According to a report by Goldman Sachs, artificial intelligence will bring between 34-43 USD billion annually in the financial sector by enabling new cost saving and revenue opportunities. At the same time, customer loyalty is important. Although face-to-face interactions will become rare, the interactions with a bank will be customized.
According to an article on the business2community.com website, many affluent customers across developed countries expect recognition and reward from their bank for loyalty. If a bank provides it, customers are significantly more likely to purchase another product in the future, and recommend the bank to a friend.
AI enables personalization
With AI, banks can recognize customers, offer them personalized digital experiences and also offers which are based on real customer behavior. AI can help customers by suggesting where they can spend their loyalty points, so the loyalty reward is actually redeemed by the customer, which is not always the case today.
By deploying AI, banks can also turn their operators in call centers into consultants who engage in real conversations with customers, instead of being mere providers of information. Chat bots can be deployed in order to handle ordinary queries.
Many customers are comfortable with using digital financial services. However, a portion of them still want to have face-to-face interactions. However, AI can still help by giving customers easier access to relevant information. In the future, advisors will be able to provide relevant information quickly, and the overall customer experience will be improved.
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