Over the next 7 years, financial institutions will have to learn how to adapt AI into their day-to-day operations.
While many companies are still trying to figure out how this technology works and where it fits into their overall strategy, some are already seeing the benefits that come with its implementation.
For example, by integrating AI programs in your contact center and customer relationship management (CRM) systems, banks can optimize call center performance by prioritizing high-value tasks and automating low-value ones so agents can focus on providing better service for customers.
However, not all companies know where to start when it comes to implementing AI solutions within the finance sector, so let’s start from the beginning.
Next Generation AI Transforms Contact Centers
Contact centers rely on current technologies – such as CRMs – to monitor, evaluate and improve their interactions with customers.
One of the main ways it does this is by identifying different types of customers based on their purchasing habits, demographics and other factors.
This allows you to target certain groups with specific offers tailored towards their needs.
AI (artificial intelligence) can help automate some aspects of CRM so that you don’t need as many employees to manage your inbound call volume.
AI tools can analyze large amounts of data in order to recognize patterns in customer behavior over time—and they’re able to learn more about each individual’s preferences as they go along.
Creating the Intelligent Enterprise
The intelligent enterprise is the next generation of business management in which technology plays a central role in the strategic direction of an organization.
It differs from traditional approaches because it focuses on leveraging technology to drive results across all business functions and departments, rather than focusing on one function or department at a time.
The intelligent enterprise allows organizations to maximize their agility and competitiveness by aligning operational goals with innovation initiatives that increase revenue while reducing costs.
This approach provides significant benefits for financial institutions looking to thrive over the next 7 years.
- Faster development time for new products and services (e.g., biometrics)
- Increased speed to market and reduced cost per transaction (e.g., mobile payments)
- Improved customer experience (e.g., virtual assistant)
The first step is to think about the role of artificial intelligence in your contact center.
The next step is to make sure you have an effective strategy for using AI in your contact center.
Conversation Cloud, Customer Service Platform of Choice for Banking and Financial Institutions
Banking and financial institutions need to be agile with their communications.
They are being asked to serve more customers than ever before, but must also be responsive in a way that feels personal to each individual customer.
LinkLive is the customer service platform of choice for banking and financial institutions looking for ways to deliver engaging, personalized experiences across all channels.
If you are a financial institution and want to learn more about using artificial intelligence in your financial institution, contact us today.