The call center has always been an important way for banks to connect with customers. But it won't be long before call centers without artificial intelligence (AI) will be unable to make those human connections. I'm reminded of a meeting that I and one of my colleagues recently had with a bank CEO. My colleague remarked that he and his wife had been a customer of the bank for 25 years. Yet, in a recent interaction with a customer service representative (CSR) at the bank, the representative was unaware that my colleague's daughter had recently turned 18 and begun her financial life as an adult.
Artificial Intelligence (AI) is having a seismic impact across the banking industry. Its utilisation is broad and diverse, ranging in application from chatbots and virtual assistants to profiling customers, streamlining processes, identifying trends and patterns in customer behaviour and risk management. If you're new to the world of AI, getting to grips with the terminology can seem daunting, but getting started in AI is way more straightforward than you might think – and the rewards for taking action early can be vast in terms of keeping your customers happy, providing a unique competitive edge for your business and reaping the associated commercial rewards. According to industry analysts, AI has the potential to drive one of the greatest and most profound technological revolutions in modern history. Artificial Intelligence, or AI as its more commonly referred, relates to the design and creation of systems, machines or applications that possess the ability to undertake complex tasks traditionally performed by humans.
While fintech companies have been at the leading edge of artificial intelligence (AI)-powered innovation, financial services marketers are making up ground fast. McKinsey Global Institute says healthcare, financial services, and professional services have seen the greatest increase in their profit margins because of AI adoption. Advances in digital and mobile banking have created a "greenfield" of new opportunities for bank and credit union marketers, including leveraging data to map, analyze, and optimize the customer journey through inbound and outbound marketing interactions. For financial brands beginning to transform their marketing, there are five best practices that will enhance customer engagement across the customer journey. Take a look at how to turn your clients into partners just by listening -- and then providing what they need.
Applying data science technologies like AI, NLP, and machine learning algorithms can help banks in several areas like fraud detection, risk management, customer sentiment analysis, and personalized marketing. Data science is disrupting the banking sector like never before. Banks are sitting on piles of data and harnessing the volumes of data is helping banks in various ways, from process automation, process improvements to exploring new delivery models and introducing new services. Every year financial institutions are spending billions against fraud detection applications, as it may hurt the company's brand and reputation. Data science plays a key role in collecting, summarizing, and predicting the customer database to detect fraudulent activities.
With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.