Personalization is the future of banking. With the rise of artificial intelligence and machine learning, banks are able to capture data, automate and personalize the banking process. In this post we’ll explore how you can use automation to improve your customer experience and increase satisfaction.
Personalizing the Banking Experience
Personalizing the banking experience is something we’ve mentioned previously with the rise of competition in all types of banking services, but it is more important now than ever. Customers expect basic things like branches being open later, mobile banking, and more locations. What sets a bank apart today is what they can offer above other banks. The generations of now are much different than their predecessors, and welcome technology into the monetary world. Customized loan options without ever speaking to another human, better business banking recommendations, and faster deposit options are all top of list for Gen X, Millennials and Gen Z.
Luckily, the current technology we have allows all of this and more to be possible. We just need to implement these changes into our current digital transformation. Chatbots and AI can be used to help customers with their day-to-day banking needs, such as paying bills or checking balances. Banks are also using these technologies to offer personalized recommendations based on customer preferences and spending habits. For example, if you’re looking for a new credit card with a lower interest rate or rewards program, your bank might suggest one based on what it knows about your finances.
Automation allows banks to make more informed decisions about who should receive certain offers (such as credit cards). This means that instead of sending out generic offers indiscriminately–which could potentially have negative consequences for some customers–the bank can tailor its marketing efforts more effectively by targeting those who may benefit most from them. Also, data analytics allow banks access into every aspect of their operations so they can better understand where improvements are needed across departments such as customer service or fraud detection/prevention. It is a win-win for banks and customers! Conversations between humans and machines will become more common over time as we become more comfortable interacting with technology in our everyday lives
Automate the Relationship Management Process
On the banking side, automation and the implementation of it takes on a whole new meaning. Automation is about using data to make smarter decisions and improve the customer experience. It’s not about replacing human interaction, but rather making better decisions at scale.
For example, let’s say you’re a bank and have a large portfolio of mortgages that are nearing their maturity dates. You could hire people to manually review these mortgages on an individual basis and decide whether or not they should be renewed–or maybe it makes more sense for the bank just to write them off as lost causes. Either way, it requires significant time, effort and money spent on labor costs (not to mention potential legal liability).
Automated systems could help here by analyzing each borrower’s credit history based on factors such as income levels and debt ratios–and then making recommendations based on those findings regarding whether it would make sense for them to renew their loan; this helps save both time and money while also reducing manual processes within your organization.
Many banks work with companies like our partners at nCino and have substantial amounts of data at their fingertips. By implementing a product like Unity for nCino decision makers can make better decisions based on data surrounding the actions of their clientele. Not all banking activities and clients are the same, so take advantage of in-depth insights so you can better provide the automation they are looking for, and ultimately create brand loyalty for your business.
The financial services industry is facing a challenge. The traditional banking process is becoming outdated, and consumers are demanding more from their financial institutions. The solution to this problem is automation. By leveraging artificial intelligence and machine learning tools, banks can automate the customer experience and personalize it in ways that were never possible before. This means that customers will spend less time filling out paperwork and more time enjoying their day-to-day lives without worrying about finances!
Interested in learning mor about Unity for nCino? Contact us now to set up a call with one of our technologists!