Improving Customer Experience (CX) in Banking
Customer experience (CX) is critical in any industry today, and banking is no exception. Studies show that 25% of customers switched banks in the past year alone, with 39% citing poor customer service.
The Power of Generative AI (Gen AI)
Early use cases demonstrate that generative AI (gen AI) can:
- Increase customer satisfaction scores by up to 30%
- Serve customers faster, saving up to 4 hours weekly
- Reduce operational expenses by up to 40%
- Improve recoveries by up to 10%
What Sets GEN AI Apart?
Unlike traditional AI or other automation tools your company may already be using, gen AI continually learns from extensive datasets and can interpret and communicate conversationally.
Enhancing Customer Experience with Gen AI
Self-Service
Eighty-one percent of consumers first try to solve problems through automated tools like chatbots. Typical chatbots often handle issues in a binary, yes-or-no manner. For example, a security protocol might ask, “What was the name of your first pet?” If the customer responds, “Do you mean my first pet or my family’s first pet?” most chatbots won’t understand and will repeat the question or terminate the interaction, causing frustration. Gen AI’s conversational capabilities can manage such complexities and gray areas, making automation more user-friendly and delivering a positive customer experience.
Agent Assistance
Human agents perform even better with gen AI support. Once the caller is identified, Gen AI can quickly provide information that aids the agent in delivering better service. While traditional AI can supply data like preferred names or tone preferences, gen AI goes further by inferring likely issues and suggesting possible solutions. For instance, imagine a customer who took out a loan for school and is calling for loan assistance nine months later. Gen AI can check the school’s name, receive payments, learn the course lasts nine months, and deduce that the customer may now be seeking a relocation loan for a new job or a startup loan to set up their business – all in seconds.
Proactive Support
Any AI can provide alerts for events like when a fixed-term deposit is about to mature or when a loan payment is due. However, Gen AI can analyze more subtle patterns, such as a customer using currency exchange services every June. Gen AI can even scan social media activity to comprehensively understand a customer’s lifestyle. Imagine the customer’s satisfaction when greeted with, “Hi, Sarah! Are you and the family heading for Europe again this summer?” This personalized approach allows banks to anticipate better needs, which only 37% of consumers feel their bank currently does.
Conclusion
These are just a few ways gen AI can significantly enhance your bank’s CX – and boost your bottom line. Ready to transform your customer experience? Explore the possibilities with gen AI today.
