Data and Artificial Intelligence (AI) are slowly restructuring the business landscape of the financial services industry. Financial enterprises are quite rich in customer data. This data contains various intricate details of the customer such as their needs, expectations, channel preferences, etc. If these enterprises can tap into this data in detail, they can deliver actionable insights that can be tailored to customers as per their preferences. For doing it at scale, they need to use AI. AI can help in delivering personalization at scale for each individual customer. Moreover, companies can enable intelligent automation of various processes within the organization using AI. Through all this, the ultimate goal is to generate positive customer engagement across all touchpoints on a consistent basis.
Process Automation
AI can automate multiple time-consuming and mundane tasks in a financial organization. Through AI-driven software, data can be quickly verified and analyzed as per the given parameters. Documents can be reviewed in an accurate manner, which normally takes thousands of work hours. Information extraction from forms is made easy and millions of reports can be generated within seconds.
AI-Powered Personalization
This is a no-brainer. Using advanced AI algorithms, it’s possible to drive personalization for each financial services customer with the right message at the right time and on the right channel. If there are millions of customers, AI can tailor personalized user journeys for each one of them. The right message, time, and channel are discerned by extracting them from customer data. Technologies like Customer Data Platform (CDP) can assist in aggregating and unifying data from disparate sources.
When it comes to digital channels, AI can directly power and drive chatbots and reduce the workload of customer call centers. With advances in AI, voice-controlled virtual assistants are getting smarter and can even simulate the voice of a human. AI-assisted personalized financial advice is also gaining traction. They can track expenses, spending habits, recurring income and present an optimized financial plan for the customer.
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