In recent months, generative AI tools like ChatGPT have emerged as a new opportunity for financial services institutions looking to enhance engagement, especially the way they communicate with customers. Organisations are still in the early stages of exploring AI use cases for banking customer service and investment management financial advisors. Many executives are taking a cautious approach, with concerns about accuracy, authenticity and compliance. However, many are excited to explore AI uses for customers as well as employees.
With that in mind, here are five potential customer experience benefits financial service firms are seeing right now, when using generative AI tools.
Improving customer engagement through personalisation
One of the most significant ways generative AI can be useful in financial services is by offering customers more personalised communications, thereby improving engagement. By leveraging machine learning algorithms, AI can analyse customer data, such as transaction history and demographic information, to generate personalised investment recommendations and offers. For example, an AI-powered chatbot could recommend investment opportunities to a customer based on their risk tolerance, investment goals and other factors. This not only enhances the customer experience, but it can also drive customer loyalty and retention.
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