What AI Solutions Can Do for Financial Services in 2021

Quick answers are in more demand than ever — especially from organizations that can affect their financial wellbeing. In today’s digital economy, if an organization can’t deliver the solutions consumers need immediately, they will seek out other options. Financial institutions with legacy structures, uninterested in digital adaptation, will inevitably suffer churn. AI solutions for financial services are critical to stay relevant in the contemporary digital economy.

Finance, banking, and insurance customers are not your typical retail consumers. As a company, you’re involved directly with their money, livelihood, and wellbeing. Traditionally, changing banks or financial service providers is a hassle. Clients weighed the perceived inconveniences of continued dealings with your organization versus the larger inconvenience of switching financial institutions. The Covid-19 pandemic has changed that forever. 

There is a surging market of innovative digitally-based financial enterprises that can serve people, from their screens, with the least amount of effort. 

The economic environment brought on by Covid-19 also increased unease amongst banking customers, instigating concern about finances, investments, retirement funds, debt, and government stimulus options. It’s imperative to keep up with the digital economy by giving your customers the information they need to thrive, or you might very well lose them to the growing list of competitors. AI solutions for financial services are necessary to stay relevant in an industry undergoing rapid, technological change.


The high cost of not meeting consumer demands

In today’s digital economy, close to 50% of business and retail consumers will abandon a company after a poor customer experience, costing global businesses nearly $100 billion each year. Financial institutions are no different. A survey by Digital Banking Report found that 54% of banks and credit unions ranked leveraging AI solutions for financial services even more important than improving the overall customer experience.

The truth is, consumers don’t really care how friendly the representative is on the other end of the call if they must pick up the phone to find information that a competitor offers through simple and quick self-service capabilities. 


Brand loyalty stems from how easy you make it for customers to do business with you


Conversational banking that fully enables secure chatbots and virtual assistants provides personalized interactions across all customer channels. They offer customers the answers they need with the least amount of effort and time. Essentially, when it comes to banking and financial services, exceeding customer expectations with point programs and niceties is just not as key as meeting their demands quickly and effortlessly.

According to a report by Gartner, current drivers of brand disloyalty today are directly related to the amount of effort your customers need to exert to resolve questions or service issues. When customers have to contact your organization more than once, repeat information several times, and ultimately feel like they are being treated like an inconvenience, they will search for alternative banking solutions.



Conversational banking via self-service channels give consumers what they need immediately

Customers want to be able to contact your organization through the channels they are most familiar with. When you offer an omnichannel experience to your customers, they won’t need to call you and repeat information. You can also avoid creating consumer frustration due to long hold times and multiple intercompany transfers. You free up your human staff to focus on more complicated issues, thereby increasing efficiency and decreasing service overhead.

Robust AI solutions for financial services offer feature-rich smartbots that merge with your agents and reporting dashboards in real-time, providing customers with a single touchpoint for interacting with your company. When you give your customers greater access to the information they need, you naturally reduce direct service calls. Juniper Research’s new study predicts that by incorporating chatbots in banking, operational cost savings will reach $7.3 billion globally by 2023, representing the equivalent of 862 million working hours — about half a million working years.

Intelligent bots that leverage conversational AI provide 24/7 support, manage fraud detection, provide risk assessment, and are significantly more cost-effective than adding human agents for reducing resolution times.


SnapEngage offers the most secure banking AI solutions

SnapEngage has built one of the most secure live chat solutions on the market and is committed to the highest standards of industry-recognized accreditation, ensuring customer data is always secure and protected with end-to-end encryption. Our secure data transfer enables safeguarded business operations, including secure banking data, data masking, and PCI-compliant live chat.

SnapEngage Smart Routing Technology captures simple requests and responds through automation. It intelligently routes banking customers to the right agent the first time, removing the type of consumer frustration that leads to brand disloyalty. SnapEngage immediately integrates with your existing workflows, CRM, ERP, or other databases, so you can extend your live chat functionality with in-use applications. 

Our Onboarding Assistance Program and Training Services are committed to crafting a customized program catered to your organization’s specific needs, from account setup, agent training, database integration, and more. Our award-winning customer support team is multinational and consistently achieves a 95% average CSAT rating.

Contact SnapEngage to learn more about how you can benefit from the industry’s best AI solutions for financial services. Ensure your customers’ data is safely collected and stored with end-to-end encryption, and in compliance with the latest local and international data privacy laws. We’ll help you get up to speed with the most secure AI solutions for financial services available, so you can stay relevant across your digitally fluent consumer base to meet and exceed their demands.

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