We saw in a previous blog post the power of Artificial intelligence in enhancing customer insights. Using these customer insights, AI can help in creating a faster and smoother on-boarding process by eliminating multiple steps required from both the customer and the bank. For example, chatbots can enhance the on-boarding experience when they take the role of help-desk or customer care agents.
Chatbots today can tap in to the power of AI to solve basic questions faster, automate repetitive or common customer requests and other service tasks easily. This helps banks to deliver a more on demand service that can be personalized per customer across various channels. These sorts of capabilities will help banking institutions move into a realm where they can start talking about dramatically reducing the cost of handling these repetitive tasks.
Taken a step further, AI can be applied to the deployment of 'voice' digital assistant processes allowing the early engagement with the consumer to be simplified beyond what could be done with traditional engagement types. AI powered chatbots can dramatically improve and personalize the customer journey which will positively impact a growing customer base, and, by default, a company's overall ROI.