AI Services and Mobile Banking: Improving The Customer Experience

February 18, 2019

The customer experience is the most crucial factor when it comes to retention and high-quality usage. While AI and mobility only get you so far, when you think about banking from the user’s perspective all technologies start to fall into place. According to an estimate, AI services are set to save the global banking industry almost $1 Trillion with proper integration and utilization. This comes with a reduction in the cost of around 22%.

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The customer experience is the most crucial factor when it comes to retention and high-quality usage. While AI and mobility only get you so far, when you think about banking from the user’s perspective all technologies start to fall into place. According to an estimate, AI services are set to save the global banking industry almost $1 Trillion with proper integration and utilization. This comes with a reduction in the cost of around 22%.

For a better relationship with the customer, enhancing the customer journey is essential, especially when it comes to interactivity and regular usage. You want the customer to visit the app several times a day to check on investments and review the offerings from the bank. Let’s find out the correlation between AI services and Mobile Banking.

AI Services & Mobile Banking: Understanding the Correlation

 

Starting from Hiring the Right Talent

 

Banks globally are recruiting the right talent when it comes to AI and mobile banking. They’re looking at the technology from a holistic perspective and creating the right guidelines for better end-code. They are also in regular touch with the top mobile app development companies to refine their strategy moving forward. Having the right talent on board makes life much easier for banks.

DBS Bank has a hack2hire program that allows them to run a hakathon to hire 100 of the brightest minds in the space. They’ve taken a proactive approach to enhance the customer experience.

We are proud to launch the inaugural Hack2hire-Her with the aim to build gender diversity in technology roles. And we are excited to launch this platform which will motivate women in this field. We intend to increase their representation in the technology world and bring greater creativity through this initiative.” – Soh Siew Choo, DBS’ Group Head of Consumer Banking and Big Data Analytics Technology.

Auditing the Existing Customer Journey

 

Running a comprehensive audit is essential when it comes to an understanding of the customer journey. When customers first use your app, it’s best to have the right tracking measures to capture the right data. With AI consulting services, banks can analyze their data in a more clearer way. They can then find the right partners to work with and develop a more comprehensive customer journey. Machine learning companies in India understand the importance of good data analytics and are working with top banks in the space.

When auditing the real customer journey, it’s also important to get feedback directly from customers. This is critical as it helps in enhancing the final report better. You can run localized tests or even contact customers directly to become testers. The data received can then be processed via big data analytics services to enhance the journey further.

Personalization in Real Time – Using AI for Retention

 

Personalization is crucial to master when it comes to enhancing the user experience. Banks can issue real-time notifications and messages to urge customers to take action. They can market their instruments and connect with customers in real-time. Additionally, from a personalization perspective, they can also use AI services to create a more personalized dashboard for customers. They can get a unique dashboard and interface which has their most used options front and center. This can help them enhance their overall journey and acquire customers at scale. Banks can also do the same for their websites and have a unified mobile to app AI-infused experience.

Real-time personalization also covers ground when you think about it from the perspective of retention. It’s important to have the right approach when you need retention in the application. Many people download dozens of apps without opening them frequently. This way, AI development companies can help customers get the most out of every single interaction with the mobile bank.

AI-infused Chatbots for Deep Interactions

 

AI is the lifeline for many advocates of Chatbots. According to research, 69% of users prefer Chatbots to H2H interactions as well. This marks a steady shift in the way that AI is perceived in the marketplace. Banks are looking at how to handle millions of queries coming in each month. The use of AI chatbot technologies has enhanced the customer experience, by bringing together new features and innovative functionalities.

Chatbots are considered to deliver Contextual insights to the right person at the right time and through specified channels. This is the way that chatbots have started conversational banking, minimizing the costs along the way.

Chatbots also have the ability to add a new dimension of personal touch and massively enhance customer delight and loyalty with the use of  advanced speech and natural language processing capabilities, and sentiment analytics to gauge the tone, emotions, and voice accent. 

Chatbots could also be channeled to create to grow an insightful bank as it can collect a lot of data from its users and analyze it for accurate decision making.   A data driven business with a strong data operating model can help establish a centralized pan-entity approach for solving business needs and generating predictive insights.

HDFC bank launched the first banking AI Chatbot some time ago, and the app is handling large-scale queries across the world.

We started the journey on ‘bots’ about 1.5 years back and had handled close to eight-million queries since the launch. We have achieved close to 90% accuracy on the service. Beyond being a simple banking assistant, we have brought in bill payments, movie-ticket bookings, and other capabilities into Eva, our chatbot.” – Nitin Chugh, Head of Digital banking at HDFC Bank.

As the Chatbot understands customers on a deeper level, it can even issue personalized offers that can aid in customer conversion. This makes every website hit the potential for successful interactions. This way chatbot development services can help to enhance the overall customer experience and make it easier to process new requests.

Gamification using AI

 

Many app designers use gamification as a method of increasing interactivity. This could be daily offers, fun puzzles or a knowledge quiz for the app. In the banking sector, we can develop the gamification using AI services. AI can issue out personalized gamified experiences that customers could engage with at scale.Gamification can also be developed over time by engaging a core group of customers first.

Indian consumers love a good deal, and they’re ready to invest time into an app that delivers the results. This also reduces the cost of acquisition and retention, as more consumers would buy into the app. Thus, it makes gamification a viable option by working within the framework of AI development services.

Read more: Artificial intelligence for your business

Conclusion

 

The digital banking space has been a frontrunner in the adoption of new platforms and technologies. From AI to blockchain, mobile banking has made it easier for consumers to interact with their financial provider. The customer experience is kept at a priority for banks that are leaders in the space. This has helped them create more user friendly options, and functionalities within the mobile banking ecosystem. At Signity Solutions, we have got the most effective AI development services for your requirements. Our team consists of developers and programmers with many years of experience. Get in touch with our IT outsourcing services now and leverage the services of best AI developers in India. Contact us now. 

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