Innovative technologies often come with a major advantage for businesses, whether it’s finance or any other industry. However, some are better than others, and so is the case with AI banking solutions—they are the ultimate tool for delivering better customer experiences. Why? How can they be used? We answer these questions in this article.
4 Ways AI Banking Solutions Improve Customer Experience
So, how are AI banking solutions used to enhance the customer experience in finance? There are as many answers to this question as there are AI-powered systems. Let’s look at some of them.
Higher Personalisation
AI banking solutions enable you to achieve a much higher level of personalisation than traditional systems. Why is that?
The power of modern computing enables artificial intelligence models to analyse vast amounts of data in a blink of an eye. When taught by historical data, these systems are capable of more than just classifying the customer in one of the categories—they can discover what content the customer expects and what products they are interested in. What is the result of that?
Your customer service agents may ask your AI model (for instance, in the form of an AI prompter) for tailor-made product recommendations for a given client; your app might propose the right content automatically; you can even set a smart UI in your app—one that changes based on the user’s habits.
Speed
Bank customers often struggle with long procedures. Just look at mortgage applications—they take a lot of time to process, and the client gets increasingly stressed out. Yet, with AI-powered banking solutions, you can alleviate these negative emotions.
Artificial intelligence, when used to automate tasks and streamline processes within your business, can be the remedy for long procedures. By leveraging it, you reduce the amount of manual input from your agents, ensuring that everything goes faster, reducing customer stress levels, and driving higher loyalty.
Access
AI chatbots are a powerful tool when it comes to providing your customers with permanent access to customer service. Imagine your client’s card gets stuck in the ATM at 2 AM—it’s a major problem for them, so they want immediate answers on how to proceed in such a situation. But do you have enough agents working night shifts? With AI, it’s not a problem.
An intelligent chatbot can solve much more complex queries than traditional bots. As such, you can implement it to work when you don’t have enough agents at your disposal, for instance, at night. This way, you improve the overall quality of your customer service, meet your client’s needs and reduce your operating costs.
Quality
Did you know that you can improve customer service quality with AI? The case here is simple.
You can feed your AI model with all the legal and internal regulations and then use it to propose answers to your customers’ questions, along with the sources. The CS agent will, naturally, need to verify them. Nevertheless, it can eliminate a number of mistakes from your organisation’s interactions with the customers, driving better customer experience.
The Takeaway
As you can see, AI-powered banking solutions are a powerful tool for customer service teams in financial organisations. Therefore, if you aren’t using them yet, start planning your investments ASAP—the faster you get this technology, the sooner you will reap its benefits.