What's Driving the Use of AI in Financial Services?

There are a variety of factors impacting the popularity of AI in financial services, including:

Competition: The top 10 banks in the U.S. all use some kind of AI member service software, particularly chatbot or virtual agent solutions, according to the CFPB. When all of the competition is embracing digital transformation, institutions that fall behind could be seen as less resourceful, reliable or desirable.
Cost: Depending on its utilization, an AI application can save thousands of dollars – and it can pay for itself with outcomes like increased lead generation and employee efficiency boosts.
Convenience: Members and agents alike are growing more used to having AI at their fingertips. This kind of convenience is now an expectation in any member experience or internal workflow.
Simplicity: An AI tool can be trained and customized to your unique needs, making it a simple but efficient solution to a variety of disparate issues. Plus, the best AI is user-friendly and intuitive, eliminating the need for extended training sessions.
Speed: Solutions like member service chatbots can address queries and requests in seconds. That means members will see reduced wait times, agents will feel less call overload, and the credit union can address larger problems in a more timely manner.

Other pressures contributing to the need to adapt include an uncertain market, economic and global disruption, fast-moving technology and – of course – changing member behavior.

Instant Insights /

AI Member Service Solutions: Elevating the User Experience

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