“Making digital banking experiences convenient and easy should be a top priority for all financial institutions. With over 75% of the U.S. population banking online in 2022, according to eMarketer, ensuring that digital experiences are frictionless is imperative to providing overall satisfaction with your customer service.
Many banks and credit unions recognize the growing pain point, but are attempting to tackle the issue through traditional means. While pursuing costly but straightforward solutions like increasing the size of their call centers, they often miss one of the main cruxes of the problem: About 80% of the traffic directed at call centers are simple, routine transactions.
In reality, the 80% majority of call center traffic is really made up of over 350 different user questions and requests. These questions, while all categorized into broader topics, often have nuance and granularity to them that means simple chatbots will prove ineffective at properly diagnosing the specific problem that a consumer is having.”
“Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics & visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period.
In terms of market share, the deep learning & machine learning segment is expected to lead among the other technology segments in the global AI in the banking market during the forecast period due to growing adoption of deep learning & machine learning approach for risk assessment in banks.
Increasing need to optimize customer engagement by introducing AI-driven virtual assistance and provide 24/7 customer services and answer customer queries and grievances is expected to contribute to revenue growth of the customer service segment in the global AI in the banking market during the forecast period.
Due to growing need to offer improved customer service in the banking industry, the Chatbot segment is projected to lead in terms of revenue share in the global AI in the banking market during the forecast period.
Factors such as growing emphasis of banks in countries in North America on enhancing banking operations with the use of advanced technologies are resulting in the market in the region accounting for comparatively larger revenue share than other regional markets.”
“According to Forrester, 73% of customers say that the most important thing a company can do to provide them with good service is to value their time.
Considering areas of opportunity for reducing customer hold time and increasing the likelihood of getting them to the right person the first time – not to mention the time and workload reduction for human employees – skillful deployment of chatbots offers a winning strategy. While chatbots will never replace the human component of CX, they have shown to increase customer retention significantly, loyalty and overall satisfaction.
According to Tidio, over half of consumers (62%) would rather talk to a chatbot than a human agent because of the wait time reduction.”
“For those of us working in the realm of digital marketing, the impact has become even more clear over the last few years. To put things into perspective, 61% of marketers say AI is the most important aspect of their data strategy, according to MemSQL.
Have you ever searched for a particular product and then all advertisements you see after that search are for similar products? That’s AI at work. The power of DMPs (Data Management Platforms) allows AI to gather data from across the Internet – not just a particular website. This data then fuels predictive analytics, which empowers digital marketers to truly personalize their marketing campaign strategies to ultimately generate high-quality leads. Stronger leads = stronger ROI.
A Campaign Monitor report found that marketers saw a 760% increase in revenue from segmented campaigns.
What’s one AI tool we all encounter on a regular basis? Chatbots. These are used for everything from customer service to driving sales. Chatbots are becoming so sophisticated that according to a study done by Marketing Insider Group, two-thirds of consumers don’t know they’re interacting with these AI tools vs. actual humans.
According to a study from Bright Local almost 60% of consumers have used voice search to find business information in the last year. As the world has become largely mobile, voice search enhances the user experience, unlocking hands-free access to accurate data and results.
Google’s algorithms can understand human speech with 95% accuracy which is nearly equivalent to human-to-human interactions. With this in mind, embracing a humanistic SEO strategy is more important than ever before.”