AI is transforming into a competitive differentiator in financial services that provides a hyper-personalized customer experience, improves decision-making, and boosts operational efficiency. Yet, many corporations will have to intensify their efforts to infuse AI through the value chain while planning for the next wave of advanced technology to keep pace with more forward-looking gameplays.
Also, in conservative regions, the growth of AI in the financial sector is changing rapidly, demonstrating the business landscape.
Here are just a few of AI’s most common points that illustrate how the adoption of AI in finance would offer a fast, secure, and better experience to customers:
AI can proactively and wisely operate decision-making, provide them with the data they need or help with all the financial processes. AI solves all the basic queries and manual operations quickly and then passes them on to the customer agent team. This ensures that only the most complicated and important operations and tasks need to be handled by the customer service team.
AI is becoming more efficient and much cheaper as technology progresses. They don’t need any sleep, they don’t take breaks, and they never get sick. AI can also learn new abilities quickly and it doesn’t make mistakes.
Improved operations and lead generation
If you’ve recently had a chat with a customer service representative online, maybe they’ve kept you from a little secret. You may have spent the whole time talking with a bot.
Chatbots help to build an effective customer service strategy and improve customer interaction. Powered by AI, chatbots have access to several customer-centered data points and can also combine location-specific requests to detect common problems quickly, recognize trends, and predict what triggers a certain user’s problems.
Digitized business processes
Applying AI to a fragmented business process that is poorly structured can lead to disappointing performance. In such cases, with improvements, standardization, and restructuring, corporations should consider optimizing processes first. AI helps to keep your working process online so that you can access your financial data in real-time and work automatically from any point.
Strengthen data management
Artificial intelligence solutions assist in accessing real-time and accurate data which is still a challenge for many financial corporations having multiple legacy systems of fragile data architectures. Companies need to define the kinds of information needed for each AI project, whether from internal sources or non-traditional (third-party) sources, such as social media messages, and ensure that they can be collected in a timely and acceptable format.
The bottom line
In financial services, we have incredible opportunities to use artificial intelligence and machine learning for the betterment of our customers. Technological developments, such as leveraging intelligence to identify consumer investments linked to their tailored priorities, enhancing customer experience through the use of smart bots, and extra alpha generation through insights from alternative data-set, and operational efficiency through machine learning would be a great help for financial sectors.
AI has transformed the financial markets and the enterprises that have moved to these innovations today would be ready to succeed in the rapidly evolving world.
By Kapil Rana, Founder and Chairman, HostBooks Ltd.