Customer service sometimes can be really daunting, especially if you are not improving customer experience. There is also the option of using personalized communications so that you can reach out to your customers more and provide better options. The task of human employees sometimes can be overwhelming and that is why AI, or artificial intelligence, can make it possible to improve on all aspects. But the question is, is it really impossible to use AI? Especially at this early stage where the concept of using artificial intelligence is still at its infant stages. Read below to find out how to personalize communication using artificial intelligence.
The banking industry is now going through a major facelift. Most of the transformations involved are evolving regulatory requirements, and an increasing amount of demanding customers. But most importantly, the competition from either new and old banking institutions on targeting millenials. These factors force banks to change their business and how they maintain a business relationship with their clients.
In order for banks to be competitive, they need to attract new customers and keep their current clients from switching to other banks, a task that can sometimes be difficult. Often, community banks struggle to compete with megabanks, but there are ways for the smaller instituations to keep up. Community banks are known to be more relationship based, and branches of community banks tend to be much smaller than bigger banks and can be more intimate.
Personalized Communications
Customers always expect for their provider to always reach out to them. The moment you sign the contract and start working with a bank, then as the customer you want your needs to always be taken care of. By putting yourself in the customer's shoes, you can know what to do in order to gain new clients as well as keep the current ones.
In reality, most banking institutions tend to have engagement strategies that include a particular channel, service or product that fails to provide further consideration to its context or to the audience. The personalized portion of the mail that the client receives usually shows a chart that displays the progress of the recipient and other account goals. This type of engagement will really consume the client's time.
Artificial Intelligence
There is good news for a lot of banking entrepreneurs and this comes in the form of artificial intelligence. Some industries already created algorithms in order to track the habits of their users.
By tracking the habits of a particular client, you can identify their needs so that you can improve their personal experience. AI is now available for all types of industries so that personalization can be optimized. Sometimes, it is not all about hiring a lot of people to fill in seats, but it is all about figuring out how to make the job of your employees easier and also assist them in doing their job. Wealth managers are also utilizing this technology in order to create investment portfolios and informs investors about their fund performance.
By fully taking advantage of the technology, the managers can publish their reports in the shortest time possible and not have to spend time analyzing and writing data manually.
AI and Banking
The influx of social media marketing and mobile technology can increase the potential for delivering new insights. Not many banks use AI technology yet, but when that time comes, it can really change the dynamics between communication and computers. With AI technology, it can be easier for bank computers to send out information to the right recipients and assist in what to really send to your clients instead of rolling out generic emails and alerts.
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