How new technologies are reimagining the customer experience in financial services
By Pascal Allix, Regional Vice President, Financial Services at Appian
The financial sector has long been data-intensive, but today, the ability to harness and analyse critical business information using advanced technologies is central to optimising operations and elevating the customer experience.
Advanced technologies, such as agentic Artificial Intelligence (AI), robotic process automation (RPA) and intelligent document processing, enable financial institutions to process and interpret vast amounts of data quickly and accurately. Leveraging them as part of operational processes can help identify trends, predict market movements, and make informed decisions that drive profitability.
As customer expectations continue to evolve, there is an increasing demand for personalised, seamless digital financial experiences. New solutions enable financial institutions to analyse customer data and deliver tailored experiences that meet individual needs and preferences.
Redefining Decision-Making with AI
Effective data management is key to reducing errors and ensuring a single source of truth, transforming how customer information is collected and utilised. Adding AI to institutional data across systems is where companies can derive unique value. They can process vast amounts of data at unparalleled speeds, revealing patterns and insights that were previously unattainable. This capability is transforming key aspects of the industry, from risk management to customer service.
Netwealth, a leading and rapidly growing wealth management company in Australia, demonstrates the transformative impact of AI in financial services. Known for its exceptional service and best-in-class technology, Netwealth has modernised its client and advisor case management system – Netflow – using the Appian Platform.
Netwealth’s Netflow system utilises Appian’s email classification capability, underpinned by a secure private AI architecture, and a data fabric to accelerate work, increase self-service options, and deliver enhanced experiences to staff and clients.
Netwealth now uses AI to automate the triage of case creation failure messages, a task that was previously manual and time-consuming. Employees no longer need to open each email, determine the issue, and direct it to the appropriate team. By automating this process with AI, Netwealth resolves customer issues faster and frees staff to focus on higher-value work.
Real-Time Data: The Pulse of Modern Finance
Access to real-time data is essential in today’s dynamic financial services environment. The ability to make informed decisions swiftly can be the difference between capitalising on opportunities and missing them completely. Real-time data allows financial institutions to track market movements, assess risks, and execute trades with precision.
In addition, real-time data enhances client interactions. By analysing customer behaviour and preferences on the fly, financial institutions can offer highly personalised services. This not only meets the expectations of today’s consumers but also builds lasting loyalty.
In the case of Netwealth, real-time data is integral to smooth operations. The evolution from a single workflow type to over 30 tailored workflows has enabled teams to make more informed decisions, reducing internal queries and enhancing efficiency. This real-time approach ensures that Netwealth remains responsive to client needs and market dynamics.
Integrating real-time data with AI further magnifies the impact, enabling faster, smarter decisions across the enterprise. Netwealth’s implementation of Appian’s AI technologies allows for continuous improvement and adaptation of their workflows, ensuring that their system remains efficient and responsive to the dynamic financial environment.
Transforming Asset Finance with Advanced Technologies
In financial services, consumer and commercial asset finance is a key element of their core business. Advanced technologies are reshaping consumer and commercial lending, streamlining origination and servicing while driving better customer outcomes., enabling financial institutions to streamline their loan origination and servicing tools, increase productivity, and ultimately enhance customer outcomes. By integrating process automation technology, financial institutions can reduce manual errors and provide faster, more accurate services. For customers, this internal efficiency can translate into more accurate and fair assessments of loan and lease applications, reduced risk of defaults and disputes, faster response times and more personalised services.
One company that is using advanced technology to enhance these services is Pepper Money. By leveraging the Appian Platform for its loan origination solution, SOLANA, Pepper Money has increased its business volume by 70%. This technology has significantly boosted the productivity of their credit and settlements team, enabling them to process 53% more applications.
The increased efficiency of Pepper Money’s internal team through SOLANA’s advanced technology allows them to offer high levels of customer service. SOLANA automates credit rules, scorecards, and approvals—delivering initial decisions in minutes and approving one-third of applications in under sixty seconds.
Additionally, one of SOLANA’s key benefits is its suite of Application Programming Interfaces (APIs), which allow Pepper’s partners or introducers to interact with SOLANA from their own CRM systems to complete the entire finance journey. This innovation enables introducers to seamlessly integrate their systems with Pepper’s, eliminating the need for redundant data entry and significantly reducing the training required for staff.
The system’s electronic documentation and e-signing capabilities have significantly improved the process for customers, increasing the speed at which they can complete necessary paperwork, and resulting in faster application outcomes. This digitised approach reduces the risk of errors, reducing the back-and-forth between customer service teams and customers.
The convergence of AI, real-time data, and cloud computing is not just transforming individual financial institutions; it is reshaping the entire industry. By embracing these technologies, financial institutions can unlock new levels of efficiency, agility, and customer focus, enhancing overall customer satisfaction.
As the financial services landscape continues to evolve, institutions that embrace these technologies will be well-positioned to navigate the challenges and seize the opportunities of the digital age. The future of finance is intelligent, real-time, and powered by the most advanced technology innovations, driving superior customer experiences.
