In recent years, the global awareness on the importance of artificial intelligence in providing customers with top notch experience has increased, pushing more and more companies to incorporate AI solutions into their businesses to gain quick access to information and automate processes, as they realize that a great customer experience is the main factor for their success.
Customers’ expectations regarding the services provided to them by financial institutions have raised significantly. Consistency, for instance, is a service customers are looking for the most, they expect to receive a uniform and fair service across all channels (mobile app, website, physical branch). This gives customers a sense of reliability. The demand for a more personalized experience is increasing as the AI and banking worlds are merging.
The next few points discuss how CX can be improved through AI.
1. Understand how AI can affect CX
The immense value of AI stems from its ability to collect and interpret massive amounts of data from various sources, including human actions and emotions, thereby assisting in the creation of a superior CX. If the new competitive arena is customer experience, artificial intelligence is the most useful force.
2. Deploy various technologies with AI
Other technologies, such as machine learning, deep learning, and natural language understanding, can be integrated with AI to break down communication barriers and automate consumer interactions.
3. Create a business case
Retail banks can construct a clear business case if they have a better notion of expected returns and costs. Every company's activity requires fast access to the relevant data. If left unaddressed, poor data quality can have a major impact on a retail bank's gross revenue.
4. Know how your clients want to be served
AI provides immediate response 24/7. Delayed responses and long queues make clients frustrated easily. Deploying AI can aid in providing immediate answers to client questions and FAQs, hence this would solve the problem of long waiting time, and reduce clients’ churn.
The use of AI and machine learning demands a flexible approach based on ongoing business performance monitoring and constant changes to ensure that business value is delivered. AI is about incrementally leveraging what's working, addressing flaws, and altering course as needed to continue forward in pursuit of long-term objectives.
References
[3]https://www.digitalbankingreport.com/trends/artificial-intelligence-for-an-improved-cx/
[4]https://www.theuxda.com/blog/ai-powered-contextual-cx-digital-banking-success-or-disaster
[5]https://www.revechat.com/blog/ai-in-customer-experience/