Earlier today I read a wonderful post by Tom Spencer: “Is AI the Solution for the Banking Sector? (Part I: Problems)“.
In his post, completely unrelated to legal – and yet oh so legal sector related, Tom states that in response to changing client buying-cycles/decisions, banks worldwide are making large investments in digital technology and analytics in order to:
- deliver a better experience,
- reduce costs,
- deepen and broaden existing client relationships,
- extend their distribution reach, and
- protect relationships against traditional and new competitors.
[kind of sound like the perfect CRM software!]
Two additional questions Tom then asks (with undertone inference added by me) are:
- How much value are solutions delivering to customers?
- How could new value be created?