How Artificial Intelligence Can Drive Customer Intelligence in Banking
Artificial intelligence is providing more insight and better automation for businesses of all sizes in all industries. It is proving itself as a powerful tool to reduce repetitively, eliminate money and timewasting tasks, as well as increase what businesses can learn from their customer data.
What are the applications of artificial intelligence in banking?
NCR says that AI can do more than just automate tasks for banks. “…Banks should be looking at the bigger picture – how AI can not only save costs, but also open up new opportunities to design and deliver next-generation services, and revolutionize customer experience? Rather than being perceived as a replacement for people, AI can be deployed to do simple, monotonous jobs that don’t require the human touch.
Consequently, the human resources within an organization are given the time to focus on more complex, nuanced jobs that could ultimately prove much more valuable, such as engaging with customers and designing new products.”
Customers who interact with banks digitally create a lot of data for banks and financial institutions to gather, analyze, and act on. Using artificial intelligence and machine learning techniques can help businesses track and understand what the needs and wants of their customers are, ultimately using this data to create better products for customers and enhancing their overall experience with your business.
Customer intelligence, as defined by Aspire Systems is “the process of gathering and analyzing information regarding customers, and their details and activities, to build deeper and more effective customer relationships and improve decision-making. CI helps businesses create an ideal customer profile, predict their wants and dislikes and engage customers at an emotional level. It also gives a better insight into the customer persona thus enabling improved targeted marketing and better analysis of customer complaints.” Ultimately. AI works to make it faster and easier to make smarter business decisions, using the plethora of business data available. This customer intelligence data can grow your business, give you a competitive advantage, and help you remain innovative.
Artificial intelligence in banking to improve the customer experience
Is using artificial intelligence in banking a good use of your business resources? Here are some of the customer experience benefits that AI can drive in your business and use customer intelligence data to improve the banking experience for customers.
1. Better personalization for a better customer
Banks aren’t retail, but they do sell products like loans, accounts, and investment services, so they need to be turned into customer data to find out how to personalize their offers to customers. Showcasing your additional abilities and products to existing companies can help drive your revenue, and using AI to help you not just understand what the smartest recommendation is but also how to develop the most personalized content that can be delivered at the right time.
2. Improved trust and customer loyalty
The Royal Bank of Scotland has 17 million customers and like most businesses, particularly banks, used upsell tactics with existing customers in order to build revenue. Some customers found this too aggressive and weren’t turned off by their efforts and marketing communications. AI helped businesses transform their customer outreach. In this particular bank’s case, this meant reaching out based on customer behavior and creating conversations that mattered, such as reaching out with advice to customers who continuously overdraft their accounts.
