The Artificial Intelligence conundrum – while AI has provided CX significant benefits for the Financial Services sector it’s still nowhere near potential says new report
Some illuminating new research in this week’s newsletter which suggests while the pandemic has catalysed financial services organisations to harness AI to improve the CX challenges in integration and customer perceptions are undermining its potential. Financial services firms’ implementation of AI at scale is the lowest across all industries, and where AI has been deployed, customer expectations are not being met – with half of customers saying they receive no value from AI-enabled interactions.
All is revealed in the latest Capgemini Research Institute report entitled, “Smart Money: How to drive AI at scale to transform the financial services customer experience”. The report suggests deployment of AI to improve the overall CX has grown significantly in the financial services industry in the past three years. Just over half of customers have daily AI-enabled interactions (like talking to a chatbot) with banking and insurance firms; this becomes even more important as most customers expect to increase touchless interactions as the COVID-19 crisis prolongs. Financial services firms have already perceived the positive impact on their bottom-line of implementing AI in customer-facing functions, including reduced cost of operations and increased revenue per customer.
While traditional players are struggling with AI implementation at scale, it is a different scenario for new-age players like FinTechs. Not bound by the same challenges as traditional legacy financial services firms, FinTechs are succeeding in delivering superior value to customers by using AI-driven solutions to make financial services tasks more efficient and customers interactions friendlier.
Anirban Bose, CEO of Capgemini’s Financial Services and Group Executive Board member says. “Financial services firms have much to gain from implementing AI in their customer interactions, but there are steps to be taken before the benefits are fully realized for businesses and consumers alike. Organizations need to focus on educating their customers and staff on what AI can do for them. It will take both investment and consumer trust to make the most of this powerful technology. To deliver the right AI-powered experience centred around the consumer, banking and insurance firms must ensure they have senior leadership roles in charge of internal and external AI adoption and acceleration.”
Some of the issues and challenges thrown up by this report will be examined in detail at our upcoming free-to-attend 2020 virtual Customer Engagement Summit next month were FS sector brands including first direct, moneysupermarket.com, Aviva, Virgin Money and TSB are presenting. Look forward to welcoming you there.