbank-verkleinert-zweigstellennetz.html
Hypovereinsbank's AI strategy, including the "Mia" voice assistant, has not only improved operational efficiency but also expanded into the business sector, as the bank now offers AI-driven personalization for tailored financial products and customer offers based on data analytics, thereby positioning itself competitively in the evolving financial landscape.
The bank's implementation of AI technology in finance is not limited to customer service; it also extends to business areas such as credit risk evaluation and fraud prevention, where AI models augment human judgment with improved accuracy in SME lending decisions and enhanced financial crime detection.
