Financial Experts Share View into the Future of Banking Customer Experience
Boost.ai, a leading provider of conversational artificial intelligence (CAI) at scale, hosted a webinar in partnership with the Financial Brand exploring tactics to drive customer satisfaction in an age of intense competition and digitization across the banking industry. Today’s customers seek digital-first and online-only support for their financial needs, and banks and credit unions must be willing to meet those customers with more advanced, personalized digital offerings. For more than a decade, The Financial Brand has published strategic insights on the state of retail banking. Its coverage of marketing, CX, retail channels, mobile, product design, and growth strategies guides financial leaders and decision-makers through the complex nature of the banking space.
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“Our goal with this collaboration was demonstrating the value of artificial intelligence is simply too great for financial institutions to turn away from,” said Bill Schwaab, VP of North America for boost.ai. “In light of the hyper-acceleration of self-service, filling critical customer care gaps requires we reconstruct our notions of customer experience and embrace technology that optimizes for ever-shifting expectations.”
Throughout the presentation, Boost.ai provided an in-depth analysis of trends taking hold in banking digitization as well as validation that artificial intelligence enables financial institutions to accelerate growth and resolve overwhelming customer demand. Deeper customer satisfaction depends on the ability of financial institutions to deliver accuracy and consistency across their service channels in every interaction. With automation and conversational AI, banks and credit unions streamline operations to shift decision-making from the process-based approach of the past to the forward-thinking, agile way of the future.
“Banks and other financial institutions are rightfully held to the highest standards by customers, so it’s no question that they should be employing the most sophisticated technology to improve digital experience,” said Henry Vaage Iversen, CCO at boost.ai. “As conversational AI and NLP continues to improve, customer representatives across the industry will have the time to upskill and ensure customers can have a completely personalized banking experience. This focus on satisfaction will in turn, strengthen the entire global industry.”
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Boost.ai partner Nordea, one of the largest banks in the nordic region, also attended. Mattias Fras, Group Head for Nordea’s AI Hub, detailed the use of Boost.ai’s conversational AI platform in practice. “In the past, a simple chatbot strategy was enough, but that need has evolved. An overall customer engagement strategy ensures you meet your customers where they are, in the ways they need,” Fras said. “The banking industry will likely continue to see an influx of service requests, and its imperative organizations prioritize incorporating artificial intelligence into their CX strategy.”
Since 2016 Nordea has worked with Boost to build several language agnostic virtual agents across multiple functions such as customer support, internal user support, and human resources. Serving 9.3 million customers, Nordea’s chatbot strategy is a testament to the power of CAI to better serve customers, improve internal processes and maintain the value per interaction in the myriad of requests they handle on a daily basis.
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