Customer service and support are critical in virtually every industry. Businesses are increasingly reliant on AI and machine learning algorithms to process massive amounts of data with the end goal of comprehending customer needs.
Sravan Kasarla, Chief Data Officer of Thrivent, recently spoke on a recent episode of the AI Today Podcast about his experience working with AI in the financial services industry and his thoughts on the applications and future of AI. Additionally, he will speak at the upcoming Data for AI conference on Thursday, June 3, 2021. If you wish to communicate directly with Sravan, you can register for free here. Sravan uses his data analytics background and consulting background to oversee all aspects of data engineering and how AI and machine learning can help create a more responsive business.
Using artificial intelligence to ensure customer success
The most critical aspect of the business is determining the most effective ways to interact with customers or potential customers, so the financial services industry is leveraging AI to identify target audiences. With an abundance of available customer data, sorting through mountains of data to determine relevant data can be a daunting task. This is where the power of artificial intelligence and machine learning algorithms can be leveraged to automatically comb through this data, identify patterns, and provide the most accurate information.
Once the appropriate audience has been identified, it is critical to identify and tailor relevant offerings and services. Sravan explains that the key to providing the best experience is to bring all of the different interactions together and connect the dots to determine the following best action.
For instance, if a customer attempts to reset their password on the company website but is unsuccessful, the appropriate next step is to relay this information to the representative when the same customer calls in for assistance.
Extracting and communicating this information is critical for establishing a chain of action, as a representative who is aware of this activity will assist the customer more directly, rather than spending time explaining unrelated products or services, which may further frustrate the customer. AI can be used to model customer intent to provide the best service and gain a better overall understanding of the audience.
Recognize that business success is about more than transactions or policies; it is about establishing and strengthening long-term relationships with customers. This type of relationship is fostered through the personalization of advice, another area in which AI excels. As with hyper-personalized advertising in marketing, the financial services industry can leverage AI tools to tailor information to each prospect or customer.
Every organization's goal is to provide the right product or service at the right time, and AI can power the knowledge that informs these decisions. This is especially true when it comes to providing customized investment strategies. Clients can receive personalized guidance about investments and other decisions based on their financial situation and future goals via AI-powered Robo-advisors. Even before fully automated Robo-advising becomes a reality, human agents augmented by AI can increase the efficiency and accuracy of the advising process while also providing tailored advice to individual clients.
Making decisions with the assistance of artificial intelligence
Today's business must adapt to ever-changing customer needs by leveraging data and artificial intelligence at the right time and place. The critical foundation for developing a responsive business is understanding and connecting all interactions and data in various forms. To lay a solid foundation, the company must prioritize frictionless data flow. Consider a "data highway" in which all parties are kept informed at all times, ensuring that everyone has the most up-to-date data at all times.
To accomplish this, businesses must follow the customer throughout the digital world and use data to connect the dots. This entails deriving an understanding of the customer's needs from their online activity and tracking changes in life events, all with the assistance of artificial intelligence. By asking pertinent questions, businesses can help their clients gain financial clarity.
Building more responsive businesses requires a long-term commitment to a more responsive world, which is the future of AI across all industries, not just financial services. "Ultimately, AI will make human lives more comfortable, convenient, and productive, allowing us to all focus on what matters most in our lives," Sravan Kasarla says, emphasizing that the strength comes from the data combined with the algorithms.
It is not just about making a quick profit for the business but also about making far-reaching, significant predictions, such as how long the pandemic's effects will last or how to identify trends before they become problems. Artificial intelligence can assist humans in carrying out these forward-thinking actions and develop responsive intelligence to improve customer experience and relationships. Finally, the future of AI is based on advancing and adopting intelligent technology, which is why the advancement and adoption of innovative technology continue to gain importance in our world.