UK based Nationwide Building Society has partnered with analytics firm SAS to more efficiently interact with their 15 million customers; this is part of a wider technology push by the firm who announced in September they would further invest $1.7bn to bring their tech spending in the next 5 years to $5.4bn; it has deployed AI based analysis on emails finding the more emails between the customer and the bank the more frustrated the customer became; they also found that about half of the emails they sent could be eliminated; this is part of a wider InsurTech trend as research by Autonomous shows that AI based savings in banking could reach $1tn by 2030. Source.
