Customer experience is the focus for two fintech accelerators, one run by Commerzbank, the other by FIS.
FIS Global, a financial services software provider that works with 20,000 banks and corporate treasury clients, is looking at improving the customer experience by offering natural language processing (NLP) solutions, meaning customers can be understood speaking in a natural way.
“Whether I’m texting or speaking to my device, the technology has continued to improve rapidly,” Rob Lee, chief product officer at FIS Global, told Bank Innovation. “As capabilities transform, we make sure that our platforms inherit that. You’ll see conversational NLP-enabled bots that will use AI to really interpret what the customer is after.”
Lee thinks banks can woo talent with tech, as well.
“It’s not just a customer experience; it’s the employee experience,” he said. “Our banks are competing to get the best and brightest and when someone comes in, they want that experience, they want to get what they need at their fingertips.”
Lee said the company will have a mobile conference in October, where 26 consumer-facing bots will be deployed for financial institutions to test. FIS also has a program in which 10 fintechs startups participate in their accelerator.
“We have some interesting things in the blockchain, through startups, that you will see us bring to market packaged within our solutions.” These blockchain-enabled solutions could come in as soon as six months.
Frankfurt, Germany-based Commerzbank leverages both internal and external ideas with an innovation lab and startup incubator.
Michael Spitz, CEO of the R&D Unit of Commerzbank Group, told Bank Innovation that over the past few years, the investment team has scouted nearly 3,000 startups, carried out due diligence on more than 700 companies, has invested in 14, and implemented eight of the startup solutions, including chatbot and NLP solutions.
“We scout for and invest in innovative startup solutions that may have an impact on Commerzbank or its clients,” Spitz said. “In addition, our deep knowledge of the German startup and fintech scene may help our colleagues from Commerzbank by finding further startup solutions, which, of course, can be beyond our own portfolio.”
He continued, “We scout for fintech investment. Someone may come around and say, ‘Do you have a company for mobile payment? Do you know a company for data storage of cloud solutions?’ We scout for these companies, but we may not invest. Commerzbank and other subsidiaries will work to find the right partner in the fintech space.”
FIS’s Lee thinks the time is ripe for banks and startups to work together for the benefit of the customer.
“When I talk to banks, I rarely hear they’re threatened by fintechs,” said Lee.1 - Reader Likes This Post