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Conversational AI Solution Series – Part 3
The ‘digital natives’ or millennials (your biggest potential customer segment) are riding the “Do It For Me” (DIFM) revolution. Living in a DIFM world is about…
...Self-driven cars, self-setting devices, self-organizing tools, self-checkout shopping, auto-filling forms, auto-transfers, and self-transaction banking.
…Hands-free, click-free, friction-free, seamless, omnichannel experiences and zero touch, voice-based interactions.
…Virtual cohorts, troubleshooting bots, self-recommending virtual assistants, auto-advising robo-advisors and a data-powered AI banking assistant.
Because the ‘lightness of being’ in the age of the DIFM revolution is – least interaction with the maximum outcome. And artificial intelligence (AI) has made this feat a reality!
In this three-part Conversational AI Solution Series, the 1st part of the series covered Smart Discovery, Smart Recommendations, and Smart Conversion solutions useful to upsell banking products and services. In the 2nd part of the series, we covered Smart Conversion solutions useful in cross-selling of banking products and services. In this 3rd part, we will cover Smart Transactions and Personalized Transactional Recommendations useful in providing an exceptional transactional experience.
While technology implementation in the world of DIFM involves extensive automation, it does not mean that it is apathetic to the emotions, expectations, and experience of the customers. You remember the example of Jane and the monthly transfers she makes to her daughter (Rachel). Her AI banking assistant does!
The excerpt of their conversation showcases how an AI banking assistant makes a personalized transactional recommendation. What the AI banking assistant does here it sees an opportunity to ensure Jane does not have to perform recurring tasks (such as transferring money to Rachel every month).
For financial institutions (FIs), what AI in banking intends to do is to provide simpler and smarter ways of transacting, faster and secure processing and automating to reduce recurring tasks. An AI baking assistant is designed to ensure banking services are customer-centric, data-driven and that customers are empowered to transact, interact and bank securely and with ease.
• People-Powered Banking – By instilling technology to manage customer relationships, AI in banking is designed to empower people, not replace their personas. With the help of an AI banking assistant, customers are empowered to reduce their recurring tasks, bank in a simpler and smarter way and focus on strategic aspects of their financial well being.
• Customer-Centric Banking – An AI banking assistant, using customers’ history, their interactions and transactions with banks, can learn and develop a comprehensive profile of each customer. The prime reason for such detailed profiling is to map the behavior and preferences of each customer to provide a customer-centric banking experience.
• Data-Driven Banking – The availability of a huge amount of data gives banks to leverage to utilize data to solve customer problems. Data-powered transactional recommendations not only improves the transactional experience, it also ensures banks utilize all opportunities to promote their products and services.
By leveraging the capabilities of an AI banking assistant, banks can provide Smart Transaction solutions. Basic transactions such as checking account balances, making deposits, sending payments, etc. can happen in a click or by simple voice command. With AI technology intuitively serving customers, the banking and transactional experience for customers can be improved.
To be competitive in a “Do It For Me” (DIFM) world, FIs need to leverage the competency of AI technology in banking. To sync with the customers’ demand for maximum outcome with least interaction, AI is a valuable tool to make this possibility a reality. Banks need to re-strategize and rethink their future to include the adoption of AI in their systems. By combining technology and coding with people and emotions, it is possible to deliver people-powered, customer-centric and data-driven ‘smart transactions’ and banking solutions.