It’s time for the financial services industry to invest in Artificial Intelligence technology to improve customer experience.

Throughout the years, financial companies have relied on technology to enhance their overall operations. Banks were early adopters of computer automation to help with backend tasks, recognizing that technology could help reduce human error and enrich overall productivity. But, with more industries turning towards disruptive technology, such as Artificial Intelligence (AI), to support their customer service needs, will the financial services industry join the race to innovation or fall behind?

The National Business Research Institute surveyed 100 financial services executives and found that only 32 percent of the group were using AI technologies such as predictive analytics, recommendation engines, voice recognition and response. However, of those respondents, many of them named personalizing communications at scale as a primary reason for utilizing AI technologies. At Boxever, we utilize an intelligent data platform and AI to assess and evaluate all the customer touchpoints and execute a meaningful interaction based on that data. By using AI, financial companies can deliver truly personalized interactions to their customers while continuing to grow and scale.

Still not convinced whether you should bank on AI? Here are three ways AI solutions can help the financial service industry with customer acquisition and loyalty.

Managing cross-channel engagement

Banks engage with customers through a variety of channels, including kiosks, mobile applications, websites and emails. Each channel has its own set of tools and platforms, meaning that marketers at these banks need to individually set up these channels with rules and decisions for personalized interactions. Unfortunately, many of these marketers don’t have the time and resources to personalize for each channel so customers often end up receiving disjointed engagements. However, an AI and decision-making solution can centralize the rules and decisions in businesses and apply them across channels. This reduces time and resources for the banks, and ensures the customer is getting a personalized, cross-channel engagement.

Deliver personalized service  

According to research conducted by the Collinson Group, 83 percent of U.K. retail banking customers feel that their bank does not know or understand them, and less than a third (27 percent) feel they receive a high level of personal service. While many banks are delivering offers to their customers, these offers are focused on driving sales, not guided by the specific customer behavior. AI can be leveraged to understand the customer’s needs and deliver data-driven, personalized, intelligent interactions. For example, some customers might find it beneficial to receive information on services that will help with their personal banking activities, such as automated payments and overdraft protection. AI is the answer to driving this actionable advice that consumers are looking for when interacting with their banks or credit unions.

Ensuring gold-standard customer interactions

Monetary decisions are not made lightly and customers are looking for a financial partner that demonstrates an understanding of their needs. For example, customers looking for loan options often do extensive research before filling out an application. Using an AI solution, a credit union can ensure that the current and subsequent interaction with these loan-seekers is valuable, such as nudging them towards a chat bot or a call center representative to help with their unanswered questions. A banking customer might be searching for an environmental equity release loan, in which case the decision-making technology would follow up with an email containing information on a mortgage feature that allows customers to unlock some of the equity built up in their home to invest in energy efficient home improvements. In the U.S., a customer might be looking for environmental financing options and benefit from personalized email follow up containing information on solar loans and financing. Regardless of the customer’s needs, AI can recognize and deliver the information to meet those desires and help ensure customer satisfaction.

Curious as to what else AI can do for the financial services industry? Read more HERE.