Artificial Intelligence (AI) and machine learning technologies have significantly impacted several industries, including financial services and banking. For example, AI in banking majorly improves operational efficiency and customer experience when efficiently incorporated into the bank’s core applications.
AI has been a real game-changer for several mobile banking trends and applications. Every financial marketer aims to keep their customers happy and satisfied, which is why many marketers are using AI to enhance customer experience.
According to a recent BCG survey, 90% of financial marketers have adopted AI to optimize customer service, improve customer engagement, allowing them to earn more profits and net revenue.
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Artificial Intelligence in finance has improved the mobile banking industry in several ways. Some of the ways are mentioned below.
In today’s modern digital banking and marketing world, customers expect a highly personalized and seamless experience through every banking platform and channel. And AI-powered banking solutions deliver just that.
AI enhances customer service in the following ways:
For mobile and web banking applications, AI builds hyper-targeted campaigns based on the past actions of the individuals.
Also Read: Artificial Intelligence Online: Managing Your Business Always Under Control
Banks are expected to make huge efforts for long-term customer retention and maximizing customer lifetime value.
Artificial Intelligence and banking drive high customer retention and engagement solutions to raise customer value. For example, AI dynamically measures the clicks, impressions, and CTRs (Click-Through Rates) of several versions of email campaigns to predict and compare their performances. As a result, this solution automatically drives traffic to the high-performing content, eliminating the guesswork and the need for financial marketers to determine the performance manually.
Thus, AI in the finance industry offers automated customer engagement solutions for high customer retention rates and lifetime value.
AI employs intelligent and sophisticated solutions to analyze customer data instantly and dynamically predict outcomes through predictive analytics.
According to MarTech Advisor’s recent article, 62% of financial marketers believe that AI plays a huge role in increasing subscriber engagement and user interactions.
In addition, AI segments customers based on their like-minded behavior and preferences, types of content they like, and spending patterns to determine its course of action. Such powerful customer segmentation narrows down customer expectations, personalizes interactions and target market spending, and eliminates marketers with the need to make hunches.
Today, customers mostly engage with the banks through their mobile banking applications. AI-generated solutions help financial marketers satisfy such a huge customer base, offer personalized solutions, and increase customer loyalty and engagement.
Banking and AI offer faster, smarter, and more efficient banking solutions and the best marketing outcomes. You can check out virtual assistants and other AI solutions for banking from leading providers such as Interface.ai. Get intelligent AI solutions for banks and credit unions to increase revenue, enhance customer experience, automate call centers, and enhance sales.
Also Read: Giving Meaning To The Artificial Intelligence Landscape
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