Banking Customer Experience Requires a Radical Paradigm Shift

Huge potential and possibilities of conversational banking and Artificial Intelligence (AI) in banking

There's no doubt about the huge potential and possibilities of conversational banking and Artificial Intelligence in banking.

Digital Banking Future Supercharged by AI
The banking industry has been pressured to adapt new technologies for some time now. The growing pressure from competition with Big Tech companies and the emerging number of Fintechs was largely accelerated by the impact of the pandemic, leaving no choice but to take immediate action.

Increased workforce and cost efficiency
Many banks clearly know what they aim to achieve from AI, not only in terms of increased customer satisfaction but also in productivity and efficiency.
It's predicted that, in the upcoming years, AI will completely replace most of the jobs in banking and other industries.

Champions in personalization skyrocket customer experience
According to Wunderman’s research, 79% of customers in the United States are certain that brands should demonstrate understanding and care toward their customers, and 89% are willing to engage with businesses that not only show care but go above and beyond that.

Contextual, personalized offers instead of annoying ads
The mobile apps and websites of many FIs are often loaded with redundant promotional information about the FI itself and the benefits of its products and services. But, if this specific information is not relevant to the customer, it just becomes annoying and creates a feeling of pushiness.

Avoiding AI disaster with human-centered culture and strategy
The possibilities of AI are grand, but, in the end, its potential boils down to one central aspect─the shift of the company’s culture and mindset.

Embrace the Experience mindset
The first step toward maximizing the power of AI in a way that would do good to mankind is to adopt an Experience mindset.

Integrate customer centricity at all levels of the company
It's not enough to have a human-centered mindset at the executive level of the company.

Adopt a disruptive, human-centered culture
Keeping up with technological innovations like AI requires great agility. This can be achieved if your FI adopts a disruptive company culture.

Expand the digital perspective and team up with tech companies
It's a fact that any FI that wishes to succeed in the future should develop their digital competencies.

Create a digital ecosystem
Forty-five percent of banking executives are transforming their existing business models into digital ecosystems.