AI powers banks with the ability to enhance customer engagement and deliver exceptional banking experiences.
FREMONT, CA: The use of Artificial Intelligence (AI) in banking is no new. This technology has drastically changed the way banks build stronger customer relationships to better customer experience, thanks to significant progress in AI technology. Technologists are uncovering newer use cases of AI that help banks transform the paradigm of customer service.
One of the most exciting ways in which AI improves customer service is through employing tone and language-analysis to identify the customer's mood or state of mind during a conversation. This customer-sentiment use case can bring inestimable value to banks, as it provides customer-service representatives with appropriate suggestions for resolving customer complaints, which are all in accordance with that particular customer's situation and temperament at that specific time.
AI functions by gathering and categorizing customer account activities to provide an integrated view of a customer's financial history. AI works on this data to develop prescriptive product and service recommendations for bank frontline personnel to deliver to customers. By combining and analyzing data from several sources, AI can create a more efficient and secure banking experience. AI can also be deployed in online applications to make self-service recommendations, which are favored by millennials.
By using AI, banks can improve performance against KPIs by increasing customer engagement, enhancing customer satisfaction, reducing customer attrition, and increasing deposits and product adoption. To reap the goodness of AI, banks can start by collecting and analyzing transactional and non-transactional data on their customers. Training banks' frontline personnel to use AI solutions and creating easy-to-use online apps for customers who prefer to bank electronically are also feasible methods.