It is a no-brainer that today, customer experience (CX) has become the battleground for brand loyalty and success, particularly in sectors where customer experience is a significant business driver – such as banking and financial services. These businesses are constantly seeking ways to leverage the brand experience beyond the stages of customer acquisition to build an active and engaged customer base for long-term profitability. 

Hence, businesses must answer the question of exactly how AI plays a role in this competitive landscape and answer this fast. We do not have to look too far to see the inroads that this relatively new technology is making to reshape the way we interact with businesses and service providers. Here are some examples to consider: 

• Digital portals decked with conversational bots for basic servicing requests. Only when you need specialized answers are you then re-directed to a human customer support professional. Even better, if the app has awareness of your activity on the site, it automatically asks questions if inactivity is observed for an extended time. 

• When you receive offers for loans or packages based on your purchase history, trends that are customized to your lifestyle needs. 
• When fintech companies provide you with credit solutions without having to rely on your credit score but with alternative sources of data so that you are saved from the hassle of time-consuming document upload. 

The “why” behind AI adoption is critical for decision-makers. Here are a few pointers on how AI empowers businesses to deliver exceptional CX.

Pointers on AI to Deliver Exceptional CX

• 24/7 Availability: Customers expect immediate answers and support, regardless of time zone. AI-powered chatbots can offer first-line resolution and answer frequently asked questions (FAQs) around the clock, freeing up human agents for complex inquiries.

• Enhanced Efficiency: Automating repetitive tasks like password resets and appointment scheduling frees up human agents to focus on higher-value interactions. This reduces wait times, improves agent productivity, and allows for personalized service.

• Data-Driven Insights: AI can analyze vast amounts of customer data, including past interactions, sentiment analysis, and purchase history. These insights help tailor support experiences, predict customer needs, and proactively address potential issues.

• Personalized Interactions: AI chatbots can personalize interactions by remembering past conversations and preferences. This builds stronger customer relationships and fosters trust.

• Improved Agent Performance: AI can analyze customer interactions and provide real-time coaching and suggestions to agents. This ensures they have the correct information and approach to resolve issues effectively.

AI in Customer Service: A Multifaceted Advantage

The benefits of AI in customer service extend far beyond just automation. Here’s a closer look at the value proposition:

• Increased Customer Satisfaction: Faster resolution times, personalized interactions, and proactive support lead to happier and more satisfied customers.

• Reduced Costs: Automating tasks frees up agents, decreases wait times, and deflects unnecessary human interaction, leading to cost savings.

• Improved Brand Loyalty: By delivering exceptional experiences, AI fosters brand loyalty and encourages repeat business. Additionally, positive customer experiences lead to positive word-of-mouth marketing, further enhancing brand reputation.

• Data-driven decision-making: AI-powered insights unveil customer behavior patterns, allowing you to identify areas for improvement and optimize your overall service approach.

• Employee Empowerment: By automating repetitive tasks, AI empowers agents to focus on complex issues and problem-solving. This leads to more fulfilling work experience and increased employee satisfaction.

Enhancing Customer Experience with Insight’s Preciseli.ai

Our team of engineers and AI enthusiasts at Insight put theory to practice by developing our very own in-house AI model called ‘Preciseli.’ Aimed at enhancing the digital onboarding experience for loan applicants, the model analyzes historical data to identify patterns that lead to first payment defaults, thereby allowing businesses to address potential issues proactively and reduce defaults.

The model’s capability for real-time analysis enables businesses to make informed decisions swiftly, ensuring immediate responses to customer needs, which enhances satisfaction and loyalty. Additionally, by leveraging the insights generated, businesses can offer tailored solutions, anticipate preferences, and foster stronger relationships. Ultimately, Preciseli reduces friction both on the customer side as well as the business side for any digital business that acquires its customers online.

Contact us to know more.