Artificial Intelligence (AI) and machine learning technologies have significantly impacted several industries, including financial services and banking. For example, AI in banking majorly improves operational efficiency and customer experience when efficiently incorporated into the bank’s core applications.
AI has been a real game-changer for several mobile banking trends and applications. Every financial marketer aims to keep their customers happy and satisfied, which is why many marketers are using AI to enhance customer experience.
According to a recent BCG survey, 90% of financial marketers have adopted AI to optimize customer service, improve customer engagement, allowing them to earn more profits and net revenue.
Three Ways AI has Impacted the Mobile Banking Industry
Artificial Intelligence in finance has improved the mobile banking industry in several ways. Some of the ways are mentioned below.
1. Personalized customer interaction
In today’s modern digital banking and marketing world, customers expect a highly personalized and seamless experience through every banking platform and channel. And AI-powered banking solutions deliver just that.
AI enhances customer service in the following ways:
- Through customer and predictive analytics, AI recommends the right products and services to customers based on their past choices and preferences.
- AI gathers information through past customer interactions and predicts customer behavior, ensuring high customer engagement by multiple follow-ups.
- AI maximizes the conversion rates through push notifications and other personalized solutions.
For mobile and web banking applications, AI builds hyper-targeted campaigns based on the past actions of the individuals.
2. Increased customer lifetime value
Banks are expected to make huge efforts for long-term customer retention and maximizing customer lifetime value.
Artificial Intelligence and banking drive high customer retention and engagement solutions to raise customer value. For example, AI dynamically measures the clicks, impressions, and CTRs (Click-Through Rates) of several versions of email campaigns to predict and compare their performances. As a result, this solution automatically drives traffic to the high-performing content, eliminating the guesswork and the need for financial marketers to determine the performance manually.
Thus, AI in the finance industry offers automated customer engagement solutions for high customer retention rates and lifetime value.
3. Smarter marketing predictions
AI employs intelligent and sophisticated solutions to analyze customer data instantly and dynamically predict outcomes through predictive analytics.
According to MarTech Advisor’s recent article, 62% of financial marketers believe that AI plays a huge role in increasing subscriber engagement and user interactions.
In addition, AI segments customers based on their like-minded behavior and preferences, types of content they like, and spending patterns to determine its course of action. Such powerful customer segmentation narrows down customer expectations, personalizes interactions and target market spending, and eliminates marketers with the need to make hunches.
Today, customers mostly engage with the banks through their mobile banking applications. AI-generated solutions help financial marketers satisfy such a huge customer base, offer personalized solutions, and increase customer loyalty and engagement.
Banking and AI offer faster, smarter, and more efficient banking solutions and the best marketing outcomes. You can check out virtual assistants and other AI solutions for banking from leading providers such as Interface.ai. Get intelligent AI solutions for banks and credit unions to increase revenue, enhance customer experience, automate call centers, and enhance sales.