How to use AI to shape efficient digital and omnichannel experiences

Jeremy O’Niel
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Jeremy O’Niel: HAPO Community Credit Union, USA

Journal of Digital Banking, 2023, vol. 8, issue 3, 256-262

Abstract: This paper delves into the growing significance of artificial intelligence (AI) in transforming financial services and improving customer experience. Using AI, financial institutions can elevate their omnichannel approach, ensuring a seamless and personalised customer journey across a diverse set of interactions. AI has the potential to forecast financial behaviours, assist in prudent financial management, and provide predictive solutions to pre-empt issues such as overdrafts or late payments. The analysis emphasises the essence of service in the financial sector, advocating for AI-powered tools, like conversational chatbots, advanced fraud protection capabilities, as well as financial education and personalisation. By leveraging natural language processing and machine learning, these tools not only react to customer queries but also proactively engage, ensuring enhanced customer service in line with evolving expectations. AI’s capabilities in creating personalised customer experiences through dynamic visual and audio content point to a more tailored future for customer journeys. The challenge, however, remains in balancing AI with the human touch. For organisations, it is pivotal to start small with AI and omnichannel experiences, prioritising incremental changes that bring immediate value.

Keywords: artificial intelligence; AI; omnichannel; personalisation; chatbots; customer/member journey (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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