Role of AI In Enhancing Customer Experiences

Banking CIO Outlook | Wednesday, June 05, 2019

FREMONT: CA: Artificial Intelligence (AI) techniques have been shaping financial consumers' wants and needs. Current uses in financial services are only the start. Chatbots will look simplistic as AI-enabled virtual assistants begin helping consumers with more-complex decisions. AI becomes an extensive problem-solving mechanism instead of merely matching data to consumer and business queries.

Financial sectors have been using a chatbot for many years now as AI continues to add value in this area. The intelligence of chatbots' and capabilities have increased too. From a simple digital tool handling general consumer queries, and digital assistants, which can initiate actions and perform multiple tasks independently, it has evolved. Financial institutions will now start using chatbots for proactive tasks. It will also help consumers to set and achieve business goals and manage their money more wisely.

Banks have an abundance of data at their end. Data can offer valuable insight into customers' lives, needs, and challenges. This information can be practiced to create targeted marketing campaigns, uniquely personalized for each customer with the use of AI. The technology enables banks and credit unions to use the information they hold on customers to drive predictive recommendations around product offerings. AI further highlights its potential to cross-sell by looking at demographics and product history legitimately. It is no longer feasible to push products blindly at customers. A more sustainable way of growing revenue is, specifically targeted products based on customers' circumstances.

Artificial intelligence highlights the creation of intelligent machines that work and reacts like humans. AI technologies have a well-reformed information system that makes them more adaptive to humans, improving the interaction between humans and computer systems. AI can learn continually from the data supplied to it, which makes it different from other traditional technological solutions. This allows it to refine its decision-making processes over time. AI has the potential to revolutionize banking sectors and redefine financial institutions operate. This will be an essential step to learn how to best leverage AI and what its benefits and limitations are, to drive much-needed growth, sustainability, and profitability.

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