AI Boosting Finserv Customer Experience

AI is transforming various industries, including financial services, and reshaping business models worldwide. While concerns about AI replacing human jobs are common, Drift’s SVP of Product, Matt Tippets, believes in the power of collaboration between humans and AI. He emphasizes that when implemented carefully, AI can actually facilitate more human conversations, even in a digital-first world.

In today’s financial services landscape, customers expect the same level of convenience they experience with their mobile banking apps. They desire immediate answers, self-service options, and digitization. In fact, a significant percentage of millennials and Gen Zers are willing to switch financial institutions for a better digital experience. Additionally, Gen Zers are seeking more information about their financial health, but many lack the knowledge they need to achieve their homeownership-related goals or understand how to invest.

While customers want digital experiences and the ability to learn about their financial well-being at their own pace, the individualized nature of finances still requires human involvement. This is where AI comes in. By incorporating AI-powered chatbots into financial service websites, companies can provide customers with access to expertise and information anytime, even outside of business hours.

For example, imagine a potential client visiting a financial firm’s website on a Saturday evening, interested in investment options. They are greeted by an AI-powered chatbot that explains each investment option and offers additional resources. The chatbot allows the visitor to download content or schedule a conversation with a human relationship manager during business hours. AI enables potential clients to begin their investment journey before interacting with a human, while providing the relationship manager with valuable context for a more productive conversation.

While AI can’t handle all strategic conversations, it equips relationship managers with insights gathered from AI chatbot interactions. By accessing information such as downloaded content, visited pages, and questions asked, relationship managers gain a deeper understanding of customers’ investment journeys and specific needs. This eliminates the need for customers to repeat themselves, leading to more efficient conversations and progress in their investment journeys.

AI also enhances operational efficiencies in financial services. It automates repetitive tasks, retrieves information quickly, and enables processes like answering customer queries, updating databases, and processing disbursements. Automation frees up human teams to focus on core responsibilities, ultimately improving customer experiences and employee satisfaction.

In conclusion, when implemented correctly, AI provides more human experiences at scale, saves time for both teams and customers, and increases overall business efficiency. Adopting AI does not mean replacing human intelligence; it means leveraging AI to deliver an always-on digital experience while creating more opportunities for teams to drive customers’ financial well-being.