Name: Discover Financial CEO says A.I. has been “really transformational”
Uploaded: 2023-01-04
Duration: 3 min 59 s
Description: Roger Hochschild says A.I. “makes life easier” for his credit card business, customer service, fraud detection, marketing, and lending.

Roger Hochschild says A.I. “makes life easier” for his credit card business, customer service, fraud detection, marketing, and lending.

Discover Financial CEO says A.I. has been “really transformational”

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Discover CEO says A.I. has been “really transformational”

roger we've seen artificial intelligence innovating and disrupting the way that we live and work and your company discover. Financial has a huge credit card business discover and diner's club and a digital bank. How are you using AI in your business? So credit card companies have been at the forefront of data and analytics since the nineties and you think about our business, everything is based on models, whether it's credit underwriting marketing, trying to identify fraudulent transactions. So AI represents a huge advancement in the ability to model and predict consumer behavior. So we're using AI broadly across virtually every aspect of our business and you have a lot of customer care call centers all around the country. How is AI impacted that part of your business? So AI is helping with chat and some of our functions that used to have to go to a call. And what that means is the calls that come to our representatives are actually the most challenging ones, the ones that people can't handle via chat. We also use AI for speech recognition so that we can route calls to the best representatives for that type of call. But also that so that we can help the representatives with the answers they need in any given situation when it comes to the customer service aspect, when somebody has to call into customer service. Studies show that most people would speaking to a real person rather than a bot, How does AI help you sort through that. So what we found is people are actually perfectly happy completing simple transactions may be making a payment with a bot enabled, you know, Ai representatives, but we also make it very easy to just hit zero and get to a live representative and we're using AI to route your call to the representative best able to answer, you know, why we think you're calling, you've been using artificial intelligence aI for the past five years in your business. How would you describe the impact of using AI over that time frame compared to the years when you didn't have a I you know, it's really been transformational because it makes every model better. So whether it's in fraud, being able to let more good transactions through, but catch more bad one, whether it's in credit where we can do a better job with underwriting and mine assignment, whether it's in marketing, where we can personalize offers just to you, all of those are areas where we're seeing huge benefits from AI. Well for all of the powerful things that Ai can accomplish, is there a downside? I think if it's used right there, isn't, it really just makes life easier. Um certainly in a highly regulated industry like ours, you've got to be very careful, especially if you're using AI to make lending decisions to make sure that you have no bias in that. But we've got some some really brilliant folks around predicting and explaining AI so that you can use it even in the most challenging lending situations, so roger when it comes to Ai youth and investment to AI Technology, what's next for, discover what more do you want to do with AI? So just more and more, you know, part of it is bringing in more people into our data and analytics area. We just launched a new program in downtown Chicago, you know, continuing to migrate our data to the cloud and finding more and more areas where we can bring the predictive power of AI to create business value for us and a better experience for our customers.