Meeting Financial Customer Expectations with AI

By: Banking CIO Outlook | Monday, May 27, 2019

FREMONT, CA: Artificial techniques (AI) turns traditional banking on its end. Instead of merely matching data to consumer and business queries, AI will become a problem-solving mechanism. Even financial marketers will see their work redefined as AI sends focused messages to individuals. Through decades AI has been increasingly shaping financial consumers' wants, requirements and expectations. Its current uses in financial services seem only the beginning and banks and credit unions.

Many financial companies have been using a chatbot for several years. AI will continue to add value to this area. Chatbot' intelligence and inclinations have increased. From simple handling of general consumer queries, digital tools have evolved to digital assistants, which can initiate actions and perform multiple tasks independently. Financial institutions will soon begin to start using chatbots for more proactive tasks. Skills of chatbots and virtual assistants will eventually increase, and their role will become more ingrained in banks and credit unions. These figures spark some apprehension among credit union workers; there should be little concern as financial institutions appear to be looking at AI as a tool to empower employees than replacing them.

Intelligent automation could be the answer to fix issues related to customer engagement, business requirements, and more. Automated data collection on an ongoing basis can ultimately assure that commercial banking relationship managers are better equipped, with in-depth knowledge about their customers. AI banks would be able to personalize calls to action based on what they know about that specific customer and implement effective price optimization. AI also possesses the capability to enable banks and credit unions to use the information they hold on customers and members to drive predictive recommendations around product offerings.

Pushing products blindly at customers is no longer feasible. A more suitable method of growing revenue is, specifically targeted products based on a customer' circumstances. This approach promotes trust and brand loyalty. The use of AI would gain an opportunity to prove they understand their customers' requirements and wants.  

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