Trust matters in financial services. Trust builds strong customer relationships, unlocking increased lifetime value, brand loyalty, and product adoption. Ultimately, trust enables greater access to customer data—the most valuable currency of all.
Will AI enhance or destroy the value of this currency? A recent Salesforce survey found that 88% of customers believe that trust becomes more important during periods of significant change. We’re currently experiencing one of those transformative periods. AI is poised to revolutionize every stage of the customer experience—and the very processes we use to create those experiences.
A solid foundation of trusted and accessible data is critical to harnessing the full potential of AI. When financial services companies lack this foundation, they risk developing features or experiences that aren't data-driven and fail to meet customer expectations. These products can hurt brand trust and customer loyalty while potentially driving up customer acquisition costs.
Developing meaningful products with AI requires a strong knowledge of the technology and what you’re hoping to achieve with it, as well as a clear process for execution.
Focus on customer outcomes
Generative AI has opened up huge opportunities to build intuitive, frictionless customer experiences, and financial services is one of the industries that’s leading the way.
“Banks across the world are investing massively in AI right now. The leading banks are already experimenting with using Generative AI to enhance customer experiences on the front end and create better colleague experiences in their back office,” says Hannah Hilali, Senior Strategist at Kin + Carta. Goldman Sachs, JPMorgan Chase, and Morgan Stanley have each announced GenAI projects.
By prioritizing customer needs and improving digital experiences, financial institutions can enhance customer satisfaction and loyalty, ultimately impacting the bottom line, Hilali says. However, she emphasizes the importance of starting with a solid understanding of the customer's objectives and aligning AI initiatives with those goals.
“While there is no shortage of digital products in the market, no fintech or bank has managed to fundamentally change the way that people manage their money for the better. Using AI to build intelligent customer experiences is an opportunity to change that,” Hilali says.
GenAI can help identify patterns and uncover hidden correlations from customer feedback, behavior and market trends. While GenAI alone is not creative or empathetic, AI and human collaboration merge the ability to analyze vast datasets and together create new ideas with contextual understanding, creativity, and emotional intelligence.
This knowledge and capability create unparalleled opportunities to build better products and services. Combining the insights of artificial and human intelligence enable more in-depth understanding, better design and testing, and more effective products.