Moving Past Chatbots to AI-driven Customer Experience Solutions

Bio: Raymond, a Senior Product Manager for Innovation and Disruption at First National Bank of Omaha, blends a decade of financial expertise with an emerging tech focus. He’s a Marine Corps veteran and a catalyst for innovation.

On the bell curve of today’s technological landscape, Artificial intelligence (AI) sits alone at the top. However, many of its customer-facing applications often amount to nothing more than supposedly smarter AI chatbots. These digital assistants manage customer inquiries 24/7, tirelessly handling routine tasks without requiring breaks. Yet, when these chatbots falter, the experience quickly turns frustrating, prompting users to seek human assistance. This reactive approach curtails AI’s true potential.

Chatbots for customer service have been around for decades. Despite recent advancements in AI, customers deserve more than just enhanced text interactions with companies. AI should be proactive, meeting users where they are and addressing their needs preemptively. It shouldn’t merely function as a digital gatekeeper on a webpage or app, directing users to human representatives when problems with the chatbot arise.

In sectors like finance, where personalized service is not only expected but critical, banks and financial institutions are increasingly deploying AI tools for tasks beyond basic customer inquiries via chatbots. These tools range from budgeting assistance to sophisticated fraud detection. Research indicates that many customers would appreciate proactive financial advice, but not everyone can afford a personal financial advisor. For example, a proactive AI financial assistant could analyze spending patterns and offer tailored advice. Imagine an AI suggesting, “Based on your current spending, you’ll have an extra $500 this month after your usual bills. How about we put $300 into your emergency fund and $200 towards the vacation you’ve been researching?”

Moreover, AI can streamline traditional bureaucratic processes such as loan approvals and credit scoring. By analyzing a broader range of data points, AI can provide a fairer assessment of an applicant’s creditworthiness, making loans more accessible to those in need while reducing default rates for banks. Picture an AI advising you, “Your loan has been approved. By the way, we’ve calculated that paying it off by X date or in X way will save you $3,000 in interest.”

  ​The future potential of AI lies in its ability, with explicit user consent, to autonomously perform such actions, further streamlining and enhancing the overall customer experience.  

While AI-driven chatbots represent progress, there is a clear demand for a more proactive and inclusive AI experience in banking. AI has the potential to transform the industry by enhancing security, personalization, and accessibility. To meet evolving customer expectations, banks must embrace AI as a holistic tool that augments human capabilities rather than replaces them. This approach ensures that AI serves the best interests of customers, fostering trust and significantly enhancing the overall banking experience.

However, the integration of AI into financial services must be thoughtful and balanced. While efficiency gains are beneficial, customers still value human interaction. AI, including chatbots, should complement human advisors by handling routine tasks and data analysis, thereby freeing up human employees to focus on more complex and empathetic interactions that require human judgment.

The next big step lies in determining when AI could or should autonomously execute actions on behalf of users. While AI can propose financial decisions based on thorough analysis, the final execution still requires user confirmation via web or mobile platforms. The future potential of AI lies in its ability, with explicit user consent, to autonomously perform such actions, further streamlining and enhancing the overall customer experience, i.e., “Thanks for those suggestions, Mr. AI. Go ahead and move that money,” and is confident that the AI not only understands the command, but performs it in a compliant, safe, and transparent manner.

This also leads to increased transparency among the financial world and users. There’s almost nothing more personal than money and customers should always be informed when they are interacting with AI and how their data in such interactions is being used. Trust is crucial in the financial sector, and mishandling AI can erode this trust faster than in other industries. Clear communication about AI’s role and its use of customer data is essential to maintaining this trust.

As we move forward, banks must continue innovating with AI while keeping the human touch at the heart of their services. By integrating AI into their operations and continually improving their capabilities, banks can lead the way in delivering innovative, customer-centric solutions that redefine the banking experience for the better. This ongoing evolution promises not just efficiency gains but also a more empathetic and responsive financial ecosystem that truly puts customers first.