What good would buying an engine be without a car to put it in? In the context of customer service in retail banking, this would be akin to adopting artificial intelligence without having any customer touchpoints for it to bring to life. In order for a fintech
investment to make sense, bank and credit union leaders must integrate AI technology with next-generation customer experience (CX) solutions.
As discussed in
Part I of this Three-Part Series, quality data powers artificial intelligence technology. In the car analogy, data is the gasoline that fuels AI technology, which is the engine of the CX car. Without all three – secured by fraud-fighting technology – pouring
dollars into AI is a waste.
The vast majority of consumers prefer to self-serve: Across industries,
81% of all customers try to take care of matters on their own before reaching out to a live representative. They want to interact with brands, including their financial institutions, on their own terms.
Achieving the speed, accuracy, flexibility, and seamlessness that consumers now expect with self-service requires support from four pillars:
- AI technology.
- Access to quality data (see
Part I of this series).
- Customer experience solutions that enable responsiveness, natural interaction and context retention.
- Security for enrollment, authentication and fraud detection.
Banks and credit unions need to meet their customers and members where they are, with an omnichannel customer service strategy, in addition to knowing
who they are, which AI enables. Having multiple, integrated digital channels to get in touch enhances accessibility and convenience, with 24/7 support, greater personalization, and reduced wait times. In addition to fostering customer satisfaction,
decreased costs and significantly increased containment rates are a boon to the institution’s bottom-line.
Consumers have come to value omnichannel consistency above all else when it comes to customer experience, according to a 2021 Harris poll. They expect
to be able to seamlessly transition between interaction channels without having to reiterate their issue each time they get transferred, change interaction channels or follow up. Nearly nine-in-10 (88%) respondents in a Redpoint Global research study
said that a bank should have seamless, relevant and timely communications across all channels. But less than half (45%) reported that their bank effectively met this objective. AI on its own doesn’t create an omnichannel experience.
Additionally, users interfacing with a financial institution’s customer experience platform must receive answers in real-time in order for AI to live up to its human-like image.
If someone asked, “What’s your name?” and it took you eight seconds to reply, the conversation would seem unnatural and disjointed. Responsiveness is essential when choosing CX solutions that will be backed by AI.
Finally, to achieve an elevated customer experience, self-service solutions need to be sophisticated enough to pull from the base of knowledge that AI accumulates over time through every user interaction. This learning loop is what enables an AI-based virtual
assistant to respond intelligently while engaged with customers and members – and to solve their issues with speed and proficiency.
According to Forrester, the benefits of improving CX can be massive for financial institutions. For a large multichannel bank, a 1-point improvement in its CX Index score can lead to an
incremental $123 million in revenue. For a direct bank, it can lead to an incremental $92 million in revenue.
Artificial intelligence technology doesn’t work alone. To revolutionize customer service, AI needs a vehicle to deliver instant, human-like understanding and communication to bank customers and credit union members. Financial institution leaders: To exceed
the expectations of today’s self-sufficient consumers, you need modern customer experience solutions that are powered by artificial intelligence.