Financial Services AI Evolution
The ‘death of the salesman’ is a statement overplayed. The doomsayers predict that in the ‘new world’ Artificial Intelligence order, the scale of disruption will see much of the role of sellers replaced by bots, across all markets including banking and financial services.
Radical changes in the financial services industry, along with increased competition from challenger banks, mean that a customer-oriented sales culture built on trust and relationship management remains key.
Indeed the number one trend in the 2017 Retail Banking Trends and Predictions Report was a renewed focus on customer experience. But can sales and customer experience management genuinely remain personal when Artificial Intelligence (AI) takes over?
The AI Game Changer
According to Accenture, AI will become the main way that banks interact with customers within the next three years. But far from taking away that all important ‘personal touch’ as banking and financial services become more automated, Accenture are seeing a view that technology will enhance personalisation in banking.
McKinsey Global estimate as much as 47% of a sales person’s tasks can already be automated. Implementing tools in readiness for a more cognitive-based AI solution that utilises machine interaction and learning, natural language processing and chat bots, will accelerate the process for key activities such as:
- Gathering information and insight to know the customer better
- Understanding spending and trading behaviours to determine product needs and deliver automated recommendations
- Predicting trends, and identifying patterns and connections from unstructured data, that a human can’t easily decipher
- Analysing risk profiles, conducting due diligence and detecting fraud
- Answering customer questions in real time
- Customising marketing, and personalising communications
Such automation will mean that day-to-day decisions can be made faster and more accurately, leaving the seller free to undertake more strategic decision making and human-touch relationship building tasks with an even greater level of clarity and a more proactive and personalised customer experience approach.
The AI evolution is upon us, and is a real game changer for both traditional and non-traditional financial service firms as long as they’re ready to adapt to working with machines. Better experiences delivered faster, with less risk, and at lower cost is the goal on the way to achieving sustainable competitive advantage and revenue growth.
Be part of the financial services AI evolution
Banking and Financial services is ripe for AI disruption. The sector has already embraced the advantages of business intelligence for deeper relationships and a fast-tracked the sales funnel, building big data capabilities for more informed decision making, product development and sales and marketing strategies.
Now the future lies in taking the lessons learned and embracing machine intelligence, for a more responsive, personalised future.
Artesian has been with the banking and financial services sector every step of the way, working with big banks and financial services game changes such as HSBC, Barclays, American Express and Metrobank to help them do what humans can’t – filling the analyst skills gap, making sense of structured and unstructured data, and delivering high-value customer-oriented sales and marketing strategies.
At the forefront of the AI evolution, we are the trusted partner that will keep them one step ahead of the game.
We would love to tell you more.
Keep your eyes peeled in June for the next announcement on how Artesian is evolving to help our customers meet the AI challenge.