A new study by CapGemini finds that consumers are ready to embrace AI support, and that AI interactions, if properly designed, can enhance the personal connection they feel to brands. The study is comprehensive – it is based on surveys of 10,000 consumers from 10 different markets and covers all ages, income groups and employee status. It is current, as the surveys were conducted this May. These surveys were supplemented with three virtual focus group discussions with 8-10 consumers per focus group in the U.S., France and Germany. Research for the report included interviews with several key industry stakeholders and academics.
As the world grows increasingly digital, providing the'humanized engagement' becomes ever more important. Digital consumers demand more today than speed and simplicity. They want to feel good about their interactions with technology, and this requires some element of the personal touch. Subscribe to The Financial Brand via email for FREE!Despite all of the talk about improving the customer experience, most financial institutions have focused on using digital technologies to improve their bottom line. With regard to the consumer, the focus has almost entirely been on improving speed and simplicity.
As the world becomes more digital, the importance of humanized engagement becomes more important as well. As opposed to simply wanting speed and simplicity, the digital consumer also wants to feel good about an interaction. Subscribe to The Financial Brand via email for FREE!Despite all of the talk about improving the customer experience, most financial institutions have focused on using digital technologies to improve their bottom line. With regard to the consumer, the focus has almost entirely been on improving speed and simplicity. Financial institutions must also consider the emotional impact of digital interactions.
Artificial Intelligence (AI) has been there for several decades now but has followed hype cycles of renewed'springs' and cold'winters'. For one very simple reason – we, as consumers, want to do more with less. We want our lives to be easier. Omnipresent smart devices coupled with improved technology of AI promises to deliver that panacea. But are enterprises maximizing on this opportunity to deliver a better customer experience?
The exact nature of collaboration and competition between legacy financial organizations and new fintech providers remains uncertain. Banks and credit unions must continue to explore strategic options, however, as technology changes and regulations evolve. No term has been more used (and misused) in the banking industry over the past three years than the word "fintech". Sometimes used as a shortened version of "financial technology" solutions, the term is also used to describe a sector of start-up competitors that are using digital technology, analytics and mobile platforms to make daily banking easier. Interest in fintech has escalated due to heightened consumer expectations around the digital delivery of financial services, with this interest resulting in massive investments in the sector during the past three years.