Banks must incorporate broad-level thinking while choosing their digital technology stack for customer experience. A survey conducted in 2022 by ServiceNow found that speed became the No.1 factor in good service (69%, up from 51% in 2021). Operations consume 15-20% of a bank’s annual budget and in order to transform them into significant profits, they must prioritize swiftness in resolution of customer problems. While they are continually looking for ways to enhance their customer experience for the much needed competitive edge, there are still gaps to be bridged in that area. ServiceNow’s AI offers banks a ton of opportunities to improve customer engagement and to expedite customer service in order to meet and exceed their revenue goals. As one of the most sought after cloud-based platforms in the world, ServiceNow is challenging itself by sharpening its customer experience features and the trend is evident in its subsequent releases. Let us look at the top 5 ways ServiceNow’s AI can improve customer experience for banks.
ServiceNow’s AI – Powered Chatbots
ServiceNow’s Virtual Assistant released along with the London release has come a long way. The AI-powered conversational chatbot can provide 24/7 customer support to banks, financial institutions and insurance companies. As the first line of customer service, it can provide its users a wide range of services including account balances, grievance redressals, transaction histories, and debit/credit card management. ServiceNow chatbots assist users by answering surface-level questions to resolve basic issues thereby reducing pressure on live agents. Through machine learning, these chatbots will be able to solve complex issues as time goes by. This reduces wait times; increases service agents’ productivity, and cuts down on operational costs for banks.
Efficient Loan Processing
Banks seeking to improve efficiency in their loan processing procedures should consider AI because it expedites applying and receiving loans for their customers. ServiceNow has an AI-powered loan processing tool that automates tasks such as document verification, application reviews, credit checks etc. By reducing the processing time and making the processes more efficient for customers, banks improve their experience thereby gaining their goodwill and loyalty. Loan processing applications built over the Customer Service Management (CSM) module can benefits banks that are looking to scale up their operations. Banks can include loan application management, loan forgiveness management, loan maintenance, audit & compliance management and finally insight and analytics as key capabilities.
Financial Planning and Predictive Analysis
Banks can analyze customer data using ServiceNow’s AI-powered predictive analytics tools to identify patterns and predict future financial behaviors. With AI in their arsenals, banks can personalize for their customers financial planning services such as retirement planning, debt management, and investment opportunities. This kind of personalized services will definitely enhance customer experience and build strong relationships with them.
Personalized Recommendations and Offers
Just like financial planning ServiceNow’s AI-powered analytics can also analyze customer data to provide personalized recommendations and offers to banking customers. Banking data comes in many forms – transaction histories, search histories, and bowsing behaviors. Banks can automate recommendations of credit card offers or investment opportunities for their customers with the help of ServiceNow’s AI-powered analytics tools. With personalized recommendations like these and agents now free to focus on other tasks, banks can build stronger relationships with customers and improve operational productivity.
Fraud Detection and Prevention
Fraudulent activities in banking systems are one of the biggest threats to good customer experience. One fraudulent transaction is enough to get a customer to quit your services and opt for another bank. ServiceNow’s AI-powered Fraud detection and prevention tools help banks identify and prevent fraudulent activities. Real-time monitoring of customer transactions, flagging suspicious activities, and prevention of fraudulent transactions by ServiceNow can help banks protect their customers’ funds and build trust in the long run.
In conclusion, ServiceNow’s AI can change the way banks approach customer service. It can improve customer experience by increasing efficiency, personalizing recommendations and offers, cracking down on fraudulent transactions, streamlining loan processing, and utilizing predictive analytics for financial planning. These AI capabilities can enhance a bank’s customer experience, build stronger relationships with its customers and drive revenue growth.