The value of artificial intelligence (AI) in the financial services industry

Dec 19, 2022

2 minutes

More than half of consumers said the COVID-19 pandemic increased their expectations of financial institutions’ digital capabilities (Salesforce, 2020). Nevertheless, only one in five believes they can deliver personalized experiences at scale (The Financial Brand). It’s imperative that financial services institutions adapt.

Servicing the customers of tomorrow

Today’s customers expect a personalized and connected digital experience where they can get immediate answers and make transactions anytime, anywhere. Likewise, Millennials and Gen Z, who are much more digitally inclined than their predecessors, continue to emerge as financial institutions’ largest consumer groups (Insider Intelligence, 2022).

However, issues abound from a general inability to deliver a seamless customer experience (CX) and antiquated technology to scalability concerns and prolonged staffing shortages. Luckily, AI adoption is more feasible and practical due to increased user acceptance and shifting regulatory frameworks (Insider Intelligence, 2022).

AI is the perfect tool for financial services institutions as it streamlines CX and elevates customer satisfaction and retention through a seamless omnichannel customer journey. Moreover, it empowers financial institutions like banks and credit unions to overcome the challenges of today while meeting the high expectations of CX-hungry consumers.  

AI and customer experience 

The CX possibilities of AI are multifold. With AI, brands can automate customer satisfaction surveys over the phone with Natural Language Processing (NLP), vastly improving response rates. Financial institutions can also leverage the data collection capabilities of AI to send automated promotions via phone, chat, or SMS text messages that are personalized based on the customer’s account activity, purchase behaviors, credit score, etc. Similarly, AI can help automate loyalty management, enabling financial institutions to provide special offers to existing customers and monitor satisfaction with automated post-call surveys, further boosting CX.

AI can likewise automate much of the appointment management processes through self-service. From reminders to rescheduling, financial institutions can ensure their customers are aware of their upcoming commitments, decreasing appointment cancellation rates significantly. Not only do self-service features enhance CX, but the employee experience as well. Through AI, financial institutions can automate many repetitive and tedious tasks that take up most of an employee’s day.  

AI and employee experience

Financial institutions’ contact center agents are time-constrained and must do more with less every day. By eliminating menial and mundane processes with AI, financial services businesses can free up their staff to focus on more complex priorities. For example, AI helps agents automate fraud alerts, check deposits, and transaction notifications, optimizing productivity and decreasing human errors. Indeed, automating middle-office tasks with AI will save North American banks $70 billion by 2025 (Insider Intelligence, 2022).

Additionally, financial institutions can enrich the customer and employee experience by automating fraud prevention and deploying two-factor authentication. AI can spot irregularities and uncover fraud in real-time, which would otherwise get overlooked by a human (FinTech Magazine, 2022).  

Learn more about our industry-leading platform 

Through IntelePeer’s Communication Automation Platform, financial institutions can deliver fast, highly personalized CX using omnichannel capabilities and self-service automation boosted by AI. Secure and reliable, our platform proactively empowers fraud prevention while seamlessly integrating with other applications, CRMs, and existing communication infrastructure. Contact us to learn more now.

Heather Hancock

Knowledge is power.

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