Adobe is bringing its A.I. platform Sensei into the banking industry

Adobe is bringing its A.I. platform Sensei into the banking industry

- in Banking
44
Comments Off on Adobe is bringing its A.I. platform Sensei into the banking industry
John Lund | Getty Images

Adobe will allow banks to use its artificial intelligence (AI) and machine-learning technology to provide marketing analytics and automated personalization for customers, it was announced Monday.

The software giant first unveiled its Adobe Sensei platform, to be utilized across its product range, last year.

Banks will be able to use Sensei to help highlight trends in data and tailor certain products to customers, Adobe said.

“AI and machine-learning can help banks to see in their data what humans can’t uncover manually, tapping this to better connect with customers,” Christopher Young, director of financial services industry strategy at Adobe, said Monday.

Young said Sensei would use “anomaly detection” to notice performance issues in a bank’s app. This could latch onto either a bug or a feature that is performing well, and offer analysis as to why this has occurred.

He explained to CNBC over the phone that banks would also be able to use its AI tool to personalize the order of products shown on their website to draw in traffic based on the preferences of individual customers.

HSBC, for instance, trialed the technology to boost a certain product that performed well on its website. This apparently led to a 109 percent increase in customers reaching that particular product.

“The best use case is, if you are a retail bank and you have a high volume of anonymous individuals that are coming into your site, typically the response is very static,” Young told CNBC.

“But what the (Adobe) Experience Cloud can do with Adobe Sensei is to get an understanding of performance of the site of an anonymous individual and they can start making recommendations on what to show people — even an anonymous profile.”

The Adobe executive said that banks “don’t have enough people with the digital skill set that they need to power some of these solutions and all of these digital solutions.”

“Sensei in this particular case helps alleviate that need. So, if you have analysts that can’t find these particular things, and you don’t have enough people, then to automate the insights to the people that you do have is beneficial.”

Adobe’s banking clients include U.S. giants Citi and U.S. Bank, European lenders HSBC, BNP Paribas, Barclays, Royal Bank of Scotlandand UBS, and Australia’s National Australia Bank.