In just the past 20 years, the banking industry has undergone massive changes, especially in terms of customer service. Consumers rarely visit their bank branches anymore, and instead are banking on their phones, via apps, and on web. They are able to transfer money with the push of a button or cash checks by taking a photo of it. Rarely do customers need or even want to go into a bank anymore. But this is just the start of the transformation in banking. AI has the ability to completely change and improve financial customer service. So, what does the future of AI customer service experience look like? Let’s take that journey.
Let’s start with opening an account, which has historically been a time-consuming and complex undertaking, in which physical presence at a bank branch is typically required. With AI customer service, which can authenticate the validity of IDs, auto populate form fields, perform live face recognition, and conduct quick credit checks, the process of opening a bank account can drop down to only 15 minutes instead of 22 days.
Once the account is open, servicing the account will also look completely different for the customer. Instead of long wait times to speak with a representative, customers can receive immediate support with AI capabilities. Smart chatbots deployed in banking apps, on websites, and social media, can quickly provide customers with accurate answers. Smart FAQs, which provide responsive answers to specific questions, can also offer customers faster and more accurate assistance. Personalized services can suggest tailored offerings based on credit card usage, transactions, salary, personal interests, and more.
Customer representatives are still incredibly important in the customer journey. However, their role will shift to providing more specialized financial customer service. These customer representative experts will be supported by AI tools that improve the level of service. Each touch point that the customer has with the bank is designed to provide a positive customer experience.
Even behind the scenes, AI can improve the customer experience. For instance, AI will improve fraud detection, helping to reduce false positives and improve the accuracy of identifying actual fraud cases. AI tools for improved fraud detection include monitoring significant changes in behavior and using face recognition as authentication and verification processes. This will not only improve the security of the account, but it will also increase customer trust in the bank and reduce any customer aggravation derived by these mistakes.
The AI customer service journey will also be improved for supplemental banking services, such as loans and collections. Applying for loans was another tedious task with a long turnaround time. But with AI, customers can now get a loan approval in only 2 days, instead of 10-15 days, which can significantly improve customer satisfaction. For collections, AI can also help to personalize this process to reduce customer stress. Instead of receiving random calls at inconvenient times, AI can suggest the best times to reach a customer and also offer tailored payment arrangements that work best for the customer.
With AI integrated into all aspects of the banking business, the customer experience will evolve. Banks will be able to provide faster and better service, while customers will be more satisfied with their banking experience.
Want to learn how AI improves operational efficiency, increases customer engagement, and mitigates risk in the financial services industry?
See how just one platform provides AI solutions for your entire business, including servicing, personalized insights, anti-money laundering, KYC, and underwriting. Request a demo