Not Artificial Intelligence but AA – Artificial Advice and Customer Experiences

This is a really great interview in Fortune magazine, not because of its innovation but about its real world use case – listening not talking in the contact center.  The second part is about how listening turning into learning and advising clients.  Click on image for the complete article, here are excerpts.

“Digital advice is a credible product. People will put money into a digital advisory solution. Our clients are putting in about a billion dollars net every month into [what we call] Intelligent Portfolios. But it is just a product. What our clients tell us is that to have a real relationship, it’s going to be more than just technology. That’s why from the moment we introduced Intelligent Portfolios we said the product is going to have 24/7/365 access to speak with live licensed professionals. We never believed that the notion of people staying with a plan during difficult times in the market was a given.

In the contact center -“Artificial intelligence is utilized much more for service experiences. We have a saying at Schwab that we use our data to serve, not to sell. That’s the greatest opportunity for artificial intelligence. I’ll give a very simple example: You call up one of our call centers, and you have a concentrated position in XYZ stock because you worked there for 35 years. Our computers can listen to that call, interpret what you are saying, and reach right back out to you with an option strategy that gives you some downside protection in the event that that individual stock runs into problems.”

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