As traditional legacy-based financial institutions move toward cloud-based systems, customers are becoming much more digitally aware and expecting better applications and seamless customer experiences, both in person and online. AI has been a great fit for banks that want to take all of the data they have and provide useful tools and enriched customer experiences automatically. And it’s been pretty exciting to watch financial institutions leverage artificial intelligence to create more robust experiences for their customers.
Meet Eno, Capital One’s new virtual assistant that leverages AI in a simple, customer-centric way to create real-time, organic experiences. Eno provides fraud prevention with tools such as interactive alerts, easy-to-report fraud transactions, and the ability to lock cards in real time. Then there’s Erika, Bank of America’s personalized digital assistant, who provides wealth management guidance to customers in an innovative example of how a bank can combine AI with data to provide a useful tool and enhance the customer experience.
Financial AI Is Ready for the Local Level
Now is the time for smaller local banks to consider leveraging these exciting technologies to provide the same level of real-time, consumer-centric experiences. More and more platforms are giving small businesses the tools they need to develop AI-based applications. Through Mower’s partnership with the AI product management system TARA, we’re now able to provide application development services that make machine learning accessible to any business that wants to go for it. It’s never been easier to build an intelligent customer experience, and you don’t have to have deep connections with Silicon Valley to do so.
Before you go out and name your AI persona (although Edward has a nice ring to it), we recommend you first answer the following questions so you can get a better idea of how AI can best be used to improve your customers’ experience:
- How could technology be used to deliver a better experience for your customers?
- What unmet customer needs would you like to be able to serve?
- What software development projects do you have on the horizon?
- What is on your technology wish list?
For an organization to really implement a digital transformation, it’s not about finding the best tech. As always, and especially with our beloved community banks, that transformation needs to start with people. One of the things companies tend to forget, in terms of machine learning techniques, is the human component, including the customer experience as well as the employee experience. We always say, it’s not man versus machine; it’s man and machine. The question needs to be: What can people do and how can that be accelerated with software and AI? You must make sure people are invested in and excited about what’s to come, and not only your customers but also your employees. That will be absolutely key to any step toward a digital transformation.
The next frontier of computing and customer experiences will really enable AI and machine learning to be ubiquitous within any technology. As our customers continue to expect more, they will demand more seamless, real-time interactions and information. We won’t always be talking about the decision to embrace AI and machine learning, but rather we’ll be expecting it. Now is a good time to start the process, and it’s never been easier.