Financial Services Companies Need AI; Here’s Why

Blog

Estimated reading time: 2 minutes

AI is revolutionizing the way companies conduct business, and those in the financial services community have the most to gain.

Here are three ways integrating AI into your day-to-day workflows can dramatically improve CX, products and services, and customer acquisition and retention, translating to increased revenue.

1. Your customers are telling you exactly what they want and need

Utilizing customer feedback in order to improve business and CX has been around since the debut of in-store comment boxes; and has become more pronounced with the expansion of the internet.

Whether it’s negative or positive, customers are constantly submitting feedback about their experiences, much of which is comprised of unstructured data. According to Gartner and Forbes, respectively, 80% of enterprise data is unstructured data, and 80% of enterprises don't know what to do with their unstructured data.

Companies in the FinServ community already utilizing AI to analyze, categorize, and visualize both structured and unstructured feedback are able to react to customer pain points in minutes to prevent customer churn.

AI helps surface unknown insights which have helped companies improve credit card payment processes, simplify mobile app experiences, and reprioritize FAQ sections to decrease the amount of contact center calls.

2. AI can increase customer acquisition, retention, and satisfaction

AI automates workflows and delivers in-depth insights in minutes, while democratizing data so that every employee can understand it. AI also provides access to predictive intelligence to accurately predict missing CSAT scores and explanations, and quickly categorize data into feedback versus complaints.

This speed to omni-channel insights allows enterprises to respond to customers who've had problems or poor experiences before they can deflect.

FinServ companies have seen more than 10% lifts in CSAT, decreased handle time of contact center calls by 20%, and increased customer acquisition and retention just by having clearer and quicker insight into common pain points.

3. Companies become more competitive in the market, and ultimately increase revenue

Forrester predicts that companies that focus on making insight-based decisions will steal $1.2 trillion from those that don’t.

AI gives FinServ companies the opportunity to compare their products and services against competitors in the space to better understand the needs and desires of consumers. Whether it's comparing mobile app or website experiences, AI helps businesses streamline CX and remain competitive. And more customers equal a healthier bottom line.

All this to say that if you're not utilizing AI, you should be.

Ready to use AI to break down barriers in the FinServ space?

If you want to learn more about AI in FinServ and network with top VC firms and players in the industry, meet us, Microsoft for Startups, Mastercard Start Path, and Georgian Partners on March 26 at the Hockey Hall of Fame in Toronto. The four of us will be hosting a happy hour with a discussion on this very topic from 5:30 - 8 p.m.

Come kiss the cup and learn how others in the FinServ space are using AI to their advantage. To register for the event, visit our Eventbrite page.