Generative AI’s Impact on Customer and Member Care

Generative AI’s Impact on Customer and Member Care

Generative AI Transformation Series: Part 3

Our previous blog post provided an overview of the different financial institution stakeholders impacted by the introduction of generative artificial intelligence (AI). Let’s go deeper into one of these groups: customer and member care teams.

Generative AI presents a paradigm shift for customer and member care in financial services, offering a multitude of opportunities to: 

  1. equip teams to enhance customer interactions
  2. increase employee and customer satisfaction
  3. drive higher customer acquisition and retention 

A 2023 Salesforce survey confirms the positive impact of generative AI on customer interactions, with 84 – 90% of salespeople reporting increased sales and 90% of service professionals reporting faster service delivery.

With a clear focus on generative AI strategy and its implementation, financial institutions can unlock the full potential of this technology to transform customer and member care, creating better experiences and supporting long-term success.

Three Benefits of Generative AI for Customer and Member Care Teams

Generative AI for banking empowers the frontline care teams with a set of tools that reshape how they engage with customers and members. These gen AI tools address incoming queries, provide detailed financial information, and serve as the first customer touchpoint for your brand.

Here are three ways generative AI for financial institutions impacts customer and member care teams.

Drives Faster Response Times

In today’s fast-paced digital world, consumer expectations for quick and efficient support remain higher than ever. Generative AI presents a powerful solution for financial institutions to achieve faster response times and meet market demands. 

By leveraging generative AI that is purpose-built for banking, care teams and front-line bankers can serve customers promptly, increasing satisfaction and creating more revenue opportunities. An application infused with conversational, generative AI technology acts as super-smart officemate that:

  • Uses natural language processing (NLP) to understand all sorts of complex queries and generate accurate, human-like text.
  • Instantaneously sorts through reams of banking-specific content to address unique customer queries, eliminating lengthy queues and response times. 
  • Provides personalized recommendations and offers instant assistance that is tailored to each unique customer and member need.

AI-powered experiences like KAI Answers foster stronger customer relationships and enable improved employee performance. 

Facilitates Empathetic Interactions

Generative AI also equips financial institutions to perceive customer motivation and emotion through natural language processing techniques. By understanding these customer needs and feelings, generative AI can empower customer and member care teams to deliver personalized and empathetic responses tailored to individual circumstances.

A recent survey found that “64% of consumers would rather purchase a product from a brand that knows them, and 34% would spend more money on the product to do so.” Empathetic interactions profoundly impact customer satisfaction and the overall customer experience. 

When consumers feel heard, understood, and supported, you can create a positive impression and build trust in your financial institution – going beyond transactional interactions and fostering meaningful customer connections. 

Increases Operational Efficiency

According to new McKinsey research, generative AI has the potential to change the banking industry by boosting productivity between 2.8 – 4.7% of the industry’s annual revenues, equivalent to an additional $200-340 billion.

Today, AI-powered intelligent digital assistants handle repetitive and routine inquiries from self-service customers, freeing up human team members to focus on more complex and high-value tasks. This efficiency boost empowers customer and member care teams by providing instant access to relevant information. Adding employee-facing generative AI resources like KAI Answers can further reduce processing time by assisting human bankers as they work through more complex tasks.

Financial institutions can ensure sustained success by leveraging generative AI to support customer care operations, optimize resource allocation, and manage operating efficiency. This strategic use of AI enhances the overall customer and employee experience, setting your financial institution apart from your competitors.

The Future of Customer and Member Care with Generative AI

With a strategic focus on the application of generative AI and a robust generative AI policy, financial institutions can

  • Shorten response times, improving customer satisfaction. 
  • Garner a deeper understanding of customer motivation and emotion, empowering customer care teams to provide empathetic and context-aware responses. 
  • Streamline operational efficiencies, driving down costs while delivering higher-quality service. 

Now is the time to embrace the potential of this revolutionary technology and set your financial institution apart as a trailblazer in delivering exceptional customer experiences.For more information on introducing generative AI to your banking teams, check out our webinar, The Chatbot Journey: Making Intelligent Digital Assistants Integral Team Members.

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