In today’s digital banking ecosystem, financial institutions are employing value-added finance technologies to help automate digital experiences and a range of online financial services. These new age digital engagements are now at the forefront of most banking priorities with most fintech and industry leaders prioritizing data driven strategies to back the creation of better and more dynamic customer experiences that suit today’s changing market.
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With new finance technologies enabling better financial services and making it easier to offer seamless digital banking operations, finance leaders now have to ensure they can give their customers the best online service possible backed by real-time insights and self-serve models.
As banks and financial institutions adopt to new AI backed technologies to create conversational experiences, what are the few things worth keeping in mind?
Training your AI
Artificial intelligence is redefining the banking experience and financial advisory service base in different ways. With AI powered chatbots and virtual assistants, even ro-bo advisors now available to interact with customers and ease the manual role of a human agent, bigger banks and institutes also have to focus on training their AI to comprehend a range of customer queries online. Not only is it important for AI powered assistants in finance to understand the questions, the platform should be able to format answers suited to the channel of communication (email, social media, website, etc).
What users are now looking for is better intelligent engagement even from their financial providers, and experiences akin to their B2C counterparts like Amazon. The onus now lies on the bank or finance service provider to help customers solve all their financial problems digitally without the need to rely to human staff at all, because of sophisticated AI.
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Creating a Human Experience that’s Automated, Personalized, SAFE and all Online
With several leading banks and financial institutions leveraging or thinking of best-in-class conversational natural language understanding and natural language processing (NLU/NLP) technology to create better customer experiences, finance leaders have to also prioritize humazining this whole end to end interaction that is largely automated and requires hardly any staff intervention. Customers in finance need personalized advice, besides training platforms to respond to a range of queries, the platform has to be able to suggest relevant alternatives to specific challenges.
Advanced AI applications can help provide relevant data to answer queries that can help deal with stolen or credit cards, disputed transactions and other crucial questions as the need may be; in an urgency, being able to have an instant assistant to help protect your financial interests without waiting to get in touch with an actual executive can help customers feel safe.
Besides rich abilities such as this, training AI applications to perform useful tasks like suggesting budgets, helping customers control their spend while enabling services like investments and payment transactions will also help banks and financial institutions have a better view of their customer data, because a well-integrated system that is deeply connected to the financial institute’s core system will aggregate data from various sources to help providers better understand and serve customers.
Finance leaders can use this data on their customers to create more valuable services that are based on their customer’s actual challenges and need.
With deeper integrations today, banks have the power to recreate and reimagine every digital banking experience. As intelligent assistants and AI become more powerful in fintech, predictive technology and assistants that solve more complicated business challenges for customers and the banks based on actual behaviors and user insights will take center fold. The future of next generation financial services is set to take on a new shape in terms of the kind of interactions and experiences users can expect from their banks online.
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