Name: Fremont Bank at FinovateSpring 2024 – Harnessing AI to augment a bank’s customer experience
Uploaded: 2024-06-17T10:17:37.731Z
Duration: 394.89

FF.INT.03_Vivian Yeung_1.mp4

FF.INT.03_Vivian Yeung.vtt

ENGLISH

{{00:00:05}}
Hi, I'm Cameron Emanuel Burns,
reporting for FinTech Futures here

{{00:00:08}}
at Finovate Spring in San Francisco.

{{00:00:10}}
And I'm delighted to say that I'm joined
by Vivian Yeung, EVP, Chief Digital

{{00:00:14}}
and Technology Officer at Fremont Bank.

{{00:00:16}}
How are you and how are you
enjoying the conference so far?

{{00:00:17}}
Really good, it's
wonderful, it's fantastic.

{{00:00:19}}
This is one of actually my
favorite conferences to join.

{{00:00:21}}
Oh, great, that's excellent.

{{00:00:23}}
So you're here today speaking
on a panel about harnessing AI.

{{00:00:26}}
So I was wondering, how have you
seen AI transform the financial

{{00:00:29}}
services industry in recent years?

{{00:00:32}}
If you think about it there's,
natural language processing.

{{00:00:35}}
It's almost this, Step to Evolution
of Change, and then you have computer

{{00:00:43}}
associated applications like Mobile
Remote Deposit Capture, and now we're

{{00:00:48}}
looking at more advanced capabilities with
ChatGPT and some of the OpenAI functions.

{{00:00:55}}
Being able to use large language
models to really make decisions.

{{00:00:59}}
And I think that evolution has really
changed the game in terms of the way

{{00:01:03}}
that we look at artificial intelligence,
obviously in this past couple of years.

{{00:01:07}}
We've been talking a lot about using
a chatbot, having a, canned response,

{{00:01:13}}
that canned response isn't that, that
strong or that accurate, potentially.

{{00:01:17}}
Or saying, no, I really do want
to speak to a representative and

{{00:01:21}}
I can't speak to a representative.

{{00:01:22}}
And being able to We now leverage
artificial intelligence using

{{00:01:27}}
the conversation, using text, and
then really being more predictive

{{00:01:33}}
with artificial intelligence, and
it's been just more advanced in

{{00:01:37}}
the way that it's able to answer.

{{00:01:39}}
Being able to use that information
quickly, more efficiently provide it

{{00:01:44}}
to our associates or to our employees,
and then they look at it, and then

{{00:01:49}}
cross reference and make sure that
it's a good response, and provide

{{00:01:53}}
it back to the client, I think is
a huge amount of efficiency gain.

{{00:01:57}}
Absolutely.

{{00:01:58}}
And part of your discussion later
on today on your panel is about

{{00:02:01}}
the exciting applications of AI.

{{00:02:03}}
You slightly touched on it there, but
for you, what is the most exciting AI

{{00:02:07}}
could impact the financial services?

{{00:02:09}}
With financial services, I think
it's about that personalized

{{00:02:13}}
banking experience, but it really
is about being a trusted financial

{{00:02:18}}
institution for our clients.

{{00:02:21}}
They come to us for financial assistance.

{{00:02:23}}
Being an advisory for,
their financial needs.

{{00:02:27}}
And so with artificial intelligence, being
able to use technology, I almost think

{{00:02:33}}
of it as a another, friend, if you will.

{{00:02:37}}
So being able to leverage the human to
be able to look at what's been generated.

{{00:02:44}}
And then also couple that with our
domain expertise, our experiences about

{{00:02:50}}
financial services and products, I think
is just a nice, powerful combination.

{{00:02:55}}
And so at Fremont Bank, how have you been
looking to approach your own AI strategy?

{{00:03:00}}
And can you give us any examples of where
it's affected your customer experience?

{{00:03:04}}
Yeah it's been evolving.

{{00:03:06}}
Like I said, it from our vantage
point, we really want to have.

{{00:03:11}}
A highly elevated client experience,
and that really is personal touch, a

{{00:03:15}}
human interaction with our clients.

