Deakin/IOOF partnership uses AI to speed up client admin

Deakin University has partnered with IOOF to apply artificial intelligence (AI) to the company’s in-house client administrative system and make processing times up to 400 times faster.

Led by Deakin University’s Applied Artificial Intelligence Institute (A²I²), the project aims to streamline the handling of hundreds of email queries received by IOOF business centres each day, according to a statement.

Head of translational research and development at A²I², Professor Rajesh Vasa, said the new system would analyse incoming correspondence and assign each item to a work category where support teams were waiting to process the item and provide a customer response.

“Work requests come in from many different sources, including email, phone and text message, and staff have the task of manually identifying these for appropriate actioning,” Professor Vasa said.

“The volume of requests and the repetitive nature of the work makes this an ideal job for a machine, but it is critical that the machine can read and understand the content and context of each work request.

“In this project we apply natural language processing (NLP) techniques while retaining and empowering customer service staff to do their jobs better.”

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IOOF’s head of platform technology and architecture, Damien O’Donnell, said the company was undergoing major changes to improve its customer focus and was continuously looking for opportunities where technology could help with those challenges.

“This is a significant game-changer for IOOF and we’ve been fortunate to have the opportunity to leverage Deakin’s world-class knowledge and expertise,” Mr O’Donnell said.

“Manual work classification of incoming correspondence by a person takes, on average, two minutes per item. The AI solution takes around 300 milliseconds per item – so it can perform 400 classifications in that same period.

“Critically, the accuracy rate is more than 90 per cent across some of our highest volume demands.”

Deakin/IOOF partnership uses AI to speed up client admin
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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