The May 2023 issue of DM Magazine features excerpts from our paper, "The Impact of AI on Customer Experience in Financial Institutions", as well as an interview of the paper's author and Phase 5 Partner, Arnie Guha. DM Magazine's Michael Brooke spent time with Guha earlier this year, exploring why he dove into AI's impact on the banking industry specifically, and how ready both financial institutions and their customers are to leverage the technology.
The article conveys how financial institutions are one of two that "touch almost everyone in modern society" (the other being government), and thus their choices and actions impact most people in North America. That said, consumer perception of banks differs between the US and Canada, and these differences could impact receptiveness to the increasing use of banking tech on one side of the border vs. the other.
Guha sees lots of opportunities for AI to positively effect both banking operations and customers, including more personalized, efficient, and cost-effective customer service. As chatbot technology continues to improve, transactional interactions have the potential to become more conversational, leading to a better understanding of customers and more helpful advice and solutions.
As well, AI holds the ability to better identify and address more vulnerable populations who may be "falling behind" financially, and offer them assistance sooner. AI could quickly gather and analyze data for a more complete financial picture that may not be available to front-line customer service reps, and trigger outreach to a customer with recommendations for how to get back on track.
Contact us if you'd like to know more about our work on AI and CX in financial services, and how we can support your organization's journey to customer-centricity.