Name: Genesys at FinovateFall 2023 – Modernising the customer experience in banking
Uploaded: 2023-10-12T08:56:16.651Z
Duration: 472.52

Genesys at FinovateFall 2023 – Modernising the customer experience in banking.mp4

Genesys at FinovateFall 2023 – Modernising the customer experience in banking.vtt

ENGLISH

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This is FinTech Futures at

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Finovate Fall I'm joined

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by David Porter of Genesys.

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David, how are you?

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Ah, fabulous.

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Thank you, Paul.

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Excellent.

{{00:00:12}}
Thank you so much for taking
the time out to speak with us.

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Just to get started, I'd like
to give a quick introduction to

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yourself and your role at Genesys.

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Oh, sure.

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Managing director for
financial services at Genesys.

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For us, it's the single largest
vertical in the company, so

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it's super important to us.

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Global role.

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I've been here for two years and The
last 25, 30 years of my life have been

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working in banking and financial services.

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JPMorgan Chase, American Express, Lloyds.

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This is all I've ever done.

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Thank you again for taking
the time out to speak to us.

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You're here delivering a keynote
speech on modernizing the

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customer experience in banking.

{{00:00:45}}
To get started how have customer
expectations then changed when it

{{00:00:49}}
comes to their banking experience?

{{00:00:50}}
Alright, so I would say it's not so much
there are two parts to the question.

{{00:00:55}}
Expectations, then the drivers.

{{00:00:57}}
I think it's less about expectations,
it's more about experiences.

{{00:01:01}}
So if you think of your banking
experiences, I don't know, today's Monday.

{{00:01:05}}
In the last two days we don't need
to put our hands out back, have we

{{00:01:10}}
checked a bill and paid it online?

{{00:01:12}}
Have we transferred money
from one account to another?

{{00:01:15}}
Have we transferred money to a friend?

{{00:01:17}}
Have we checked our statements online?

{{00:01:19}}
Have we looked at our retirement account?

{{00:01:22}}
In fact, if we're boring anyone
with this conversation, you could go

{{00:01:25}}
into your retirement account in the
app on your phone, rebalance your

{{00:01:28}}
retirement account, as we speak.

{{00:01:30}}
And you couldn't do those things
10 years ago, and now you can.

{{00:01:33}}
So that's, so experiences
have totally been transformed.

{{00:01:36}}
In terms of the drivers behind
them, like why has that happened?

{{00:01:40}}
It's been in the interests of banks
to push self service on clients,

{{00:01:46}}
because it's more cost effective.

{{00:01:47}}
And by the way, clients like it.

{{00:01:49}}
They like to be in control of
their money and much more control.

{{00:01:51}}
So that's good, too.

{{00:01:52}}
And of course the
technology's got much better.

{{00:01:54}}
So those are the key driving forces
behind why has all this innovation

{{00:01:57}}
and transformation happened.

{{00:02:00}}
With the speed of change at the moment
in terms of digital transformation

{{00:02:03}}
and new technologies popping up, how
difficult has it been for banks to keep up

{{00:02:13}}
with that and of months
ago BCG published the list.

{{00:02:16}}
of the top 50 most innovative
companies in the world.

{{00:02:19}}
And as I said, I've worked in
financial services all my life, so

{{00:02:22}}
to my chagrin, in that top 50 most
innovative companies, there is not

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a single bank, not a single one.

{{00:02:29}}
Who is the top five?

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You could guess, but I'll say it.

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It's Tesla, Apple,
Amazon, Google, Microsoft.

{{00:02:37}}
So it's technology companies that
have been transforming people's

{{00:02:40}}
everyday lives, and it's hard for
banks to play catch up in that space.

{{00:02:45}}
Now, it's hard for a couple of reasons.

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One is, how do those companies thrive?

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They have this kind of work fast, break
things, fix things, then keep going.

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You can't do that if you're a bank.

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You can't.

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For many reasons.

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So that's hard.

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And secondly, legacy technologies.

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Big banks have technology platforms
built and installed 20, 30 years ago.

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It's just hard to do things.

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And from a regulatory standpoint, it's
hard to be fast because everything

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needs to be ticked and tied.

