A recent survey finds that financial institutions that fail to deliver a user-friendly digital banking experience are at risk of losing customers. If your institution isn’t committed to providing outstanding digital banking experiences, well, good luck.
The concept of artificial intelligence is still pretty abstract for most people. Just about everyone has heard the term, but unless you work in the industry or regularly use an AI-based application, you probably aren’t clear on precisely what it means. The same goes for machine learning. In fact, many people think AI and ML are two different technologies. That’s not the case at all.
A recent article in The Financial Brand discusses how conversational engagement is a requirement for success in digital banking. Given that Micronotes is in the business of providing our banking clients with an artificially intelligent marketing automation solution for digital banking, I was curious to read more. But I was surprised to see that the capabilities we provide to our clients today are still seen as “futuristic” by the author.
You may have noticed that many of the chatbots offered by banks feature female “personalities” and names, much like the digital assistants sold by Apple (Siri) and Amazon (Alexa.) In a time of radical evolution in the development and deployment of technologies such as artificial intelligence machine learning, these stereotypical female “helpers” seem especially tone deaf.
Are you familiar with Net Promoter® Score?
NPS® measures the loyalty that exists between an organization and an individual by asking one question: “How likely is it that you would recommend our company/product/service to a friend or colleague?” Financial institutions can benefit greatly by conducting NPS surveys of their digital banking users.