Intelligent Products
How Intelligent Products enhance banking customers’ experiences
In this always-on world, we’re all craving greater convenience and expecting retail experiences from our financial institutions. Whether it’s social media, mobile apps, online platforms, real-time money transfers, or other methods and activities, customers are demanding relevant, frictionless, hyper-personalized experiences 24/7 which can be picked up across channels, including branches.
The numbers demonstrate how popular digital transactions are. By 2024, it’s estimated that the total number of digital banking users worldwide will exceed 3.6 billion. [1]
Banks need greater agility, speed, resilience, scalability, transparency, performance, and security to meet evolving customer expectations in this ever-changing landscape. In addition, financial institutions are under increased pressure to compete with neo-bank challengers who are breaking out cutting-edge services fueled by tech innovation.
Financial institutions have been turning their attention to Intelligent Products to future-proof and support customers throughout their entire journey. Intelligent Products are no longer on the fringes and have become table stakes to ensure a stellar customer experience.
Intelligent Products and the banking industry
Intelligent Products are innovative AI-driven solutions that will unleash digital innovation, setting the stage for compelling customer experiences, streamlined operations, an increased ability to leverage actionable insights across data sources, and more — in real time.
Organizations can train models based on abundant, rich customer information gathered across channels. As additional data is brought into the Intelligent Product, its ability to learn only improves and becomes more sophisticated in time. This helps financial institutions unearth new ways to offer value to customers and increase engagement.
As mentioned earlier, artificial intelligence and machine learning are now top of mind for many banks seeking to offer compelling customer experiences. Here are a few proof points to consider:
- Most banks (80%) are highly aware of the potential benefits presented by AI. [2]
- 46% of global financial services professionals say AI has improved customer experience. [3]
- 75% of banks with more than $100 billion in assets are currently implementing AI. [4]
Let’s take a closer look at one specific area where Intelligent Products can pay off —customer experience personalization.
Customer experience personalization using Intelligent Products
According to a survey by The Economist, 31% of financial services leaders say the top benefit of using AI is enhanced personalized service and customer satisfaction. [5] Offering a best-in-class, hyper-personalized consumer experience in an omnichannel environment is a true differentiator within a challenging, contracting market and ever-expanding marketplace.
Being informed about a client’s needs from acquisition to retention ensures a bank is aware of cross-sell and upsell opportunities that will be relevant, not redundant.
Intelligent Products use data to set a bank up to precisely deliver what customers want in real-time. These solutions can analyze a customer’s past experiences to better understand patterns in their behavior and then provide exceptionally accurate solutions or highly personalized recommendations.
Organizations can leverage Intelligent Products to advance their efforts to:
- anticipate a customer’s needs and the products they’re apt to pay for
- deliver a seamless, integrated client experience across channels and during every interaction — customer service, marketing, onboarding, transactions, and more, regardless of operational silos
- build a more solid, longer-term relationship that increases brand loyalty
The power of chatbots
Chatbots are a great example of how Intelligent Products have made inroads within the banking industry. Forbes even announced that “2023 is the year of the chatbot in banking” and cites a study that states that consumers provided a higher rating of their mobile banking experience for banks with a digital experience. [6]
As generative artificial intelligence products grow more powerful, an increasing number of financial services companies are using this technology to analyze customer data to offer tailored recommendations and financial and product advice faster and more finely tuned than what a human could offer.
Customers are using these artificial intelligence-powered assistants to quickly self-service, gaining 24/7, real-time access to accurate and personalized information, insights, advice, and support. User expectations are exceeded, with account holders able to satisfy their needs, get answers, and complete transactions whenever and however they like.
Along the way, the machine is trained and learns how to fine-tune responses and recommendations based on the client’s activities. Interactions become data points to solve future needs and improve the bank’s products and services.
No, the robots aren’t entirely taking over from employees. Human service agents can be relied upon to resolve more complicated inquiries and issues, to make the best use of their time, and keep any security concerns at bay.
It’s time to consider Intelligent Products
Beyond just a simple add-on or nice to have, Intelligent Products are game-changing solutions that deliver a critical strategic necessity to ensure success. To stay ahead of the curve and benefit from their mighty power, now’s the time to plan for how to make them work for your organization.
Interested in learning more about how to benefit from Intelligent Products? Contact us to book a call or plan a workshop with our team. We promise you’ll discover a new perspective on how far you go on your digital transformation journey.
Check out this series of articles to learn more about Intelligent Products.
[1] Bloomberg (March 2020). Digital banking users to exceed 3.6 billion globally by 2024, as digital-only banks catalyse market. [Link]
[2] Insider Intelligence (January 2023). Artificial Intelligence in financial services. [Link]
[3] NVIDIA, (February 2023). State of AI in Financial Services: 2023 Trends. [Link]
[4] American Banker. Utilizing artificial intelligence within digital banking. [Link]
[5] The Economist Intelligence Unit. (2020). The road ahead: Artificial intelligence and the future of financial services. [White paper] [Link]
[6] Shevlin, Ron. Forbes (February 2023). Thanks to ChatGPT, 2023 is the year of the chatbot in banking. [Link]