Today, for banks to keep customers happy they must go beyond the traditional tactics. From artificial intelligence to machine learning, financial institutions are enlisting fintech to provide customers with a better experience, both in-person and online. Not only can these technologies cut costs, they engage customers like never before, offering banks unique insights into their users and providing the data they need to keep them happy. Read on to learn more.
According to Henry Iversen, COO and Co-Founder of Boost.ai, financial institutions that implement AI technologies can expect to save more than $1 trillion by 2030. AI can be used to improve AML operations, digital banking, and even customer experience. Using virtual assistants, banks can service customers anytime, anywhere with a human-like experience.
Institutions are leveraging AI driven virtual assistants to cut costs, improve the customer journey, and increase customer loyalty. According to Juniper Research, conversational AI platforms alone have the potential to cut operational expenses by as much as $8 billion by 2022.
Read more here.
Banks Must Focus on Experience
“Often, CX is viewed through a digital lens. Doing so may be appropriate for transactions which have already massively migrated to digital (and continue to do so). But customer engagement remains solidly in-person. Optimizing those experiences should therefore be a high priority,” said a recent Celent report.
The report dove into how financial institutions must not only provide a memorable digital customer experience but a positive in-person experience as well. When asked which experience would motivate a customer to switch banks, 47 percent said a poor in-person experience at a branch. This was agreed upon by both baby boomers and millennials who require a personalized face to face interaction.
Read more here.
Small Banks and Customer Experience
Suresh Ramamurthi, the chairman and CTO of CBW Bank, shared his experience with fintech driven customer experience. “As the chairman and chief technology officer of a small, century-old community bank in Weir, Kansas, I am aware of the challenges faced by my peers. At CBW Bank, we’ve embarked on a modernization initiative that includes online banking, mobile banking, and remote deposit capture. With rapidly evolving technologies and regulations, we expect to continue to develop and launch products and services that use innovation to serve our customers better,” he said.
CBW is leveraging fintech to bring a better customer experience to their consumers. By using AI and ML, the bank has been able to provide faster, more effective services. “Machine learning provides various benefits for banks beyond compliance regulation. It enables them to learn more about their customers and drive new revenue opportunities. Digital access to real-time data provides insight into customer behaviors, interactions, and preferences,” said Ramamurthi.
Read more here.
To learn more about AI, ML, and the customer experience, subscribe today.
