Artificial Customer Service – Freeing up support teams to be more human.
Customers have increasingly sophisticated expectations of what technology should do for them and the demand for more immediate and more personalized services means that finance providers need to adapt to evolving buyer behavior and help shape their future offerings.
With digital customer engagement fast becoming the norm, lenders are already experimenting with using Artificial Intelligence driven solutions to revolutionize customer service. Existing options, such as phoning an agent in a call center or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded so it is compliant with financial regulations.
Now lenders are using chatbots and voice-interactive virtual assistants to simulate a personalized customer-facing conversation via company websites and mobile apps. By combining machine learning, intelligent automation and predictive modelling, AI allows digital conversations to more naturally unfold in the way a human conversation would, with responsive, specific messaging at an individual level—all done with a high degree of accuracy, and matching brand marketing statements and compliance requirements.
Gartner recently reported that consumers will manage 85% of the total business associations with banks through chatbots and virtual assistants by 2020. It should come as no surprise then, that more and more organizations are introducing intelligent virtual assistants.
While banks and insurance companies have started to use AI in these areas, the auto finance market has been slower to take up the technology. However, the drive to adopt a customer-centric view means this is fast becoming an area of growth.