We published this article a few months ago and since then the interest in AI in the financial services and insurance sector has continued to grow. So, in the interests of helping our community of readers learn what they need to know about AI and how it can improve customer service and engagement, we decided to bring the content to the top of everyone’s inboxes and feeds once more. As the article notes, “…the full potential of AI in digital transformation is not being realized” in the financial services and insurance sectors and it’s time to do something about that.
As FinServ and Insurance (FSI) organizations plan to meet their 2021 goals, many are buzzing about artificial intelligence (AI). According to the Sitecore survey, AI & Digital Transformation: How has COVID Affected CX? , 92 percent of surveyed organizations are talking about AI. However, only one-third have implemented a company-wide AI policy, meaning that many organizations are missing out on the benefits AI can provide across the organization — especially with digital transformation and customer experience.
“More worryingly, the full potential of AI in digital transformation is not being realized because organizations are missing out on the power it provides in delivering the highly personalized experiences that set brands apart,” shared Jacqueline Baxter, Senior Digital Strategist at Sitecore, in a recent blog on the 2020 impacts on CX in FSI sector.
Baxter goes on to share that 38 percent of organizations reported being excited about using AI to identify customer trends, but only 33 percent shared being excited about improving and scaling personalization, which seems like a missed opportunity.
The survey also revealed that only 21 percent of organizations are researching Content Marketing System (CMS) solutions, and 79 percent are struggling to achieve business agility, which can be made possible by implementing solutions, — like a CMS — that streamline processes, reduce workload, and cater to customers.
With AI tools, FSI organizations can deliver personalized content to the right person at the right time on the right channel, working to improve the customer experience and engagement. With this in mind, FSI organizations can prepare themselves for the year ahead by learning more about the potential of AI and focusing on personalization with the help of the right solutions.
“At a time when businesses and customers are both nervous about safety, security, and the future, online customer experiences and brand reputation has never mattered more. It’s not excessive to say that we’re right in the middle of something big,” said Baxter.
Is your organization ready to take on the year? Learn more about what is impacting FSI organizations and how AI can help.
