Submitted by
premium
Q+
23/05/2024 Banking Innovation

About

Artificial intelligence at the core of the Pricing process, to revolutionize the way pricing is defined and managed in the Bank, with impact on revenues, efficiency and user experience.

Innovation presentation

"Intesa Sanpaolo, already at the forefront of price management across all products and customer segments, has set the ambition to innovate the way pricing is done through the use ""at scale"" of Artificial Intelligence, by launching a multi-year program based on 3 pillars:

A) Machine Learning applied to Price Optimization to decrypt behaviors and set prices closer to the individual customer's willingness to pay;

B) AI-based Automation embedded End-To-End into the Bank's systems for the automation of real-time processes related to the offering of customized economic conditions and to the evaluation of the discount requests, thanks to AI's improved ability to understand customer preferences and implement the most effective response actions;

C) Natural Language Process used to develop specialized pricing virtual assistants that support users throughout the entire price request, negotiation and management process, retrieving hundreds of customer information in seconds and providing advanced advisory on price negotiation."

Uniqueness of the project

"The AI-powered Pricing program has enabled Intesa Sanpaolo to achieve the leadership position on the global banking landscape in pricing management; particularly in view of the following points:

Originality: Intesa Sanpaolo is the first Bank in the world to have a low-coding software capable of guiding users step-by-step in the creation of pricing Artificial Intelligence models, fully integrated with Bank processes and systems and available extensively on major products and customer segments. Intesa Sanpaolo is also the first Bank in the world having automated decisions regarding price discount requests coming from the Relationship Managers Network: machine learning models are able to automatically decide whether to grant the discount, reject it, or modify it, optimizing the volume/margin ratio with high levels of accuracy. Further element of uniqueness concerns the presence of a ""virtual assistant"" that, in ""whatsapp-like"" mode, assists users in real-time in price negotiation with the customer, providing data, benchmarks and advanced advisory, also with ""what-if"" scenarios;

Impact: The innovation introduced enable Intesa Sanpaolo to generate benefits on 3 key areas:

1. Revenues: the improved ability of Machine Learning models to estimate customers' willingness to pay increases the conversion rate and revenues;

2. Efficiency: the automation of processes for evaluating discount requests using Machine Learning models reduces the absorption of resources on highly ""human-intensive"" processes to be reallocated to higher value-added activities;

3. User experience: the development of virtual assistants radically changes the experience of people's interaction with Bank systems by enabling the retrieval of hundreds of customer information through the use of chat and to obtain proactive suggestions directly in the price negotiation phase with the customer;

Universality: the flexibility and scalability of the software solution made it possible to immediately extend the AI-powered approach to the Group's new digital bank (ISY Bank) and, from 2024, also to the foreign subsidiaries of the Intesa Sanpaolo Group's International Subsidiary Banks structure (starting from Serbia and Hungary) with the goal of extending it to all the international subsidiaries. The ability to customize pricing based on customer's behaviours is a critical success factor for all industries and markets."

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

14/06/2024 Banking Innovation

Reclaiming our Relevance

Kootenay Savings Credit Union (KSCU) has undertaken a comprehensive new branding initiative that reflects both the values of the credit...

13/06/2024 Banking Innovation

Decoding the Employee Lifecycle: Yapı Kredi Motiva

In the contact center industry, which operates with high turnover, as Yapı Kredi Customer Relations Center, we manage our 1,800...

13/06/2024 Banking Innovation

Self Service Sales for Fostering Growth

Every month 5 million calls enter IVR at Yapı Kredi Customer Relations Center. Not only providing self service transactions, we...

13/06/2024 Banking Innovation

Analytics For Revenue Generation: Speech Analytics for Sales Growth

Using Speech Analytics, we have successfully crafted a sales strategy focusing on data gathered from customer calls. Successfully, we created...

Related news & insights

Digital Reinvention
14/06/2024 Interview

NewTech Friday: Vespia – Helping businesses stay compliant with regulations

Julia Ront, Founder and CEO of Vespia, tells Qorus’ Boris Plantier about the story behind her pioneering AI business verification...

Digital Reinvention
11/06/2024 Article

Banking Innovation of the Month: Intesa Sanpaolo’s smart knowledge base through GenAI digital advisor

This month’s Qorus-Infosys Banking Innovation Award goes to Intesa Sanpaolo for their Smart Knowledge Base powered by generative AI. This...

Digital Reinvention
11/06/2024 News

Revolut introduces Wealth Protection for summer travel season

Revolut, a leading global fintech, is launching Wealth Protection, a new feature aimed at safeguarding customer savings from pickpockets and...

Insurance
06/06/2024 Article

Qorus announce winners of its ninth insurance innovation awards

Qorus, a global association for retail financial institutions today announced the winners of 2024 Qorus Innovation in Insurance Awards during...