Anything For You All: [NEW CHART] Intelligent assistants could help banks ramp up engagement

Jumat, 06 Juli 2018

[NEW CHART] Intelligent assistants could help banks ramp up engagement

NEW CHART & DATA: PAYMENTS

Here's how AI can help banks increase customer interaction with mobile banking…

Financial institutions have been ramping up on their artificial intelligence (AI) capabilities for both front- and back-end offerings. But more recently, we've seen a rise in bank-based intelligent assistants, which help customers interact with their banks conversationally: Bank of America's Erica just surpassed 1 million users after fully launching in May, for example. Users are receptive to intelligent assistants, with the number of customers interacting with AI higher than in previous years. As usage increases, the features customers demand from these offerings are beginning to shift, according to new data from Capital One and Wakefield.

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Here are some other key points from this chart:

Banking customers look to AI for data protection. Forty-seven percent of customers want AI assistants to protect them against fraud, and 38% want them to protect credit card information.
Forty-four percent of respondents indicated interest in using AI to ensure on-time bill payment.
On the user end, receiving a message-based alert or reminder for bank-related activities can be helpful, but it can also be bothersome. So it's important for banks to be "exceptionally conscious" about when the message justifies the interruption, and to work to make interactions, whether unprompted or at request, convenient and well timed so that they don't tip the scales in the wrong direction.
But if done correctly, growing AI assistant functionality could help banks improve client retention, which might make for more lucrative customer relationships. If banks can hone in on what consumers are interested in AI-based assistants for, like fraud protection and on-time payment assistance, and target their AI offerings accordingly, they could see the best results from those interactions and reap the largest gains in engagement. Bank of America is doing this well, as an example, by allowing users to lock or unlock debit cards to protect personal information, which could boost interaction by giving users a service they want via AI.

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