With so much hype around Artificial Intelligence, it is important to discuss the benefits of AI to customers of a financial organization.

Here are 19 ways AI tech Improves Customer Service (CS) and Customer Experience (CX)

1. Automation –  One touch and done! FIs with the help of a customer service chatbot and AI, the whole banking experience for customers can be automated, from online transactions to receiving intimation on repayment of debt.

2. Quick resolution – Like every other sector, BFSI too has process changes entirely based on customer feedback, queries, and responses. AI provides customer data on a real-time basis and decisions around these organizational changes can be taken promptly. Prompt decisions will cause prompt resolutions satisfying more customers.

3. 24X7 uninterrupted assistance –You need a lot of human support to run a 24-hour customer service process, which is not feasible. An AI Chatbot doesn’t need offices, food, or sleep. Chatbots provide 24×7 and 365 days of continuous service.

4. Minimization of issues – A customer service chatbot driven by AI not only detects the issues better but also helps in reducing the number of customer complaints by solving issues faster, giving unbiased solutions and guided experience to customers.

5. Seamless experience – Conversational AI makes banking experience for a customer frictionless. A human to human interaction can be full of emotions. Unlike humans, a customer service chatbot provides a seamless experience free from human bias, human errors and other technical glitches.

6.Security–  Banking has become digitalized but customers are afraid of theft and other common fraudulent practices. The new age AI technology can not only detect these activities but also provide protection and increase customer delight.

7.Data-driven – AI can handle vast amounts of data and enable data sorting, extraction, and analysis more quickly than humans can. It can analyze customer sentiment during calls. This data intelligence can give an accurate picture of what customers think about financial institutes enabling better customer service and experience.

8.Innovative CX – The best way to further improve customer experience is to optimize your customer experience strategy and create innovative ideas. AI technology helps an organization to define CX goals better and tells what it should do to achieve it.

9.Reduction in cost– An AI agent reduces the spend and have fewer disparities in performance. Reduced cost improves the profitability of the organization enhancing customer service.

10. Personalization – AI will assist banks to create a more personalized experience for their customers. Personalization in terms of Smart Discovery, Smart Transaction and understanding a customer persona to personalize interactions and provide customized offers.

11. Predictive analysis–  Predictive analytics can be the ultimate game-changer in the debt collection process for banks. By utilizing predictive analytics, banks can simplify the collection process by providing different repayment options, based on a consumer’s financial state, that increases the probability of repayment. This in return will increase CX.

12. Tailored content– The data AI gets from customer experiences helps them tailor emails, suggestions, products pitches and other interactive content specific to a customer. This can improve prospect delight to a great extent.

13. Customer specific branding – The customer service chatbot, driven by AI becomes the representative of the brand to the customers. Predictive analysis with the help of AI and Machine Learning technology can help banks to brand the AI Chatbot in a way that it becomes more appealing to customers, increasing conversions.

14. Self-servicing – By 2020, 85% of a client’s relationship with a business will be managed without interacting with a human, according to Gartner research. AI chatbots enable customers to ‘do it on your own’ method, where they can perform banking activities without any human help.

15. Better engagement– The best way to engage customers is through AI. Automated interactions, data-driven messaging and suggestions, timely reminder increases customer satisfaction.

16. Millennial-focused – An intelligent chatbot can guide and assist millennials in completing service requests on their own without involving a human agent. Millennials are turned off by banks because they don’t offer appealing products and services. interface’s AI Chatbots help banks to combat these problems and win over the millennial customers.

17. Better customer insights – AI helps a customer to find exactly what they want, analyzing browsing patterns, click rates, email open rates, time and medium of communication are parameters that enables AI to derive all the required customer insights to provide improved customer service.

18. Bias-free service – A big chunk of customer data is very sensitive. Issues like debt collection need a bias-free approach which humans can’t provide. AI Chatbot handles issues better than humans as customers are comfortable to share their problems with an AI bot over human beings.

19. New banking trends– Customers are always looking out for new banking trends. AI, NLP, and Machine learning are unique technologies that will engage more customers and invoke their interest in the bank. They will make the banking experience for a customer fast, guided, and seamless.

2020 is going to be an interesting year. As the power of AI tech is only going to get stronger, numerous banking organizations are adopting AI to revolutionize their business.

Read our blog on: Digital Assistants can help Credit Unions overcome member support challenges