{{00:03:18}}
We know our clients.

{{00:03:20}}
There's lots of different people
that come into the branches, and we

{{00:03:24}}
really strive to know our clients.

{{00:03:25}}
And in order to do that being
able to understand their needs.

{{00:03:30}}
Their personalized needs is important.

{{00:03:33}}
So an example of that would be
with our digital chat capabilities.

{{00:03:37}}
We do leverage some
artificial intelligence there.

{{00:03:41}}
We have some responses that come up.

{{00:03:43}}
But the agent does look at those responses
before actually answering the clients.

{{00:03:49}}
So it goes through human hands still,
but there's a faster process, obviously.

{{00:03:54}}
And consistency is key as well.

{{00:03:56}}
So that's one example.

{{00:03:58}}
Another one is around our, FremontBank.

{{00:04:01}}
com website and being able to
look for a branch location.

{{00:04:06}}
All too often when you go into
a website, it's just a variety

{{00:04:09}}
of long list of links Yeah.

{{00:04:11}}
And you're really not getting
the answer to your question.

{{00:04:15}}
If you think about the input, Now
predicting what exactly is the answer

{{00:04:21}}
that the person's trying to ask,
like, where's the nearest branch?

{{00:04:25}}
Don't give me another link
for the nearest branch.

{{00:04:27}}
Give me the nearest branch,
the address, the information.

{{00:04:29}}
And if you look at our website that's
what we have is, it actually brings up

{{00:04:34}}
the branch, it brings up the address.

{{00:04:35}}
The associate or the person that you can
actually talk to right then and there.

{{00:04:40}}
Another example is how do you
enroll in online mobile banking?

{{00:04:43}}
It surfaces up the QR code for
being able to download an app.

{{00:04:48}}
So we're understanding more predictively
about the clients and how they're

{{00:04:53}}
wanting to interact with the bank.

{{00:04:54}}
So you've touched upon it there, but
is there any more detail you go into,

{{00:04:57}}
in your opinion, how some of these
main security issues over such issues

{{00:05:01}}
like cyber security threats and like
saying data breaches can be addressed?

{{00:05:07}}
Yeah.

{{00:05:07}}
I think with cyber security,
it's always a layered approach.

{{00:05:11}}
We take it as a layered approach and
we partner with different companies

{{00:05:17}}
that have behavior analytics that they
have an understanding of frequency

{{00:05:24}}
coming into our financial institution,
whatever channel that might be.

{{00:05:29}}
But it has to be layered, there's
no silver bullet when it comes to

{{00:05:33}}
cyber security, so I, think having
that strong I'll call it multi

{{00:05:37}}
layered approach is important.

{{00:05:40}}
And so looking a bit broader here,
is there any other new developments

{{00:05:44}}
you can tell me about Fremont
Bank happening at the moment?

{{00:05:48}}
Primarily right now we're really
focused on the contact centre, so we,

{{00:05:52}}
had the, opportunity to be able to
look at other emerging technologies

{{00:05:57}}
as it relates to the contact center.

{{00:05:59}}
So we're very very excited about looking
at the contact center, how we can develop

{{00:06:05}}
it for our clients to better service them
in a more elevated fashion that really

{{00:06:12}}
represents our personalized experiences.

{{00:06:14}}
That's, what we really cater to.

{{00:06:15}}
It's success through partnership
with, clients and making sure that

{{00:06:20}}
their needs and their personalized
banking experiences are, met.

{{00:06:24}}
Thank you so much for
your time today, Vivian.

{{00:06:26}}
Good luck for your panel later and I hope
you enjoy the rest of the conference.

{{00:06:28}}
Thank you.

Hi, I'm Cameron Emanuel Burns,
reporting for FinTech Futures here

And I'm delighted to say that I'm joined
by Vivian Yeung, EVP, Chief Digital

How are you and how are you
enjoying the conference so far?

Really good, it's
wonderful, it's fantastic.

This is one of actually my
favorite conferences to join.

