On
Off
The financial services industry is gearing up for the next phase of tech-led business growth. With the pandemic driving digital disruption, clients and consumers demand personalized, contextual, and engaging experiences. Financial institutions will benefit from implementing data-driven AI/ML-based for acquisition, nurturing, and retaining customers and clients in this window of opportunity to adapt and innovate.
For the financial services industry, your data-driven systems of experience should consider the following pointers:
- Seamless understanding of the customer, customer requirements, and customer journey to deliver a simplified, transparent, and rich customer experience. While it appears straightforward, complexities arise in the definition of the customer. This could be individuals or organizations. Therefore, understanding the customer, an account, or a professional is imperative.
- A real or a near real-time crunching of customer interactions across multiple touchpoints and response with ML-based recommendations will enable organizations to provide both real-time and planned personalized engagement—leading to journey progression or journey completion at scale.
- A flexible AI and ML workbench will help financial institutes upsell and cross-sell across a broad spectrum of offerings to prevent churn, plan targeted campaigns, etc. This will result in an increase in the Average Revenue Per Unit (ARPU,) loyalty, and prevent churn.
- Maximize loyalty benefits to customers to attract referrals, request repeats, and prevent churn.
- Ability to play with partner data like hotel stays, car rentals, theme park tickets, and more for lead generation and stronger conversion.
This brings us to two questions: how should financial institutions approach the data-driven ecosystem? How can they implement them at speed and scale while ensuring ROI?
Download the POV to find out the answers!
