McKinsey Values the AI industry within Financial Institutions at more than $1 Trillion
The McKinsey Global Institute has forecasted that the AI industry within financial institutions is more than $1 trillion dollars.
This market will increase by ten-fold in the next five years, driven by technology that can make better decisions faster. Here’s how these changes will impact your business.
AI is smart, but it’s not as smart as you.
Some people have a fear of AI, but it’s important to remember that this isn’t some super-intelligent robot that is going to make all the decisions for you.
AI is just a tool. It can do what humans can’t and make decisions based on data, but it’s not able to think outside the box like humans do. It may be better than you at making financial decisions, but there are still things you could teach an AI.
Artificial Intelligence is augmenting customer service, not replacing it.
It is true that AI has the potential to automate some of the tasks performed by individuals, but it will never replace humans. It can only augment human intelligence, freeing up people to work on more important things rather than repetitive tasks.
If you think about it, much of what we do today was once done by people, until technology replaced them and made their jobs obsolete. ATMs replaced bank tellers, who were then freed up for other tasks, such as customer service and sales.
Similarly, AI will automate many repetitive tasks within banks and financial institutions which would otherwise be left undone because they require no human intervention (e.g., automated fraud detection). As a result, employees will focus their energy on more meaningful projects that enhance customer experience and drive business growth.
AI predicts customer intent.
- AI can predict customer intent by analyzing their past interactions.
- AI can predict customer intent by analyzing their social media interactions.
- AI can predict customer intent by analyzing their browsing behavior.
You might be saying to yourself, “I already know what my customers are going to buy!” Not so fast: if you’re not using machine learning and data science, then the way you make decisions about which products should be sold is probably very different from how an automated system would approach it—and more likely to produce suboptimal results for your business.
AI is all about automation, but it doesn’t mean fewer people are needed.
Your team should not fear AI.
Technology is meant to be a tool that makes the work of your team easier, not replace them.
The benefits of automation will free up your team to focus on tasks that require deeper skills and experience, allowing for better results.
AI optimizes customer engagement across channels.
With AI, financial institutions can engage with customers across channels in a personalized way.
This means that the chatbot experience is only part of the story.
The customer journey is more than just a chatbot—it’s about delivering consistent and personalized engagement experiences across channels.
By using AI to gather data from multiple touchpoints across all channels and devices, you can provide a better understanding of how your customers think, feel, and interact with your brand.
With AI you can capture data that drives better decisions.
The first step to building an AI program is collecting data. Data is the foundation of any AI system, so you need to make sure you have all of the correct data in order to begin building your algorithm.
When it’s time to create your algorithm and program, you need someone who has extensive knowledge in machine learning and artificial intelligence in order to develop a reliable model that will help improve business decisions for companies.
If you don’t know where to start or how this process works, request a consultation with our team below.
When you choose to leverage artificial intelligence engine, your business will thrive in the new world of real-time engagement.
If you’re looking for an AI solution, then look no further than LinkLive.
- Predict customer intent and automate engagement across channels
- Create unique value propositions for each customer segment
- Drive a personalized experience based on what you know about the individual customer, their behaviors, and preferences
Our easy-to-use AI capabilities are designed to help financial institutions identify profitable growth opportunities by using advanced analytics that leverage machine learning algorithms to predict customer behavior and automate engagement across channels.
AI is going to change the way we do business and make decisions.
With LinkLive, you can stay ahead of the curve while still maintaining your human touch.
We’re excited to help you prepare for this new era.