How to use AI to Better Serve Millennials in the Banking Industry
“Millennials – the 25 year-old to 40 year-old cohort – are hitting their prime spending years. There’s 1.8 billion of them, representing 23% of the world’s population, and they’re not content with the status quo.
Some 50 percent of 8,000 banking customers in a new CapGemini survey cited voice assistants as a feature they want to see most, yet only 35 percent of bank executives saw it as a priority.
Improving customer service drives customer retention and lifetime value, while creating greater efficiencies in a significant cost center – banks globally are forecasted to save over $7.3 Billion via chatbots alone by 2023 according to Juniper Research.
Young adults are increasingly looking for “super apps,” which tie multiple platforms or financial solutions into a pleasing interface using open APIs. Called open banking, the data sharing and AI tools enable banks to present customized content, cross-sell targeted products and present relevant third-party offers, such as sales on your favorite shopping sites.”