AI-based banking solutions are a powerful tool in the hands of banks. They can be used to speed up internal processes, boost the productivity of your customer service agents, and deliver better customer experiences in general.
In this article, we will look at this in more detail, providing you with several examples. Do you want to find out more? Then read on!
How AI Banking Solutions Enhance Financial Institutions?
So, what is the impact of AI banking solutions on companies operating in the finance industry? We’ve prepared a few benefits, each of which comes with an example of an artificial-intelligence-based platform that enables businesses to achieve these advantages. Take a look below.
Enhanced Customer Experience
The first superpower of AI banking solutions is elevating customer experiences, and it does so through various means. Faster customer support, personalized content, 24/7h support, and easier navigation in mobile banking apps – all of these can be achieved with the AI. Let’s look at some examples.
- Faster customer support – AI assistants (more on them later) make the work of CS agents easier and less time-consuming, enabling them to answer more queries in the same time span.
- Personalized content – Artificial intelligence solutions are used in banking to analyze customer behaviors, segment them, and provide them with content relevant to their financial needs. Does a customer want to start investing? AI will recognize that and display relevant information or products.
- 24/7 support – AI-powered bots can help you enhance your customer experience by enabling you to provide customer support through them at any time of the day. Naturally, the level of such support has to be limited, but with the current level of generative AI, it can still solve most burning issues.
- Easier navigation through banking apps – It is also possible to introduce an AI model responsible for analyzing your clients’ transactions and behaviors, which will… introduce live modifications to your apps’ UI based on this data. For instance, if someone typically invests on Monday afternoons, your AI can provide them with a shortcut on the main page of your app to make this process quicker.
Cost Reduction Through Improved Productivity
Another way through which AI banking solutions help banks is by reducing operating costs and improving the overall productivity in such organizations. How? Let’s return to the virtual assistants.
A virtual assistant is a type of aid for customer service agents that…drafts responses and locates sources in a bank’s documentation. The results? Customer service agents need less time to answer each query; hence, you have to hire fewer agents to meet the demand.
We also need to look at other departments. For example, AI, powered with OCR, can input data from unstructured documents into a bank’s systems. As a result, the process is less prone to errors, and your employees spend less time on it, letting them work on more value-bringing tasks.
Predictive Analytics
AI banking solutions can process vast amounts of data, and banks know how to use it to their advantage. With an AI-powered data processing system, your organization can extract predictive insights from your data and hence prepare better for new opportunities and dangers.
For example, such a system can predict customer churn based on their behavior or find investment opportunities based on market shifts. The options are limitless, so investing in such an AI solution is exceedingly beneficial.
The Takeaway
As you can see, AI banking solutions have a major impact on financial organizations, letting them grow in numerous aspects. Therefore, do not hesitate to implement them in your business – you will see the benefits and a return on your investment sooner than you expect.
