There are huge pressures to innovate with automation and artificial intelligence in finance organisations. Drivers include the growth of digital advice platforms and regulatory uncertainty: incentives are cost efficiency, precision, accuracy, speed and the push for greater price transparency.
Perhaps the greatest motivation of all, however, is that clients now expect a simpler customer experience. They are frustrated by those organisations who don’t provide it. The primary focus is therefore on how to use AI to enhance the customer journey. The objective is not solely to retain clients, but to provide a seamless interconnected experience for them.
In the battle for revenue share, technology is both an opportunity and a challenge for differentiation. No one wants to be behind the curve. To be successful, financial organisations need to be firmly committed to employing technology, business model changes and simplifying more complex operational processes.
To make the most of artificial intelligence, finance companies need to integrate their legacy systems and processes so that all their data is gathered in one place. Not only does this increase efficiency – making systems up to 10 x faster – but it also enables organisations to react rapidly when change is required, be it from regulatory authorities or through economic necessity.
Client side, the advantage of a central interconnected system is the consolidation of a customer’s data from all sources (history, channels, apps, real-time context, APIs to information held by third parties). Organisations can then analyse the complete data – such as all a customer’s interactions – to create an accurate overview of each customer and tailor their future experience.
The consolidated data can then be used by AI to provide real-time customer recommendations. Because their requirements have been precisely assessed, these will increase clients’ loyalty, retention, and value.
For example, AI can help generate a response to enquiries that is tailored for both the customer’s immediate and longer-term needs. Single channel capability allows for these messages to be delivered in the customer’s preferred channel, making channels the message bearers for relevant and timely outreach.
By using consolidated customer data and pairing it with predictive AI analytics, financial organisations can therefore create value in ways they haven’t been able to before. Unlocking the full value of data in designing a new process may be tough, but once it has been done correctly the value it will deliver will be huge to the client experience and business longevity.
psKINETIC are seeing these exact challenges time and time again. Over the past decade, we have helped organisations automate processes, integrate their legacy estate and streamline operations. They have benefited from greater efficiency, reduced costs and increased competitiveness.
Our approach is to work alongside our clients to redesign, configure and consolidate processes using the Appian Platform to enable them to work seamlessly also allowing for rapid change in a forever changing regulatory environment.
AUTHOR: Stefan Elliott | Account Executive, Financial Services | psKINETIC
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