As the digital age continues to evolve, banks and other financial institutions have been focusing on improving their customer experience through personalized and convenient digital banking services. Financial institutions are meeting customers in the channel of their choosing, using AI-tailored, personalized communications, product demos, and self-service tools. The goal is to provide a seamless and personalized experience for customers while improving operational efficiency.
One way financial institutions are improving digital banking customer experience is through AI-powered chatbots. Chatbots are an automated messaging service that allows customers to interact with a computer program using text or voice commands. Banks are using chatbots to help customers with their banking needs, such as checking their account balances, transferring funds, and paying bills.
For example, Bank of America uses Erica, an AI-powered virtual assistant that can handle over 5,000 different banking tasks, including transferring funds, scheduling payments, and tracking spending. Erica uses natural language processing (NLP) to understand customer requests and provides personalized responses. Erica is accessible through the Bank of America app or via text and voice commands.
Another way banks are improving digital banking customer experience is through personalized product demos. Banks are using AI to analyze customer data and provide personalized product recommendations to customers. For example, JPMorgan Chase uses machine learning algorithms to analyze customer data and provide personalized recommendations for investment products. The recommendations are based on a customer’s financial goals, risk tolerance, and investment preferences.
Similarly, HSBC uses an AI-powered virtual assistant named Amy to provide personalized product recommendations to customers. Amy uses customer data to provide recommendations for credit cards, loans, and other financial products. Amy is accessible through the HSBC website or via text message.
In addition to chatbots and personalized product demos, banks are improving digital banking customer experience by providing self-service tools. These tools allow customers to perform banking transactions and manage their accounts without needing to contact customer service.
CitiBank offers a self-service tool called Quick Lock that allows customers to temporarily block their debit or credit cards if they have lost or misplaced them. This tool can be accessed through the CitiBank mobile app or website. Similarly, Capital One offers a self-service tool called Second Look that alerts customers to any suspicious transactions on their account. Second Look can be accessed through the Capital One mobile app or website.
Financial institutions are using AI to improve digital banking customer experience by meeting customers in the channel of their choosing with personalized communications, product demos, and self-service tools. By leveraging AI, banks can provide a seamless and personalized experience for customers while improving operational efficiency. Examples of these strategies in action can be seen in Bank of America’s Erica, JPMorgan Chase’s machine learning investment recommendations, HSBC’s virtual assistant Amy, and CitiBank and Capital One’s self-service tools.
WaveCX “Featurettes” allow FIs to serve Demos, Rich Text & Media, Image Carousels, FAQs, and Surveys & forms to customers directly in Digital Banking.
