Caixabank uses AI to simplify direct debit payments

Friday 11 October 2019 13:45 CET | News

Spain-based CaixaBank has developed an innovation project using AI to manage returned direct debit payments.

When a bill is sent to an account with an insufficient balance, the software notifies the customers banking adviser, who then analyses the case and decides how to resolve the situation: to permit the bill payment, to reject it, or to postpone it for a few days until the customer has sufficient funds.

The banking adviser receives incident information every day at 8am. This task is difficult to automate since each case is different and involves multiple variables that influence the final decision: the type of bill, whether it is a regular payment, the customers payment history, the customers connection with the company in question etc. However, the task of managing bills takes up a considerable amount of the banking advisers time.

In May 2019, CaixaBank started to deploy the new system as a pilot project in 600 branches all over Spain (including the entire Barcelona network plus selected branches nationwide). In the first four months of operation, the artificial intelligence technology has already resolved a high percentage of cases by itself. If the model were to be expanded to the entire CaixaBank network, it would save approximately 82,000 hours of work.

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Keywords: CaixaBank, Spain, innovation project, AI, artificial intelligence
Countries: World