Artificial Intelligence Fosters Customer Participation for Financial Brands

By CIOReview | Friday, December 7, 2018

The rapid growth of structured and unstructured data, availability of innovative technologies, competitive-pressures, increased regulations, and higher customer expectations have created the ever growing demands of in the financial sectors. Following are some of the ways how AI adoption is booming financial brands in getting personal:

Chatbots and customer service: Financial brands are using AI to increase customer engagement and satisfaction. There are AI-enabled chatbots that provide financial guidance for the organizations’ clients through voice and text messages. Clients can access services at any time as chatbots can provide services 24/7. Customers do not need to hire customer service personnel as chatbots are able to perform the day-to-day transaction. 
No privacy invasion: This is a challenge for the brands to get precise and real-time feedback from customers without intruding in their personal space. AI saves both the consumers and the brands from the question & answer acts by automatically registering the behavior regarding a product or by mapping their usage patterns. AI provides companies insights of what acts as a deal breaker and what makes a best-seller, which helps companies to strategize accordingly.
Ensuring a right time-right place: AI helps to separate users based on their behavior, activity or time-frame, which helps companies to provide customers with their likelihood of buying. AI is able to capture customers’ reactions preferences that help companies to follow a particular buying pattern. The mappings cater the sellers to come up with the offers and campaigns with output probabilities. 

Personalized experience: AI helps the consumers to move beyond ‘too many options’ by providing narrow selections and easing the task of decision-making. Also, saves time and money by enabling one-on-one relationship which doesn’t demand individual attention. AI serves the companies robust recommendation engines based on past purchase trends that help the customers in driving impulse purchases. 

Supporting omnichannel existence: AI systems map the usage pattern and target the devices and channels on which it observes users’ maximum engagement. Also, push messaging down to multiple devices keeping in view the best time from users’ point of view. 

Process automation: AI-enabled intelligent character recognition system- ICR helps to recognize and extract relevant information from loan applications, lease agreements, forms, and receipts and save employees countless hours of work. The tools can reduce the time spent in reading and recording client information.
Financial brands can take the leverage of AI and its associated technologies as deep learning, natural language processing, and machine learning. With the adoption of AI, brands can provide excellent customer satisfaction and make themselves discreet in the competitions.