Cognitive banking is creating the banking experience of the future | VentureBeat

  • “Cognitive systems use AI technologies to help banks leverage their data to deliver insights about themselves, their customers, and their competitors. Intelligent digital assistants are the critical enabler of cognitive banking for customers, enabling users to better understand and manage their money, and make better financial decisions.
  • Digital chatbots are simply reactive, waiting for a user to ask a question, and they’re highly impersonal — a millennial in the early stages of their career and a multi-millionaire get the same generic response.
  • When you leverage cognitive banking you’re offering your users an AI-powered solution that’s sophisticated enough to answer whys — why a customer’s balance is low, what deposits will bring them back up into the green, and so on, and then offer personalized advice about managing bills, increasing savings, and more.”

Pizza Hut demonstrates why intelligent virtual agents are the future of customer service

  • “‘Gartner is suggesting that 85% of customer interactions will start by self-service in 2022, which is only six months away,’ he explained. ‘But most importantly, of those interactions, 70% will start with speech interfaces by 2023 which is also not too far away.’
  • ‘This has led to 42% of companies planning to enhance digital self-service functionality, which had traditionally been out of reach of all but the largest enterprises,’ Schebella added.
  • ‘Before you even say anything, the IVA can play back to you the status of your order,’ explains Branley. ‘So it can say ‘Hey Calum, your pizza’s in the oven, and the ETA is 6:35.’ No interaction needed with a person; we’ve serviced that request before you’ve even asked for it.’”

AI brings promise and peril to customer relations management

  • “At the moment, one of the chief complaints aimed at companies large and small is the long wait times at call centers and in email replies. A properly trained AI-driven CRM platform will be able to handle most common queries with little to no delay, sending the more complicated requests to service reps, who should have greater availability. AI will also be able to more effectively communicate with customers over the web, social media, and mobile platforms.
  • Faulty data management is a key factor in poor customer relationship outcomes, with more than 85% of sales agents citing it as the cause of embarrassing mistakes, according to marketing analysis firm MarTech Series.
  • Upwards of 2.5 quintillion bytes of data are being created every day, 90% of it unstructured, so the mere task of putting all of this data into context is functionally impossible without AI.”

Foresight Research: Consumer Resistance to Banking AI in Georgia

  • “Bank of America reported about 20 million or about 30% of their customers arere using ERICA – their chatbot.
  • For chatbots or AI a low 51% of consumers are comfortable using this technology for routine questions. For gathering information or for asking for advice on loans, retirement planning or investments only 44% would be comfortable using AI.”

Foresight Research: Consumer Resistance to Banking AI in Georgia

How Artificial Intelligence Has Transformed The eCommerce World

  • “Artificial intelligence is sweeping through the eCommerce sector. In fact, marketers report that there’s been a 186% increase in AI adoption since 2018.
  • 79% of organizations say that marketing and sales AI has increased revenue for their companies.
  • Artificial intelligence also helps eCommerce companies to offer better customer service. For example, 51% of marketers are using social listening to get quickfire information about the conversations that influence their target audiences.
  • For example, 15% of companies are using AI to optimize yield, energy, or throughput in manufacturing, while 12% are using it for predictive maintenance.
  • Here are some of the most influential ways that AI has transformed eCommerce in recent years.
  1. Sentiment analysis
  2. Multi-channel personalization
  3. Customer service chatbots
  4. Dynamic pricing
  5. Retargeting adverts
  6. Assembly line optimization
  7. Risk management”