January 27, 2022

Top 4 Drivers to Adopt Ai in the Banking and Financial Services Industry

The Banking and Financial Services industry is can truly benefit from technological advances, such as artificial intelligence (Ai) and machine learning. By addressing some of the biggest pain points the industry faces today, huge strides can be made to quickly bring more value to the company.

What are the biggest pain points facing the Banking and Financial Services industry today?

·      Customer Service: Creating engaging customer service and experiences

·      Cost Optimization: Increasing returns and cutting down costs

·      Technology: Incorporating technology-based resolutions to challenges, such as maintaining a competitive edge and improving customer service

·      Risk Management: Establishing a rigorous network security to prevent suspicious activity

·      Revenue Growth: Narrowing profit margins, slow deposit growth, and economic downturns affect operating budgets and revenue growth

All these pain points and more can be addressed by incorporating Ai into all aspects of the business. Ai delivers many high-level business impacts, including:  

·     Transformation: Drives new thinking and operational processes

·     Recognition: Discover previously unknown patterns in data

·     Innovation: Create new solutions to generally accepted problems

·     Improvements: Continue to make existing technologies better  

What are the top 4 drivers encouraging the Banking and Financial Services industry to adopt Ai?

Enhancing Customer Service and Customer Experiences

Customers are becoming conditioned to expect better customer service and experience than in less technological times. A recent survey by Replicant states companies that“ don’t address gaps in customer service are at risk, with 76% of customers saying a poor customer service experience negatively impacts their perception of a brand and one in three saying it affects loyalty.”[1] Gaining brand loyalty and repeat business is achieved through positive customer experiences.

How can Ai help enhance customer service and customer experiences at your company? By helping to organize and make tasks more efficient, such as creating customized and hyper-personalized experiences through emails, offers, chatbots, etc. Ai helps the marketing team no longer need to manually segment customers and campaigns, handle every message personally, or spend time on individual customer problems.

Cost Optimization Initiatives

Cost optimization initiatives can be sustained through advanced Ai technology. You must track the progress of your work to implement a cost-reduction transformation, ensuring value delivery. If the progress is slow, one of the benefits of partnering with an experienced Ai firm is the ability to quickly pivot to new solutions.   

What is the best approach to achieve this initiative? A better understanding of the infrastructure, skills, partnerships, and contracts the organization already has in place can help to achieve many process efficiencies and enhancements sought through cost optimization initiatives. Every part of the initiative must flow from upper management; otherwise, it’s simply cost cutting. Maximizing your resources with as little cost as possible is the goal in which Ai plays a large role.  

Ai can help to identify cost reduction opportunities for Banking and Financial Services companies in such areas as finance, procurement, HR, production management, front-office processes, and more. Ai is the gateway through which the company can become a smarter and more efficient organization.

Improving Risk Management

Ai in the governance, risk, and compliance area excludes the risk of bias because the training data used is neutral and objective. It can manage all the repetitive and boring tasks that usually occurs in this area and reduces costs for responsibilities that do not generate revenue. 

How can Ai help your company improve your risk management processes? Ai can process a large amount of data in seconds, helping the company to better understand previously unknown risks. By using the actionable insights Ai provides, procedures can be put in place to fight existing and future risk.

Businesses can al souse Ai-based automated processes to obtain a complete and real-time view of their IT assets. This helps the upper management understand security vulnerabilities and improve response processes and tools to better protect vulnerable assets against attacks or fraudulent activities.

Decreasing Costs and Increasing Revenue

More efficient operating procedures, automating repetitive tasks, improving daily productivity, increasing brand loyalty, improving marketing outreach efforts, and much more demonstrate how fundamental the advanced analytics of Ai and machine learning are to decrease costs and increase revenue.   

Finding areas of cost expenditures that can be cut and discovering ways to increase revenue at your company is a part of what makes Ai so valuable. It’s not just making your company smarter and high-tech, so it looks impressive to customers. Ai can enhance every part of the enterprise so that your customers and your stakeholders will be pleased.

How ElectrifAi Can Help

At ElectrifAi, we know how important it is to fix business problems quickly before they spiral into more problems or cause customers to leave. Or perhaps your company is doing well and you want to become more competitive. We can help you accelerate your time to value with our proven pre-built machine learning models. A vast library of models is available to help you turn your data into a strategic tool to quickly drive revenue as well as reduce costs and risk.

We know you want results fast. Why wait to build your own costly machine learning models and take the chance they won’t produce the actionable results you need? The world doesn’t need another cloud, platform, or tool company. Our clients need solutions for their business, and that is exactly what we provide. And we can get those results to you in weeks, not months or years.

If you’d like to find out more about how Ai can help your business, download our e-book: Best Ways to Grow Your Banking and Financial Services Company with Ai

Interested in learning how your data can help you achieve more for your business? Contact us today for a custom demo!

[1] “Survey: The Effects of Bad Customer Service and How Brands Can Fix It.” Replicant.Ai, 13 Oct. 2021, www.replicant.ai/blog/survey-the-effects-of-bad-customer-service-and-how-brands-can-fix-it.