Banking in Times of Digital Transformation: Discover the Best Prototype Awarded-use case of SAP’s Innovator Challenge 2020

This Blogpost explains the use case that our team has developed as part of SAP Innovator Challenge 2020 and has won BEST PROTOTYPE AWARD and the icing on the cake is to receive the award from Adaire,Fox-Martin, SAP Executive Board member.

The Innovator Challenge gave us the platform to explore multiple SAP Products and convert our idea into a working prototype.

This use case is an excellent demonstration of integrating the suite of SAP solutions.

Our solution involves Intelligent Technologies like SAP Data Intelligence, SAP Cloud Analytics, SAP Intelligent RPA and SAP Conversational AI.

Co-Innovators

Shyamnath Janardhanan, Sumit Shankar, Nair Kannan, Sivakumar, Neeraj Thampi.

The Problem

The Banking industry is undergoing a stressful time due to a variety of reasons. Traditional banking methods face stiff competition from non-banking financial institutions and fintech firms. Digital transformation accelerated in-person banking to digital financial services, increasing the expectation levels of customers. The pandemic has put more pressure on banks to augment their customer experience initiatives.

The gap between customer expectations and what traditional banks currently deliver has never been wider. The majority of the customers leave their banks due to minor expectation differences and they could be retained if the banks are able to take the right remedial steps. Banks also need to take into account the experience of their employees and stakeholders, to keep them motivated in these testing pandemic times. Banks are increasingly looking forward to solutions that offer better customer experience and that enable evolving from transactional to interactional banking.

The Solution

With a mix of pro-active and reactive insights and feedback mechanisms, the solution provides the tools to ensure a high level of customer satisfaction. Using the power of Conversational AI, Data Intelligence, Analytics Cloud, and Qualtrics, the solution taps into various interactions the customer have had with the bank via chat logs, social media, mobile apps, etc. and trigger feedback receipt to generate insights for banks, and also to create service tickets directly into the C4C system without any further manual intervention.

(1) Proactive approach is where the customer gets to provide feedback to the bank for the most recent interaction securing a mortgage. The user gets to fill the feedback survey via a user-friendly app like Telegram. The responses are evaluated to make out whether it’s positive or negative and based on the outcome, the right follow-up action is automatically triggered using robotic process automation, for e.g. creation of a service ticket to update the marketing segment.

(2) Reactive approach is where the bank looks out for the customer’s opinions about the bank from different sources like the recent chat logs from banks portal and social media feeds like Twitter. These feeds from different sources are gathered and a sentiment analysis happens to evaluate whether it’s positive or negative and accordingly a feedback survey is requested from the customer to get inputs on how to further improve the experience. Based on the feedback, like in (1), automated follow-up action is achieved.

Bank also gets valuable insights from the digital boardroom dashboards that are offered to measure the customer experience and help in making informed decisions.

Cloud Products

SAP Cloud Platform, SAP Conversational AI, SAP SMS 365, SAP Data Intelligence Cloud, SAP Analytics Cloud, Qualtrics, SAP Business Rules Framework(Neo), SAP Cloud Integration, SAP C4C, SAP Intelligent RPA.

Programming Languages

Nodejs, ABAP, CDS/SQLs, JavaScript, Python

Future Roadmap

Introduce Machine learning to evaluate the customer feedback in making an informed follow-up action in the process of closing the feedback loop. The use case for Banking can be extended to the Insurance industry as well and eventually also to other industries as well, to make it industry agnostic, as part of the overarching goal of accomplishing a better customer experience.

Can integrate with SAP SuccessFactors for employee grievances. Can integrate with rewards/loyalty management solutions for valuable feedbacks. Integration to workflow can be done for process governance once the ticket is created. More sophisticated surveys can be created leveraging the Qualtrics EX, Qualtrics CX & Qualtrics BX flavors.

Special thanks to SAP Innovator Challenge team for organizing such a wonderful virtual event and encouraging technical enthusiasts to showcase the best version of them