So you're here today speaking
on a panel about harnessing AI.

So I was wondering, how have you
seen AI transform the financial

If you think about it there's,
natural language processing.

It's almost this, Step to Evolution
of Change, and then you have computer

associated applications like Mobile
Remote Deposit Capture, and now we're

looking at more advanced capabilities with
ChatGPT and some of the OpenAI functions.

Being able to use large language
models to really make decisions.

And I think that evolution has really
changed the game in terms of the way

that we look at artificial intelligence,
obviously in this past couple of years.

We've been talking a lot about using
a chatbot, having a, canned response,

that canned response isn't that, that
strong or that accurate, potentially.

Or saying, no, I really do want
to speak to a representative and

And being able to We now leverage
artificial intelligence using

the conversation, using text, and
then really being more predictive

with artificial intelligence, and
it's been just more advanced in

Being able to use that information
quickly, more efficiently provide it

to our associates or to our employees,
and then they look at it, and then

cross reference and make sure that
it's a good response, and provide

it back to the client, I think is
a huge amount of efficiency gain.

And part of your discussion later
on today on your panel is about

You slightly touched on it there, but
for you, what is the most exciting AI

With financial services, I think
it's about that personalized

banking experience, but it really
is about being a trusted financial

They come to us for financial assistance.

Being an advisory for,
their financial needs.

And so with artificial intelligence, being
able to use technology, I almost think

So being able to leverage the human to
be able to look at what's been generated.

And then also couple that with our
domain expertise, our experiences about

financial services and products, I think
is just a nice, powerful combination.

And so at Fremont Bank, how have you been
looking to approach your own AI strategy?

And can you give us any examples of where
it's affected your customer experience?

Like I said, it from our vantage
point, we really want to have.

A highly elevated client experience,
and that really is personal touch, a

There's lots of different people
that come into the branches, and we

And in order to do that being
able to understand their needs.

So an example of that would be
with our digital chat capabilities.

We do leverage some
artificial intelligence there.

But the agent does look at those responses
before actually answering the clients.

So it goes through human hands still,
but there's a faster process, obviously.

com website and being able to
look for a branch location.

All too often when you go into
a website, it's just a variety

And you're really not getting
the answer to your question.

If you think about the input, Now
predicting what exactly is the answer

that the person's trying to ask,
like, where's the nearest branch?

Don't give me another link
for the nearest branch.

Give me the nearest branch,
the address, the information.

And if you look at our website that's
what we have is, it actually brings up

The associate or the person that you can
actually talk to right then and there.

Another example is how do you
enroll in online mobile banking?

It surfaces up the QR code for
being able to download an app.

So we're understanding more predictively
about the clients and how they're

So you've touched upon it there, but
is there any more detail you go into,

in your opinion, how some of these
main security issues over such issues

like cyber security threats and like
saying data breaches can be addressed?

I think with cyber security,
it's always a layered approach.

We take it as a layered approach and
we partner with different companies

that have behavior analytics that they
have an understanding of frequency

coming into our financial institution,
whatever channel that might be.

But it has to be layered, there's
no silver bullet when it comes to

cyber security, so I, think having
that strong I'll call it multi

And so looking a bit broader here,
is there any other new developments

you can tell me about Fremont
Bank happening at the moment?

Primarily right now we're really
focused on the contact centre, so we,

had the, opportunity to be able to
look at other emerging technologies

So we're very very excited about looking
at the contact center, how we can develop

it for our clients to better service them
in a more elevated fashion that really

It's success through partnership
with, clients and making sure that

FinTech Futures

Expert Insight

At the FinovateSpring 2024 conference in San Francisco, FinTech Futures sat down with Vivian Yeung, EVP and Chief Digital & Technology Officer at Fremont Bank, to discuss how AI has transformed the financial services sector and enhanced the bank’s customer experience.
 
Watch the video to discover:
• Fremont Bank’s AI strategy.
• How AI has impacted the financial services sector.
• The technological advancements needed to fully unlock the potential of AI.
• How to address some of the main security and privacy concerns revolving the use of AI.