Finance Industry Banking on AI to Improve the Customer Experience

The insurance and financial services sectors could save more than $1 trillion by 2030 thanks to the myriad benefits of using artificial intelligence (AI) and automation. AI is increasingly proving its worth in the customer interaction arena, enabling ease and automation of simple, day-to-day transactions. This is particularly useful in the finance and banking industries, where routine tasks may be easily automated for the convenience of both banks and their customers.

And the financial services sector is embracing AI, based on a recent survey from PwC. The consulting firm queried U.S. financial services executives about implementing AI into future plans and half of them said they expect AI to increase their revenue and profits, while 48 percent believe it will improve their customers’ experiences.

Companies like Monet Software (News - Alert) are building AI and automation directly into their customer service solutions, tailored toward specific industries like financial services and insurance. Monet is specifically focused on using AI for workforce management, and in the financial sector, that means using data, forecasting and scheduling to ensure customers are taken care of as quickly as possible, and in the most efficient manner.

AI-driven customer interactions in the financial sector can also include conversational AI. Large amounts of data combined with workforce management and optimization solutions can fuel virtual solutions designed to provide personalized customer experiences. These can include chatbots, messaging applications and speech-based assistants programmed to deliver the best customer interactions possible. And these intelligent virtual assistants can also route customers to the best and most appropriate human agent if they are unable to handle a specific query or issue.

There is no question that AI is already transforming the banking and financial services workplaces. Nearly 60 percent of finance executives plan to implement AI-inclusive learning initiatives to ensure their human employees are equipped to work with AI technologies, while more than half are developing workforce plans that single out the new types of skills and jobs AI integration will necessitate.

With the potential to contribute $15.7 billion to the global economy by 2030, AI stands to have a massive impact in a variety of vertical markets, and finance is no exception. By using proper workforce management and optimization solutions and ensuring workers are trained for AI integration, financial institutions can realize massive cost savings along with increased efficiencies, productivity and customer satisfaction.

Edited by Maurice Nagle

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