CMB is leveraging AI technology to cut cost

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The largest private sector bank in China, CMB, has majorly advanced its banking experience through implementation of AI-technology driven initiatives in the past two years. The bank has leveraged artificial intelligence and robotics in its operations to make it more cost effective and enhance the customer experience. CMB is fostering its growth internally through innovations and also collaborating with technology providers to accelerate deployment of advanced technology and utilizing social platforms to widen its customer reach.

CMB built a knowledge base system based on Natural Language Processing with the help of technology provider Xiaoi to facilitate internal staff training and better management and distribution of knowledge among employees. CMB has decided to establish a fintech incubator fund taking 1% of its annual profit for promoting projects relating to artificial intelligence, big data, blockchain, cloud computing and safety control.

Mo’Jie cuts down cost of wealth management services for CMB

Pioneering the application of advanced technologies in the banking sector, CMB launched the first ever AI-driven wealth management product in China - Machine Gene Investment known as Mo’Jie in Chinese. CMB has added the new feature to APP5.0, its latest version of net banking platform, providing personalized wealth management services to its customers. Mo’Jie equipped with the AI-technology makes investments in appropriate financial products, helping the investors to achieve their financial objectives and goals according to their risk aptitude and constraints. The product picks the investment portfolio from approximately 2,400 funds in the Chinese market for each investor based on more than one million calculations. The prime asset ensuring Mojie’s efficiency is its ability to gather data of all public funds and the CMB database that includes data from the inside structure and historical performance of fund managers. The success of Mojie is evident from the average investments made by each user amounting to 36,900 Yuan within few months of its launch.

Sanbot increasing efficiency in CMB’s banking operations

Sanbot is among the world’s most developed humanoid robot developed by Qihan Technology. With its customization for facilitating banking services, Sanbot is a well-in-demand robot in Chinese banking industry. CMB also made the new robotic technology part of its Shenzhen branch to increase its operational efficiency and enhance customer banking experience. The intelligent robot can help reduce the customers’ waiting times in the branch by providing guidance and helping them with basic banking services. Bank can use Sanbot to proactively promote its new banking products, services and deals. Moreover, the inherent security features in the robot also makes it capable to be linked with the bank’s security system for services like surveillance, autonomous patrols, and many other 3-D functions relating to bank security.

CMB enhancing customer-banking experience through WeChat

Advancing the integration with Tencent’s WeChat with AI-technology provider Xiaoi, CMB is the first to provide real-time chatbot interaction to customers on WeChat. The chatbot facilitates searching information, making transactions, linking their banking account and ID, transferring money, and redeeming rewards. Among the largest issuers of credit card in China, the front-end bot of CMB deals with 1.5-2 million customer conversations every day. Inquiries mostly related to card payments and balances typically requires more than thousand employees for answering the queries. Automation through the bot, thus, makes the process easier and cost efficient. The bank can also generate additional revenue by providing insights on the collected data and promoting new services through the bot.

To know more and get deeper understanding of AI in banking industry, click here.