Smart Money

AI-enabled interaction is the root of great customer service today

COVID-19 has increased customer demand for contactless transactions everywhere, but especially so in the financial services industry. After all, who wants to risk their health to sign a deposit slip? There is much to be gained by financial services organisations and customers through AI-enabled interactions.

In the latest report from the Capgemini Research Institute – Smart Money: How to drive AI at scale to transform the financial services customer experience – we spoke with over 5,000 customers and more than 300 industry executives from banking and insurance. We found that financial services firms are turning more and more to AI for customer interactions and they are deriving significant benefits from doing so. In fact, 51% of customers have daily AI-enabled interactions with banking and insurance firms while financial services firms have reduced their operations costs by 13% and increased the revenue per customer by 10% after deploying AI in customer-facing functions. The problem starts when it comes to scaling these initiatives.

If they do not want to be left behind, financial services organisations should:

• Invest in value-driven AI to transform the customer experience
• Create trust-based and ethical AI governance approaches to drive broad-based customer adoption
• Deliver an AI experience that takes into account “signature moments” that require empathy and emotion
• Set up the technology foundation required for AI-enabled customer engagement
• Put in place senior leadership roles for AI to accelerate adoption
• Educate customers on what AI can do for them and make AI systems explainable and transparent.

For more information on AI in the financial services industry download the report.