How digital banking can be better for customers

– “Digital banking is not necessarily better banking. What matters most is meeting the customer’s needs in any given interaction.

– Hersch believes that banks are lagging fintechs when it comes to customer experience, and as a result customer loyalty may be shifting toward nonbanks.

– Her best advice is to first focus on making their banking experiences consistent, regardless of platform or channel used.”

“AI-Led Contextual Banking Will Lead to Higher Customer Centricity”

– “In the process of becoming “AI first” in vision and execution, banks are also getting more empathetic toward customers, getting to know them better, feeling their pain and delivering solutions that can make their lives better and easier. This calls for personalized, contextual banking experiences.

– Contextual banking is a banking experience that takes into account the intent, the situation, the language, the habits, the urgency and the legitimacy (regulatory constraints) behind each transaction.”

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McDonald’s just admitted a surprising reason why it can’t satisfy customers

“Customers now want a simpler, more focused menu. Perhaps they’re tired of thinking too much, which would be understandable. Moreover, in uncertain times, the familiar becomes the necessary.

Yet younger customers want something more exciting. Because that’s what it says on the Being Young membership card.

Moreover, personalization has become a considerable need, want and habit among many customers in many spheres.”

Personetics, an AI-powered customer engagement and insights platform for banks, raises $85M

  • “‘Banks are increasingly moving from a passive to a proactive relationship with customers, and looking for new ways to help them improve their financial well-being,’ Personetics cofounder and CEO David Sosna told VentureBeat. ‘They are sitting on a wealth of data that can allow them to anticipate their customers’ needs, and Personetics’ AI helps them turn this into personalized insights.’
  • Banks including U.S. Bank, Santander, and BMO embed Personetics’ technology between their front-end and backend systems to analyze customers’ transactions and behavior
  • Founded out of Israel in 2010, Personetics now has offices in New York, London, Paris, Singapore, and Rio De Janeiro, and claims to serve 120 million users via 80 financial institutions in 30 markets.”

Why financial services organisations must be ready for increased AI-based customer service and resulting regulations

  • “Automation and AI-based technology is playing an ever-increasing role at each stage of a customer service journey, from chatbots to customer data analysis.
  • Yet delivering optimum customer service through the likes of AI comes with new and expanding security regulations
  • Indeed, the likes of online chatbots empowered through automated or AI-based Q&As, have become the tool of choice for many financial organisations.
  • The backbone of the new EU policy on AI stipulates different levels of risk ranging from unacceptable risk to minimal risk.
  • According to the current definitions for each level of risk, none of the AI customer service features currently on the cloud such as chatbots, automated Interactive Voice Response technology or Caller Line Identification tools, qualify as unacceptable risks, meaning that all cloud contact centre operations can continue as normal.
  • Other areas of AI integration that stand to face greater regulation are online dashboards. AI uses data from these dashboards to personalise the online experience – it can analyse the most popular functions of online banking and take users directly to frequently used tabs.”