08.01.25

How KeyBank Is Creating 'Cognitive Banking' With AI

by: Penny Crosman

The ability to personalize interactions with customers with useful advice and help specific to them has been a top priority for banks for years. KeyBank is creating "cognitive banking" — engagements with customers combined with needs-based offers tailored to them. "The real battleground is shifting to user experience and engagement," said Dennis Khoo, managing partner at allDigitalfuture, in a recent report. KeyBank plans to soon start piloting a feature called Enrich, which provides additional information and categorization of customers' transactions. Emily Gessner, senior vice president and head of consumer digital at KeyBank, said the leading driver of calls to KeyBank's call centers is transaction inquiries. The next step for KeyBank will be launching the use of real-time personalized offers based on the customer's financial picture, and eventually hopes to take action on the customer's behalf when it makes sense, such as in canceling redundant subscriptions. “Banks have to be on their A game and provide information that's upfront, relevant and timely, so that the customers are able to take the appropriate action,” Gessner said.

Read the full article on American Banker