Fintech Vendors Must Stop Giving Small Institutions Short Shrift on AI Tech
“In its report ‘Reimagining customer engagement for the AI bank of the future,’ McKinsey & Company emphasizes, ‘Banks that leverage AI and analytics to deliver smart servicing and superior experiences stand to increase customer satisfaction and loyalty.’ That’s incredibly important to the viability of financial institutions, because, as the McKinsey research shows, deposits grew 84% faster at banks with the highest degree of reported customer satisfaction compared to the banks with the lowest satisfaction ratings.
What’s more, the stronger the customer experience and the greater the satisfaction, the more likely it is that a financial institution will generate higher revenue. A more satisfied customer typically accounts for about 2.4 times more revenue than one who is neutral, according to ‘The Value of Customer Experience, Quantified,’ by Peter Kriss.
And there are benefits: In a 2021 survey of 1,600 C-suite executives and data-science leaders at the world’s largest organizations, Accenture found that nearly 75% of companies had already integrated AI into their business and, of those, 42% said that the return on their AI initiatives exceeded their expectations. Only 1% said the return didn’t meet expectations.”