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Personalised customer experience is no longer just an asset – it’s a magnet attracting customers to your financial services. While difficult to achieve in the past, it is now significantly easier to customise your interactions with customers due to emerging technologies, including AI. How do they help?
Firstly, AI can analyse all the data you have on a particular customer. As a result, it becomes possible to come up with personalised product or content recommendations, UI changes in your mobile app, or let you switch to proactive communication and solve your customer’s problems before they occur.
Secondly, artificial intelligence enables you to polish even the smallest details, levelling-up customer experience. Take, for instance, communication via chat with your agents using an AI prompter. It is possible to quickly customise the tone of messages, ensuring that every element of your agents’ interactions with customers is tailored to the latter’s needs. Find out more in this article.
Table of Contents
- Why Does Personalised Customer Experience Matter for Banking?
- Achieving Personalised Customer Experience with AI
- Conclusions
Why Does Personalised Customer Experience Matter for Banking?
To begin with, let’s discuss why personalised customer experience is important in banking. It all goes down to your customers’ expectations.
According to a survey conducted by Salesforce in 2020, 52% of customers in financial services expect companies to always personalise their offers. What is more, 66% of customers demand that companies understand their unique needs and expectations. In practice, this means that you don’t want to introduce personalisation in your organisation – you need to do it if you want to remain attractive to your customers.
This is further supported by the Global Retail Banking 2018: The Power of Personalization report, which depicts the fact that personalisation was already crucial back in 2017. According to this report, it was an important factor in:
- 54% of customer journeys when joining a bank,
- 41% of customer journeys when leaving a bank,
- 68% of customer journeys when deepening an existing bank relationship.
While the above research is quite dated, the trend towards personalised customer experiences has been on the rise since their release. Therefore, if we conducted similar research in 2024, these numbers would be even higher. The conclusion here is simple: you need to personalise your customers’ experiences fast. Thankfully, today it’s significantly easier with emerging technologies.
Achieving Personalised Customer Experience with AI
Understanding how important personalised customer experience is for financial services, you realise that your organisation has to find solutions that will enable deep-level customisation of customer journeys. A solution like artificial intelligence. How can you use it to your advantage? Let’s look at a few examples.
AI for Data Analysis
You don’t get to talk personally with each of your customers; you won’t have a single agent assigned to every unique client in retail banking – this would be impossible. So, how can you understand the needs of your customers and deliver personalised experiences? You need to utilise your data.
Artificial intelligence is an indispensable tool in this case. You can use it to process large volumes of information about all your customers and turn them into actionable insights. When you introduce an AI-driven data platform, each customer support ticket, transaction, and even every click in the app will not go unnoticed. With that, you will have the maximum amount of information that will help you meet your customers’ unique needs.
The simplest example, taken from our AI banking solution, is intelligent product recommendations. Here, the AI model analyses all the information about a given customer and generates tailored product offers which are in line with what the customer really wants.
On the other hand, you may also use this data to… make your customers’ lives easier based on their habits. Imagine your customer sends regular, recurring payments, typically on a given date – with AI, you can spot this and provide them with an in-app shortcut to send the money transfer, making the process easier.
Naturally, for this to work, you need to gather all your customer data on a single platform – otherwise, your system will work on incomplete information.
Do you need an efficient, AI-driven customer data platform? Then work with us at Ailleron! We can develop a solution tailored to the nature of your financial institution, one that will take your organisation to the next level. Read our case study and learn how we can take your business to the next level.
AI for Polishing the Details
The devil’s in the details – this is more than just a proverb. Building a personalised customer experience requires you to look into even the tiniest elements of the interactions between your organisation and the clients, and AI will help you improve them as well.
Take, for instance, an AI prompter for banking. While on the surface, it seems to be designed to improve the productivity of your customer service teams, it might also help your agents deliver highly personalised customer experiences. How? By enabling efficient search and synthesising data from various sources, surpassing the speed of traditional human operators. What is more, it will let your employees quickly adjust the tone of messages for each of the customers. The AI will paraphrase their responses to adjust them to the communication style each of your clients feels comfortable with.
Is the above example a major change for your clients? No, but it’s the next step that will help you increase customer satisfaction.
AI for Proactive Banking
Achieving proactivity in communication and customer service is one of the major challenges standing before banks. It is what the customers want, but financial organisations might find it difficult to implement. Yet again, AI can help your organisation with that.
Due to its data processing capabilities, a machine learning model might analyse historical data from your bank to find patterns indicating certain problems or actions undertaken by your clients (for instance – finding customer churn indicators). This makes it possible to generate predictive insights and prevent problems before they occur. By helping your clients solve their individual issues in advance, you will show them that they matter and deliver an even more personalised customer experience, building long-term trust and loyalty.
AI for Optichannel Banking
Finally, you may use artificial intelligence’s data integration capabilities to personalise your customer’s experience on a general level by embracing optichannel customer service. What does it mean? Your customers may select the most convenient channel for each of their interactions with your organisation and switch between these channels seamlessly.
Is this possible without AI? Perhaps it is, but it would take much more of your resources, rendering it impossible for larger financial organisations. Hence, it is better to embrace digital process automation and use artificial intelligence to eliminate data silos, connect all your touchpoints and enable your customers to choose on what terms they interact with your business.
Conclusions
Artificial intelligence is a tool that enables banks to deliver personalised customer experiences. From data analysis to creating actionable, predictive insights and automating the process of customisation – AI can take your personalisation efforts to the next level. Hence, do not hesitate to implement it – contact us and let us know what you need. We will prepare a tailor-made solution just for you.
You might also read: How Can AI Improve Customer Service in Banking?
