Rainbird which is well-versed to be an AI-powered intelligent automation platform is trying to provide services for the banking customers with more transparency. It has tied up with global consultancy EY and Royal College of Art (RCA) to offer industry knowledge and expertise to students enrolled on the RCA Service Design Programme course.
The students can learn and develop cutting-edge AI-enabled apps, said Ranbird. This indeed will help vulnerable banking customers better manage their finances and navigate the complex financial services industry. The company stated that in these hard times of coronaviris crisis, the number of vulnerable customers is rising and so the ties between organizations can sort out difficulties or issues.
RCA working with customers
With the accountability of vulnerability, the students at RCA have collected views and provided information from those customers suspected to be affected from vulnerability. The face-to-face interactions are to ensure a human-centered approach to the AI solutions they created.
The apps developed the student groups demonstrate concludes that the precautions the banking sector are to be developed in more ways to protect vulnerable people. Below are few real-time cases observed:
- A service that applies consumer gamification and incentives to nudge users towards positive behavioral changes. The service by Rainbird is designed to use and generates a wellbeing score.
- A service for couples that helps prevent financial abuse by improving the joint account service. According to the survey, one in five adults are a victim of financial abuse while most of these being women.
- A service for young people designed to boost financial literacy and especially for those who are highly represented among vulnerable customers. The service would use Rainbird to identify the potentially vulnerable, based on multifactorial signs of low resilience (e.g. low savings or over-indebtedness), and deliver automated, contextual advice.