AI has also helped deliver improvements in customer satisfaction. Banks and insurers have witnessed greater customer engagement with brands from deploying customer AI. Around one-in-five industry firms (25 per cent for banks and 19 per cent for insurers) have seen a 20–40 per cent increase in customer engagement.
Multiple critical factors
Based on Capgemini research, there are six recommendations for achieving scale with AI:
- Invest in value-driven AI to transform the customer experience;
- create trust-based and ethical AI governance approaches to drive broad-based customer adoption;
- deliver an AI experience that considers “signature moments” that require empathy and emotion;
- set up the technology foundation required for an AI-enabled customer engagement;
- add senior leadership roles for AI to accelerate adoption; and
- educate customers on what AI can do for them and make AI systems explainable and transparent.
Financial services have seen widespread adoption of customer facing AI and today’s pandemic environment will only accelerate this trend. But while organisations have benefited from AI, customers expect and want more.
At the same time, the industry is behind the curve when it comes to achieving scale with AI-driven CX. There are several challenges the financial services firms need to tackle, from organisational resistance to lack of customer trust.
The industry currently lags in the field in terms of how customers view its customer-facing AI and it needs to accelerate progress if it does not want to be left even further behind.
Stanislas de Roys is Managing Director Financial Services & Marie-Caroline Baerd is Executive VP AI at Capgemini Invent