The banking, finance service and insurance Industry is undergoing a profound transformation because of modern-advanced technologies and evolving customer needs.  And, today Artificial Intelligence (AI) is going to be deciding factor to define how companies are going to interact with their customers and serve them in the modern world.

Ajay Agarwal, Managing Director of Servosys Solutions, sheds light on how AI is making banking better for customers.

AI has evolved from being an essential component of digital transformation to becoming an integral and leading part of it. The focus is shifting from being “AI enabled” to embracing “AI-Lead” transformation. And, AI is re-defining the performance benchmarks by making processes smoother, personalized and SMART and thus making customers happier.

• Winning the hearts & minds of Modern and Traditional customers

By seamlessly amalgamating AI into the business processes, BFSI players are geared to winning the hearts and minds of their modern and traditional customers with more personalized features, like: Intelligent Recommendations, Personalized offers generation, On-the-Spot discounting with instant fulfilment; the industry is going to elevate the experience of their modern and traditional customers to an altogether new level. But, there is a lot more which AI of going to offer to these industry players.

• Intelligent Ecosystem to Increase Customer Life-time Value

Omni-Channel continuous journeys, AI powered smart-workflows, Intelligent dynamic routing & allocations, Leads Win-back mechanism, AI powered real-time actionable insights, Intelligent STPs and what not; all this not only reduces the fear of manual errors but also encourages the First-Time-Right execution resulting in significant reduction in TAT and enhancing the customer’s delight with an overall reduction in Total cost-of-ownership.

• Hyper-personalized contextual interactions – Enabling the Personal-touch

AI is going to be the best buddy which BFSI players are aiming to provide to their every set of customers, be it traditional or the modern Gen Z. Hyper-personalized communications over the preferred channels and that too at the preferred timings with intelligent emotion sensing technology is going to define the experience of the customers and enhance their loyalty.

By, SMART prediction algorithms and Intelligent Business Rules Engine (iBRE) the moments of buying can be captured in truly efficient manner and more personalized recommendations can be made addressing the real needs of the customers.

All this is taken to an altogether new level by seamlessly integrating with the existing ecosystem with smart-connectors and utilizing the economy of APIs which provides the capability of Intelligent Data-Processing while data is in motion in a real-time scenario irrespective of its format, type, speed of flow and the point-of-capture.

Looking ahead, AI holds significant potential for BFSI industry to modernize itself and be future-ready.

“The perpetually evolving needs and expectations of modern-age customers are propelling BFSI leaders towards a path of continuous and intelligent evolution. And, this journey is not going to be about solely addressing the needs but also about consistently delivering an unmatched customer experience at every step of customer interaction across any channel.”

                                                                                                                                                                                                          – Ajay Agarwal, MD, Servosys Solutions

 As the BFSI industry continues to evolve, AI is going to become even more important in scripting a new chapter for the world, where customer takes center stage.