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Lost Superpower: Do Banks Know Their Customers?
Digital transformation is wonderful, but it has also led to a major crisis: banks don’t know their customers anymore. While digital services offer convenience and efficiency, they lack the two-way interaction of traditional face-to-face banking.
So banks struggle to provide the necessary context behind customer activity, particularly when dealing with anti-money laundering (AML) alerts or fraud. How can the branch have any idea what is behind a particular AML alert if they haven't seen or spoken to that customer in years? As a result, banks are often forced to chase customers for information, which neither the banks nor the customers appreciate. This process is inefficient and frustrating for both sides.
However, there is hope on the horizon, as automated outreach and AI can help banks regain their knowledge of their customers, improving their ability to deal with alerts and preventing fraudulent activity. Our CEO Uri Rivner explains how financial institutions can now use automated outreach and AI to regain this superpower in this article in The Paypers.