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So those are some challenges.

{{00:03:18}}
And how should banks be
looking to approach then new

{{00:03:20}}
technologies and their technology
strategies to keep up with this?

{{00:03:24}}
So I think there are a couple of areas.

{{00:03:26}}
One is the actual area of kind of
generative AI, large language models.

{{00:03:31}}
It promises a lot for the future
and I think that's super exciting

{{00:03:35}}
actually across so many areas of
banking whether it's, Financial

{{00:03:38}}
Planning, Wealth Management
Client Service, Risk Management.

{{00:03:42}}
There's a whole bunch
of areas of application.

{{00:03:45}}
So that's the technology.

{{00:03:47}}
But then in terms of the lens
banks have, Mystery Shop.

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And I don't mean Mystery Shop if
you're Bank of America, go look

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at what JPMorgan Chase are doing.

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Go to different countries,
different places.

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Go to Turkey, Israel, Sweden, New Zealand.

{{00:04:01}}
That's where you'll find some crazy
examples of really interesting

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things happening in banking.

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So more mystery shopping in that
space, I think, will be super useful.

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Excellent.

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And Genesis is particularly looking
at AI and machine learning as well.

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Can you tell us a little bit
more about that and how you've

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been looking to reach that?

{{00:04:15}}
Oh, sure.

{{00:04:16}}
So we've taken things, and I would
say kind of bite sized chunks

{{00:04:21}}
pursue use cases that just make
sense and you can explain easily.

{{00:04:25}}
So let me try.

{{00:04:26}}
For example, we have technology, we call
it predictive routing, which basically

{{00:04:31}}
says, here is where we think where a
client contact should initially be set.

{{00:04:40}}
Then Predictive Engagement says,
this is what we think the client is

{{00:04:45}}
actually interested in talking about.

{{00:04:48}}
Predictive Engagement.

{{00:04:49}}
Then we have technology called Agent
Assist that kind of hums away in

{{00:04:53}}
the background during an advisor
or banker conversation and says,

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You should read a disclosure now.

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Or, Hey, this sounds like a great
time to mention a product offer.

{{00:05:01}}
Another just similar helpful hint.

{{00:05:03}}
So there's a whole bunch of things
where we have simple applications

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that are actually quite difficult
to bring to market, but I can

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explain them really easily.

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So I think that's for us
where the future lies.

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Just more of these use case based,
easily explainable technologies.

{{00:05:17}}
Generative AI has been one of the big
talking points of the year so far.

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How have you looked to tap
into that technology as well?

{{00:05:24}}
So I would say there are a
couple of approaches here.

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One is what not to do.

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And that what not to do is don't
go and hire 500 computer scientists

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from MIT and Stanford and UCLA.

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Don't do that.

{{00:05:38}}
Back to bite sized chunks.

{{00:05:40}}
And the bite sized chunks mean
looking, as I said, at the areas of

{{00:05:44}}
client service, wealth management,
planning, risk management, etc.

{{00:05:48}}
Where large scale operations,
transactions, volumes lend themselves

{{00:05:55}}
to Gen AI, large language models.

{{00:05:57}}
And you can...

{{00:05:58}}
Basically come up with some really
good use cases in that space.

{{00:06:00}}
So I think that's where we're going
to spend much more of our time.

{{00:06:03}}
Excellent, And just to sum up then, so
what are the key considerations that

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you think when it comes to banks and
improving their customer experience then?

{{00:06:09}}
Oh so I'd say first of all,
know who your client is, right?

{{00:06:15}}
So understand their wants and needs.

{{00:06:18}}
And then think about how
their wants and needs can be

{{00:06:21}}
better met by the technologies
versus what takes place today.

{{00:06:25}}
Just do that first.

{{00:06:27}}
Then back to don't boil the ocean.

{{00:06:29}}
Simple use cases that just make sense.

{{00:06:33}}
Then at the same time, keep a lens
on the regulatory market environment.

{{00:06:39}}
Keep an eye on kind of challenges
and say the disparate impact

{{00:06:42}}
model governance space.

{{00:06:45}}
Those are the key things to balance.

