Customer Experience – Chatbots, Image Processing, Customer Onboarding, Customer Service Level improvement
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Using an intelligent chatbot, customers can get all their queries resolved in terms of finding out their monthly trading, investment products, affordable insurance plan, and much more.
Customer onboarding is the complete process that users go through when they act as clients of a bank or FinTech company. Onboarding experience can truly determine the customer’s current relationship with the organization.
Being fully digital enables customers to manage their financial lives directly from their smartphone from day one. It invites customers to open an account in minutes, right from the smartphone, manage it on-the-go, spend and set aside money in real-time.
Image recognition can be used either for enhancing customer experience or security. An example of the former is credit card scanning functionality in payment apps or ID scanning in banks. Security application entails either ID or biometric authentication in mobile banking apps.
Further, there are several ML-based applications which, when connected to a payment system, can analyze accounts and let customers save and grow their money. Sophisticated ML algorithms can be used to analyze user behavior and develop customized offers.
Benefits for the company
High-level customer support is an important indicator of quality financial services. Machine learning helps companies understand their customers’ needs better and personalize service recommendations and marketing offers.
The trading industry might use a specific system of recommendations aimed to improve customer purchase, complaints, choose different products.
It can also be a chatbot that processes customer messages, accepts complaints, and handle personalized service offers.
Feasability
Medium
Type of expertise/ AI domain
Machine Learning, Image Processsing, Natural Language Processing
Internal data required
Customer Interaction Data
Increasing Customer Experience by using machine learning strategies results in better engagement, loyalty and higher revenue generation by customers. And nowadays, in the era of digitalization its one of the essential requirements for any banks.