CX leaders in banking, insurance, fintech, and other financial institutions navigate complex landscapes. Customers require quick assistance, highly accurate information, personalised product and marketing information, and the ability to fulfill transactions and take action with minimal effort. Data privacy and security is mandatory, and customers further expect quick resolution of issues by the team they interact with. This can be a lot to balance for customer support and customer experience leaders.
AI has emerged as a strong, innovative solution to deal with this challenge. It can help CX leaders drive organic growth and enhance customer satisfaction by enabling more personalised, efficient, and secure customer interactions.
AI Technologies Transforming Customer Experience
One of AI's most promising applications for customer experience is the deployment of chatbots and virtual assistants. These tools provide 24/7 support, improving the First Response Time (FRT) and enhancing the overall Customer Satisfaction Score (CSAT) by ensuring swift issue resolution. Moreover, leveraging AI for personalised financial advice can significantly impact the customer journey, offering tailored solutions based on sophisticated data analysis.
Fraud detection systems powered by AI also play a crucial role in safeguarding customer accounts, an essential aspect of maintaining trust and reducing churn.
Benefits of AI in Financial Customer Experience
The potential benefits of AI adoption into CX within the financial sector are manifold. AI can dramatically improve operational efficiency, reducing Average Resolution Time (ART) and enabling cost-effective scaling of customer support operations. With agents supplemented and supported by AI chatbots and ticket management, both repetitive and complex issues get handled seamlessly. AI also enables enhanced personalisation of interaction, leading to better Net Promoter Scores® (NPS®) and increased referrals, driving both customer retention and upsell opportunities.
We also see enhanced accessibility, with AI making financial services more inclusive and easier to navigate for a diverse customer base. Proto, for instance, boosts financial inclusion through its multilingual chatbots and live translation features made available to agents, so customers can share concerns and get resolutions in their language of choice.
Challenges and Ethical Considerations
While the adoption of AI is often strongly advocated for within the finance sector, data privacy remains a consistent area of concern for complete acceptance. Customers' growing demand for personalised experiences necessitates careful handling of personal information, ensuring compliance with regulatory standards and maintaining trust.
AI's integration into existing tech stacks can be perceived as complex, potentially causing friction with organisational silos and resistance to CX transformations. However, leading AI solutions are built around this challenge, ensuring that it meets clients’ data privacy needs without compromising product capability. Proto for example leverages ProtoAI™️, the proprietary NLP engine powering our platform, including redaction of PII when configured to integrate with third-party LLMs like ChatGPT.
Case Studies and Real-World Applications
Consider the example of USSC. Universal Storefront Services Corporation has long been a reliable provider of financial services in the Philippines, earning consumer trust over its 60-year history. As the company grows, it consistently focuses on developing innovative, customer-focused products and services that serve Filipinos nationwide. Continued expansion led to USSC experiencing an increase in customer inquiries, prompting the need for a fresh approach to maintaining high-quality support.
To address this they implemented Proto’s AICX Platform, including a Tagalog-speaking chatbot named UNA paired with live chat features, ensuring seamless integration with USSC’s existing systems. As a result, they were able to handle 193% more monthly chats and 153% more interactions, as well as boost annual customer growth by a staggering 94%. Read the full case study here.
Another successful example of AI adoption in CX in finance is that of the Central Bank of the Philippines, which implemented Proto’s AICX platform for employee experience. As the national supervisory authority for all financial operators in the country, from commercial banks to e-money providers and lenders, the Central Bank of the Philippines (BSP) holds a strategic mandate to ensure broad access to high-quality financial services and implement policies enhancing financial inclusion, literacy, and consumer empowerment. BSP faced challenges in managing a wide array of employee inquiries, especially those related to IT support, HR policies, and training opportunities. This was further complicated by the COVID-19 pandemic, triggering an urgent need for accessible and reliable information on remote work protocols and digital tools.
Proto enabled BSP employees to access dependable support, promoting a culture of efficiency, collaboration, and continuous learning throughout the organisation. As BSP navigates emerging challenges and opportunities, Proto continues to be a trusted partner in advancing organisational excellence and enhancing employee engagement. Read the full case study here.
AI stands as a transformative force in the financial sector, offering customer experience and customer support teams the tools necessary to optimise the customer journey, improve satisfaction, and bolster business metrics like churn and retention rates. By strategically integrating AI initiatives and addressing potential challenges, CX leaders can lead their teams in creating memorable customer experiences that drive both brand loyalty and revenue growth.
If you would like to see how Proto’s AICX platform can transform your team’s way of working and boost customer engagement and retention, book a demo today, or set up a free forever account.
