AI and dynamic content can turn financial communications into great digital experiencesPublished on 21 Oct 2019
Some legacy financial services providers haven’t been able to innovate fast enough to keep up with changing customer expectations.
No longer are companies compared to their industry peers. Innovation in other industries has exposed customers to the CX they now expect across the board: highly personalized products and services, supported by relevant, easy to understand and contextual information – instantly on hand, via any channel they choose.
Achieving the right customer experience is vital if lagging financial services companies want to stem the tide of customers moving across to alternate providers.
Delivering relevant and personalized information contributes massively to creating a great customer experience.
Our expert’s view:
It makes sense to take stock of what communications a customer is already receiving and see how new technologies, such as AI and dynamic content (APM) can augment CX, changing what were just communications into great digital experiences.
Here’s how financial services companies can provide great digital experiences by using AI and dynamic content:
1. Personalization to hyper-personalization
Companies typically have enough data to apply basic personalization when composing a message, in order to select the right channel, time and tone for each customer.
Some are sitting on a treasure-trove of data that, if harnessed, can take their communications to the next level.
The next level of personalization is achieved by applying artificial intelligence to big data, to predict the future behavior of a customer. AI is used to identify the offer that is most likely to result in action from the customer.
In this way, companies can customize each customer touchpoint in a journey, exponentially increasing the likelihood of that customer engaging with the business.
2. Integrating communications with voice tech
AI-enabled voice devices, such as Siri, Google Home and Amazon’s Alexa, have become more prolific and are steadily integrating into our lives. Especially when it comes to newer generations, conducting information searches, writing shopping lists and even making purchases, are quickly executed via voice instruction.
Research estimates that in 2020, 50% of all searches will be done via voice (comScore) and 30% of all searches will be done without a screen by 2020 (Gartner). As a region, Asia Pacific is the most engaged with voice technology, with 1 in 2 people using a voice device. Europeans lag behind in voice tech usage with an estimated 28% of the population using it.
Considering the high adoption of voice technologies and future opportunities, financial services companies need to bring voice tech to the forefront of customer engagement by using it to augment digital communication.
3. Using chatbots to improve communication
While becoming common in customer service, chatbots are not often used to enhance communication. Yet integrating chatbot functionality into a message is relatively simple and creates an instant opportunity for a two-way conversation with your customer.
There are many benefits to incorporating chatbots into communications, for both the company and its customers. In a consumer survey by Ubisend, 69 percent of respondents said getting an instant answer was the main reason they used chatbots.
4. Google’s dynamic content (AMP)
Google launched its Accelerated Mobile Pages (AMP) capability for Gmail in 2018, enabling content to update dynamically within an email. Although mostly used to update content from Google’s own products (example Google doc edits), this capability is the precursor to driving dynamic content into any email communication.
An email now becomes more like a web page experience, which is a great CX. Each time you view the email, the content is updated to the most recent information available. This helps to capture attention, encourage repeat visits to the email and compel recipients to take action.
Improving customer experience is vital if financial services companies want to stop customers from moving across to alternate providers, and win back those that have already jumped ship. Fortunately, evolving technology provides opportunities to do just that, by enhancing customer communication.
Commercial Director, UK
Interested to find out how enhanced digital communications can help your financial services organization win back lost customers?
Striata is a leading provider of digital customer communication solutions that improve customer experience and advance the digital transformation of a company’s communication strategy.