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Harnessing the Power of AI to Elevate Digital Engagement Strategies

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AI has the power to quickly redefine the financial landscape – when fully realized, AI won’t just be a small add-on to existing channels. The impacts of AI extend far beyond automation, deriving insights from vast amounts of data, making intelligent predictions, and even facilitating human-like conversations — all in real time. This will alter how financial advisors operate and how financial institutions (FIs) interact with their clients, ultimately improving the quality and efficiency of engagements.

AI has become a strategic ally that can help FIs transcend traditional boundaries, foster trust, and craft unified, tailored experiences that fit every individual’s unique financial journey. Below, we explore a few of the prominent transformative effects AI can have on the capabilities of FIs and financial firms.

Delivering Greater Personalization
Personalization has increasingly become a must-have for customers for their financial experience – more than half of consumers expect digital experiences to always be personalized according to a Salesforce survey. Until recently, customization was an expensive, unsustainable proposition, requiring organizations to dedicate employees to each customer. Today, financial firms can deliver customized experiences for every customer by effectively integrating modern AI tools.

A few use-case examples of how AI can help firms and FIs execute tailored customer strategies include: 

  • Example #1: Conversational agents can be leveraged to deliver real-time answers about a client’s accounts at any time of day. Then, generative content systems can compile those answers into a branded report at the client’s request.
  • Example #2: The firm has a client who values sustainable initiatives. AI can analyze their financial activity and preferences to provide tailored investment suggestions related to ESG funds or green bonds.

Creating Omnichannel Experiences
AI also empowers FIs to implement an effective omnichannel strategy, which is a crucial factor in ensuring seamless customer interactions. McKinsey found that more than half of all customers use three to five channels before making a purchase or resolving a request – satisfying these multichannel preferences means FIs must integrate all channels into a unified, cohesive experience.

AI ensures data flows freely between all the channels with which customers engage, integrating customer information throughout the enterprise for easier accessibility. AI's capability to integrate and analyze data across both digital and physical in-branch locations ensures a consistent, seamless, and context-aware user experience.

An illustration of how AI breaks down silos within the FI to establish an intuitive omnichannel experience could include:

  • Example: An FI customer is exploring lending options via a mobile app. AI will ensure that if they switch to a web-based portal, their data will smoothly transfer to this channel as well so they can easily resume their journey. If they decide to visit a branch in person, they will expect staff to have easy access to their most relevant account information as well.

Learn More About the Power of Leveraging AI
Discover more insights on the impact of AI within the financial landscape by downloading our white paper here

As the AI revolution continues to sweep the financial industry, Wealth Access can help you stay ahead. Click here to get in touch with our team and learn more.