{{00:06:47}}
Excellent, And just to finish off
then, is there anything else you can

{{00:06:48}}
tell us about Genesys and what you've
got in the pipeline it's important as

{{00:06:56}}
a technology vendor that's critical
to banks and their operations

{{00:07:00}}
to have great partner ecosystem.

{{00:07:04}}
For a company like Genesys, which
we operate in the client experience

{{00:07:06}}
space, it's super important that
we natively integrate, say, to AWS.

{{00:07:10}}
We're built on and in
AWS, so that's important.

{{00:07:13}}
We are natively integrated
with, say, Adobe.

{{00:07:16}}
And then last week we announced
native integrations with Salesforce.

{{00:07:20}}
So all of these things are like
exciting, important, and that kind

{{00:07:24}}
of partner ecosystem for us and
developing it is super important.

{{00:07:30}}
Obviously we have our
own technology roadmap.

{{00:07:32}}
We mentioned a few of these things,
large language models, generative AI.

{{00:07:36}}
They're all on the roadmap for us.

{{00:07:38}}
So watch the space, much more to come.

{{00:07:40}}
Exciting times.

{{00:07:41}}
Thank you again, David, for taking
the time out to speak with us.

{{00:07:42}}
Cheers, Paul.

{{00:07:43}}
A pleasure.

Thank you so much for taking
the time out to speak with us.

Just to get started, I'd like
to give a quick introduction to

Managing director for
financial services at Genesys.

For us, it's the single largest
vertical in the company, so

I've been here for two years and The
last 25, 30 years of my life have been

working in banking and financial services.

JPMorgan Chase, American Express, Lloyds.

Thank you again for taking
the time out to speak to us.

You're here delivering a keynote
speech on modernizing the

To get started how have customer
expectations then changed when it

Alright, so I would say it's not so much
there are two parts to the question.

I think it's less about expectations,
it's more about experiences.

So if you think of your banking
experiences, I don't know, today's Monday.

In the last two days we don't need
to put our hands out back, have we

Have we transferred money
from one account to another?

Have we looked at our retirement account?

In fact, if we're boring anyone
with this conversation, you could go

into your retirement account in the
app on your phone, rebalance your

And you couldn't do those things
10 years ago, and now you can.

So that's, so experiences
have totally been transformed.

In terms of the drivers behind
them, like why has that happened?

It's been in the interests of banks
to push self service on clients,

They like to be in control of
their money and much more control.

And of course the
technology's got much better.

So those are the key driving forces
behind why has all this innovation

With the speed of change at the moment
in terms of digital transformation

and new technologies popping up, how
difficult has it been for banks to keep up

with that and of months
ago BCG published the list.

of the top 50 most innovative
companies in the world.

And as I said, I've worked in
financial services all my life, so

to my chagrin, in that top 50 most
innovative companies, there is not

It's Tesla, Apple,
Amazon, Google, Microsoft.

So it's technology companies that
have been transforming people's

everyday lives, and it's hard for
banks to play catch up in that space.

They have this kind of work fast, break
things, fix things, then keep going.

Big banks have technology platforms
built and installed 20, 30 years ago.

And from a regulatory standpoint, it's
hard to be fast because everything

And how should banks be
looking to approach then new

technologies and their technology
strategies to keep up with this?

One is the actual area of kind of
generative AI, large language models.

It promises a lot for the future
and I think that's super exciting

actually across so many areas of
banking whether it's, Financial

Planning, Wealth Management
Client Service, Risk Management.

There's a whole bunch
of areas of application.

But then in terms of the lens
banks have, Mystery Shop.

And I don't mean Mystery Shop if
you're Bank of America, go look

Go to different countries,
different places.

Go to Turkey, Israel, Sweden, New Zealand.

That's where you'll find some crazy
examples of really interesting

So more mystery shopping in that
space, I think, will be super useful.

And Genesis is particularly looking
at AI and machine learning as well.

Can you tell us a little bit
more about that and how you've

So we've taken things, and I would
say kind of bite sized chunks

pursue use cases that just make
sense and you can explain easily.

For example, we have technology, we call
it predictive routing, which basically

says, here is where we think where a
client contact should initially be set.