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How will AI drive CX in financial services?

Published on 29 Oct 2019

Digital disruption, along with the rise of fintech organizations, is forcing traditional banking and other financial services organizations to reinvent the way they service their customers. Delivering a great CX in financial services is now key to ensuring customer loyalty and retention. And new technologies, such as AI and machine learning, can help organizations achieve this goal.

In this week’s Reading Room we have selected articles that explore the role of data and AI applications in financial services. Specifically how they are helping drive customer engagement, enhance customer service and ultimately, improve CX.

To conclude, our CX expert, Brent Haumann writes about how consumer expectations are driving financial services to invest in AI. Watch a great, short video – ‘Conversations with a bank’s chatbot…in 2020’ 

AI in Financial Services - Impact on the Customer

This special report, compiled by Pinsent Masons in partnership with Innovate Finance, delves into AI and the significant role it will play in the future of financial services – specifically in CX. In this era of disruption, AI will become an important enabler of what’s expected by today’s consumers: instant, relevant, innovative and personalized services. 

The report reveals that consumers understand the many benefits AI brings, in terms of customer service and experience. It also details how financial services companies are facing the challenge of having to shift their focus away from their own needs, and instead, address the needs of their customers. 


  • Publisher: Pinsent Masons
  • Access: Public (registration required for access to premium content)
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Data and AI Power the Future of Customer Engagement in Financial Services

An interesting read that highlights the need for financial services companies to apply new technologies to improve engagement and provide personalized products and services to their customers – responding to their needs in real-time. This is made possible through the effective use of data, advanced analytics and AI. 

There’s a great analogy in the article, where achieving a good customer experience is likened to behaving like a “financial relationship management ‘concierge,’ proactively providing insight to the consumer based on real-time financial opportunities or threats”

Read on to discover how engagement can evolve over time, through feedback provided by  chatbots, voice and live agents. And the importance of using all channels, including social media, to identify and address consumers’ financial needs.  


AI is transforming the financial services industry and customers are loving it

A great blog post that looks into how AI and machine learning are already optimizing current financial systems and processes. Fraud detection, stock trading, loan and insurance underwriting – to mention a few.  A really cool analogy pretty much sums up the value of AI in financial services, namely, “Information is the fuel, and AI the engine of the financial system.”  

Read more about customers’ demand for transparency and more human-like interactions from chat bots. As well as the threat of job loss, but also the rise of more “value-added” jobs, due to AI enabling automation of accounting processes.

Watch a short, 2 minute video, that highlights the main points discussed in the post. And another video (2.55 minutes) by Cognizant, shows how “a chatbot and AI can transform the banking experience”.


A comment from our CX expert: 

Artificial Intelligence (AI) technology is pushing us rapidly towards an altered future and consumers are also driving investment in new, service technologies. This is based on their expectation of instant gratification – immediate, accurate answers on the channel of their choice.

To remain competitive in a market of dwindling loyalty, financial services businesses have to adopt a customer-centric mindset and this involves constantly enhancing the customer experience.

For example, many organizations are now including chatbots into their ‘new age’ customer service initiatives, to enhance customer engagement and CX. 

Take a look at this short video – ‘Conversations with a bank’s chatbot…in 2020’ in which I illustrate an imagined, digital interaction (via chatbot) with my bank.

Brent Haumann

Chief Experience Officer, Africa