Financial services companies are investing heavily in AI to transform CX. Here’s why your bank should, too.
Top priorities for financial services organizations are changing. As banking products and services grow increasingly commoditized, banks are taking steps to differentiate themselves from competitors by zeroing in on providing superior customer experiences. For many, this means investing in AI technology to better serve their customers.
According to findings from a recent Forrester survey (via CIO), AI is among the top three “hot, planned technology investments for banks in 2022.” For reference, Forrester’s criteria for “hot” technology includes investments that banks are planning to initiate within the next 12 months and that are expected to transform the financial services industry — and clearly, interest is incredibly high.
Financial services executives also are anticipating AI to have a far-reaching impact. NVIDIA (via Forbes) found that 83% of banking executives agree that AI will be critical to success, and many have already taken the leap with AI investments. Almost 60% of respondents in McKinsey’s Global AI survey said their organizations have implemented “at least one AI capability,” most commonly for operational and customer service tasks.
However, as the adage goes, “just because everyone is doing it, doesn’t make it right.” Financial organizations will want to be certain that the AI solutions they invest in are more than just fads so their investments address real challenges and drive business growth.
The Value of Investing in AI for Banking
One of the most substantial challenges for banks, at a time when competition is at a fever pitch, is creating experiences that attract and retain customers. Customers are demanding more from their banks, and they’re not afraid to switch to providers to find personalized service and better customer care.
For instance, when pandemic-related lockdowns forced financial services into virtual channels, many banks deployed or updated mobile apps to enable more extensive digital customer support. However, two-plus years later, many banking apps are providing experiences that are too simplistic and far from extraordinary. As one Forbes author states, “customers have made it clear that an app, even a good one, doesn’t exactly command loyalty.”
When it comes to mobile apps and online channels, banks need to step up their game. According to McKinsey, between 15-45% of banking customers plan on reducing in-person branch visits, meaning virtual channels such as web, mobile and voice calls remain critical care points. Banks need to drastically improve the quality of these service channels in order to address the full suite of customer desires, which includes more personalized and empathetic support, as well as consistent experiences across all channels.
The solution best suited for this task is not a basic mobile app outfitted with an FAQ chatbot — it’s digital agents powered by Conversational AI.
Amelia, the market’s leading Conversational AI agent, has been creating extraordinary banking experiences for years. With her ability to recognize human moods, intents and emotions, she can form appropriate responses that make banking customers feel understood and supported. In addition, Amelia can seamlessly connect with banking systems to provide the most up-to-date information and support regardless of whether customers call into a call center, use a mobile app or visit a branch location.
While customer experience has always been important, the stakes have never been so high for financial services companies. As the demand for superior customer service grows fiercer, investing in AI becomes an even greater imperative — and that’s a reality you can bank on.