New intelligent software from the Danish IT Company Intellix Inc. offers a number of advantages to Jyske Bank when advising customers on investments. The core technology powering the solution was developed over a ten-year period in co-operation with scientists from Risoe National Laboratory, a highly esteemed Danish research facility

Today, all investment counsellors in Jyske Bank have the same expertise available as the most highly skilled expert in the bank, when finding the optimal investment strategy on behalf of the customer.

All customers are guaranteed uniform high quality counseling.

And all customers receive personalised documentation on the investments that are made for them, enhancing the services to the customer and providing the bank a unique opportunity for referencing the original criteria for the advice given in case of disagreement.

Accessing the software online
According to Investment Support Manager Ejnar Frederiksen, Jyske Bank, these are the primary advantages gained by implementing new software throughout the branch network of the bank. Three international branches are already accessing the software online, and the process of bringing the remaining branches online is progressing.

The new Intellix Online Advisor is an intelligent software solution developed by the Danish company Intellix Inc. in co-operation with scientists from Risoe National Laboratory. The system is based on neural networks functioning similar to the human brain.

“Earlier our counseling was based upon the individual’s conception of how to meet the needs of the customer. We wanted a more uniform process, which is what this system provides,” says Ejnar Frederiksen, Jyske Bank.

Recommending the Right Solution
Intellix Online Advisor is given specific examples from the daily advice sessions, where customers have received investment counseling from the most experienced and knowledgeable experts in the bank. At some point the system has gained sufficient expertise to act independently and is able to recommend the right solution to any given situation. Thereby the system has gained the same level of expertise as the best expert available, and this expertise is accessible to all employees throughout the branch network.

“Investment theory is a very complex area, as many factors influence the choice of investment strategy. Since this requires both expertise and the ability to comprehend a complex situation, experts are imperative for adequately handling the task,” says Ejnar Frederiksen.

Meets Danish Legislation on Broker Ethics
Investment counsellors use the system on a day-to-day basis when talking directly with the customer. The customer’s needs are determined through questions asked by the system. The answers initially given determine the questioning performed by the system, resulting in an individual process that leads to the establishment of the ideal investment strategy that meets the customer’s needs. Besides finding the ideal solution, the system also provides valuable documentation of the process.

“The customer receives a hard copy of the solution that was established. Therefore the bank meets the most recent Danish legislation on broker ethics, which enforces counselling given in writing and based on the individual situation of each customer. The customer can study our suggestions at home and it puts us in a strong position in case of a disagreement since we possess documentation of all our actions in print,” says Ejnar Frederiksen.

Flexible System
The solution offered by Intellix Inc. was chosen because of its flexibility and ease of use as well as the limited resources needed to implement it.

“The conditions in the business of investments change rapidly, and a flexible system is required when new legislation is carried through or tax rules are regulated,” says Ejnar Frederiksen.

Two employees have spent one week training the system by adding questions and answers followed by a few days of testing. Four employees had participated in a three-day course at Intellix Inc. in advance, thus acquiring sufficient skills to participate in the project.

“This is not a solution that demands a vast amount of resources. Creating a solution like this does not take years,” says Ejnar Frederiksen.

No IT Experts Needed
No IT experts are needed in order to make the system function, which is an additional advantage.

“As a customer counsellor and a dealer I am certainly no IT expert. Despite this I am able to train the system, so I guess I am the living proof that it is easy to use. That was also a key issue for us when choosing Intellix,” says Ejnar Frederiksen.

Training the system was not only an investment. Valuable experience was obtained during the process.

“Some of the questions we asked earlier may not have had the value we thought. Turning things upside down and formalising our practices has been a valuable lesson to us. Expertise has been gained in the process;” says Ejnar Frederiksen.

Increased Level of Expertise
Turning expert knowledge into generalist knowledge provides the employees with valuable expertise.

“The overall level of expertise has increased. Using the system teaches you why you ask a certain question and as the system delivers the answers you learn to understand why it points to the next question – why it recommends a certain solution. When you are able to grasp this process you have become an expert,” says Ejnar Frederiksen.

By automating the trivial parts of a case the time needed for the counsellor is reduced. Therefore the counsellor can spend more time on the complicated issues and is able to rise to the challenge of cases that were previously too complex. Ultimately the counsellor becomes an even better expert.

About Jyske Bank
Jyske Bank is the fourth largest financial institution in Denmark with a gross income of approximately 3 billion DKK last year and 3000 employees. There are 120 Danish branches and a number of international branches with headquarters in Silkeborg, Denmark.

About Intellix Inc.
Founded in 1997, Intellix A/S develops, markets and supports a portfolio of Knowledge Management and Decision Support applications designed to automate and support intellectual business processes in the financial, telecommunications, public, retail and IT-sector.

About the product
Intellix Online Advisor facilitates formalising service offerings for selling and customer servicing and delivers these offerings through electronic distribution channels in an intelligent dialogue form.

The package contains standard tools developed by Intellix A/S for collecting and storing knowledge from human experts (Knowledge Mapping) and databases (Data Mining). In addition, Intellix Online Advisor contains a server product for electronic distribution in a dialogue form, which can be easily modified to suit individual needs.

After a few days of training, the business experts are capable of using Intellix Online Advisor to gather and formalise knowledge into a formal model, which is required to support these services electronically. Thus, the knowledge of the best expert in the organisation is available to all employees, partners and agents, and also directly to customers.

If you would like to learn more about Jyske Bank’s reasons for choosing a solution by Intellix Inc. you are welcome to call
Investment Support Manager Ejnar Frederiksen
Tel (+45) 8922 2338

If you would like to learn more about the solution Intellix Inc. delivered to Jyske Bank, Intellix Online Advisor or other products, you are welcome to call
Professional Services Manager Mikkel Brahm
Tel (+45) 7023 3700 or (+45) 2331 0373

If you would like to learn more about Intellix Inc. you are welcome to call
Managing Director Ole Rønberg
(+45) 7023 3700