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How AI is impacting customer experience in fintech
VentureBeat | VB Staff | Oct 29, 2020
“The democratization of AI technology means that it’s no longer confined to the university lab or the big corporate R&D lab, but available to individual developers and startups that can get going on this journey very easily and quickly,” says Dr. Steve Flinter, VP of artificial intelligence and machine learning, Mastercard Lab.
This is particularly relevant for the fintech world, where AI is offering increasingly sophisticated solutions in four specific areas: security, customer experience, new interfaces, and general internal process improvement. All these issues tie back to customer service.
See: Top 12 AI Use Cases: Artificial Intelligence in FinTech
“AI is available 24/7, it keeps learning, and it spots opportunities for efficiency — often before you even know you have a problem,” says Dr. Daniela Braga, founder and CEO at DefinedCrowd. “Banking is all about knowing how the future is going to play out. The data for these kinds of predictions is a playground for AI.”
In the financial world, AI is already solving problems such as partial replacement of call center agents, automation of back office tasks, and behavioral analytics.
Because your customer’s safety is paramount, AI can be used to deliver a better customer experience. AI and machine learning can detect who you are based on your behavior. When you identify yourself on a device or log in to a merchant’s website, even if your password is compromised, your identity can be verified. On the other hand, an intruder can be identified because they use their device differently.
See: 7 Things You Need To Know Before Investing in Artificial Intelligence
“When you’re automating call centers, inserting a digital assistant into the first line of customer care means you can answer 100% of calls versus missing 20 to 50%, which is the current state of care in a lot of services — and deliver much better customer experience,” Braga says.
Additionally, inclusivity and building an AI that serves everyone is of utmost importance, Saavedra Kochalski says. Capital One’s focus is on personalization to the point where they can understand who the customer is and what their needs are, anticipating and predicting what that customer might need, so that they have better outcomes in the future.
They use the many ways customers speak and express themselves to improve how their digital assistant, Eno, answers a question, but also to improve their other digital experiences as well.
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