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20/09/2023 Banking Innovation

About

"Chat with Fideuram" is an advanced and easy-to-use GenAI Chatbot solution to support the bank help desk staff and 250 "Digital Specialists" (qualified financial advisors, carefully selected for their positive attitude towards techology), in the successful and quick comprehension of a new suitability model. Any doubts? Chat with Fideuram!

Innovation presentation

Fideuram - Intesa Sanpaolo Private Banking is Italy's #1 network of financial advisors (over 6,000 advisors and 350 bln euro AUM). In July 2023, the bank changed its suitability model from scratch in order to comply with the latest updates of european regulation.

The suitability assessment is a process elaborated by the bank to ensure that investment services match the client’s risk profile, and is performed everyday by all 6,000 financial advisors before any investment operation. The release of the new engine was a critical change management challenge: it was crucial to minimize the impact on the commercial network and help line staff in charge of providing adequate support to financial advisors.

"Chat with Fideuram" is supporting our "Digital Specialists" and the help line staff to immediately and comprehensively address any specific issues about the new MiFID suitability requirements without using any confidential information. The solution allows to:

1) remarkably reduce the time spent in looking for specific pieces of information in the large amount of documents and reports continuously updated;

2) improve the quality of service provided to the financial advisors

3) introduce a new 'information research' approach by enabling conversational search logics and time saving for the final users

4) adhere to the principles of utmost prudence and caution in carrying out a 'risk-free' experiment.

Uniqueness of the project

ideuram - Intesa Sanpaolo Private Banking wanted to test the potential of GenAI technology through a Chatbot based on Generative Artificial Intelligence that harnesses the power of machine learning to solve a massive change management challenge.

The engine shows a high level of understanding even on very specific questions and issues. The main topics analysed show a continuous improvement in terms of quality of responses despite an increasing difficulty and depth of questions asked by users. The introduction of this solution was done by ensuring compliance with legal and regulatory principles of personal data proteciton (privacy) and security standards.

This disruptive innovation stems from the need to put technology at the heart of the transformation of Private Banking. The world of Artificial Intelligence is evolving very rapidly and is also gaining significant relevance in the banking industry, with 54% of banking industry's work time has strong potential for automation by AI.

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