Solutions to Enhance Customer Experience in the Banking Industry

Customer Experience (CX) has become a key to success in various industries, including banking. According to data from Zendesk, banks that consistently optimize customer experience grow 3.2 times faster than competitors who do not. In this increasingly digital world, where more than 50% of consumers are willing to switch to competitors after an unsatisfactory interaction, making CX not just a necessity but an imperative.

As customer expectations for digital services increase, banks must adapt and adopt the latest technologies to deliver satisfying experiences. Generative AI, as part of technological advancements, offers significant potential to revolutionize the way banks interact with customers. Generative AI is a type of AI capable of creating new content and ideas, including conversations, stories, images, videos, and music. Generative AI represents the next step in the evolution of artificial intelligence.

In this article, we will discuss how generative AI can be a solution to enhance Customer Experience in the Banking Industry.

• Improving Online and Mobile Customer Service
  A study by Deloitte shows that 84% of customers use online banking, and 72% use mobile apps to interact with their main bank. However, according to The Financial Brand, 64% of customers report that their mobile banking apps do not allow them to resolve issues quickly.

  One solution is to provide 24/7 services using Generative AI technology, specifically Generative AI Chatbots. This type of chatbot can assist bank customers in getting fast service around the clock and has the advantage of understanding complex questions or requests. This ensures that customers can access help whenever they need it quickly and appropriately.

• Personalization to Increase Retention
  According to the Zendesk Customer Experience Trends 2023 report, 72% of customers consider personalization very important for financial services. Banks can use customer data to provide relevant advice and offers, which will increase customer satisfaction and loyalty.

  Generative AI can help create highly personalized experiences. By using customer data, AI can generate relevant and personal recommendations and help design more effective marketing strategies.

• Automating Repetitive Tasks
  The Zendesk report indicates that 59% of business leaders report measurable ROI from investments in AI. However, 63% of customers still want one-on-one interactions with bank representatives for more complex tasks. This emphasizes the importance of balancing technology use with personal customer service.

  Generative AI can be used to handle routine tasks and common queries, such as answering FAQs, managing basic information requests, and processing simple transactions. This way, valuable staff time can be allocated to handle more complex issues requiring a human touch, such as financial consultations, dispute resolutions, or offering personalized services.

Enhancing customer experience in the banking industry is crucial to retaining and attracting customers. By leveraging technologies like Generative AI, banks can offer more personalized, efficient, and consistent services across various channels. Adopting these solutions will not only increase customer satisfaction but also drive faster growth. Therefore, investing in the right technology and focusing on customer experience will be key to banks’ future success.

ABOUT MIMIN

Mimin is a platform that helps businesses to create conversational customer journeys with Artificial Intelligence. With Mimin, businesses can effortlessly build chat journeys and establish a positive customer experience.

The applications that can be generated include, amongst others, the ease of running chat commerce, chat campaigns, customer automation, omnichannel inbox, and Generative-AI chatbot.

With Mimin, businesses can deliver superior customer experiences, strengthen customer relationships, and build stronger customer loyalty.

Learn more about Mimin by contacting:

Mimin

PT. Admin Pintar Kita

Graha Charis Siem

Jl. Tanah Abang 5 No. 21, Central Jakarta

Phone: +62 856 0322 5212

Email: halo@mimin.io