In Focus Collections
different scenario for new-age players like FinTechs. Not bound by the same challenges as
traditional legacy financial services firms, FinTechs are succeeding in delivering superior value to customers by using AI-driven solutions to make financial services tasks more efficient and customers interactions friendlier.
Benefits of AI deployments Even with a lower rate of AI implementation compared to other industries, financial services firms have realised significant benefits. They have reduced their cost of operations
by 13% and have increased revenue per customer by 10% after deploying AI in customer-facing functions.
AI has also helped deliver improvements
in customer satisfaction. Banks and insurers have witnessed greater customer engagement with brands from deploying customer AI. Around one in five industry firms (25%
for banks and 19% for insurers) have seen a 20% to 40% increase in customer engagement. Financial services firms have much to gain
from implementing AI in their customer interactions, and they have an opportunity to embrace AI to re-imagine the customer experience journey, but there are steps to be taken before the benefits are fully realised for businesses and consumers alike. Organisations need to focus on educating
their customers and staff on what AI can do for them. It will take both investment
and consumer trust to make the most of this powerful technology. To deliver the right AI-powered experience
centered around the financial firms must ensure they have senior leadership roles in charge of internal and external AI adoption and acceleration. CCR
AI has also helped deliver improvements in customer satisfaction. Banks and insurers have witnessed greater customer engagement with brands from deploying customer AI
January 2021
www.CCRMagazine.com
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