It’s a channel. Nothing more, nothing less. People can exchange information by phone, fax, website, app…
The first wave of online personal financial management tools were good but they have failed to hold customers’ interest. Financial institutions were hopeful customers would find these aids helpful on a continuing basis. Unfortunately, they have fallen far short of these early, idealized expectations. So now financial institutions including banks, brokerage firms and insurance companies are casting about, searching for how they can truly spark their clients’ imagination and keep them engaged and satisfied.
Studies show many consumers would jump at the chance to have personalized, timely guidance about their financial decisions, such as investing, saving and purchasing insurance. Where do the current tools fall flat? It’s their backward looking perspective and single dimension feedback. Lackluster and uninspiring, these applications also miss the critical moment of when, where and how consumers make their spending choices. To be effective and engaging, consumers need advice as they are making purchase decisions, offering them intelligent feedback about the consequences financial choices have on their long-term goals.
This kind of information usually involves face-to-face help from a banker or financial adviser. This expert guidance is an expensive, personalized service that is affordable to few and certainly not available on a wide scale.
This is where AI and machine learning technologies can shine. Pair AI technologies with the large amounts of data already collected from buying transactions and behaviors and the industry can offer clients scalable, mass customization–affordable one-on-one service with AI-enabled virtual agents. These agents can gather a host of diverse information and offer different scenarios and alternatives for banking, investing and insurance options. Better still, well-designed AI service offerings can help acquire new customers and new sales, having the capability to capture clients anywhere along the funnel.
Some in the industry are apprehensive, fearing AI virtual agents may displace live client interactions. On the contrary, companies implementing AI capabilities see the opposite result. AI services patiently educate consumers, when they need it and as they progress towards their goals. This nurturing and education triggers increased, high-value interactions with agents and bankers, eliminating the expensive prospect of teaching every client. This frees up agents to focus on where the human touch has the most beneficial impact. Artificial intelligent systems, working in tandem with financial advisers and bankers, are capable of digesting large amounts of data to create sophisticated, well-tailored options that can be offered by the AI virtual agent or via a live interaction.
AI and machine learning experiences are gaining wide acceptance with customers and offer financial institutions the chance to make a jump ahead with their client encounters, bringing higher satisfaction and loyalty and growing revenues.
To see how Elafris Virtual Insurance Agents can help your company, speak with us to schedule a free online demo.