The trend: Traffic to OpenAI’s ChatGPT may have fallen off recently for the first time since its November release. But within the financial services sector, generative artificial intelligence (AI) and large language models (LLMs) are still having a moment.
Banks, credit unions, and fintechs have continued to explore how the tech can help analyze text and speech from consumer interactions to improve the customer experience.
Beyond chatbots: Chatbots and virtual assistants are the most flashy, public-facing examples of generative AI helping the financial services industry attain a new level of efficiency. But FIs are also using AI and machine learning in less-visible functions like marketing, designing the customer experience, and providing customer service.
Marketing: Internal teams and contracted agencies are leveraging AI to analyze customer behavioral patterns and automatically perform customer segmentation.
Customer experience: Consumers expect the institutions they do business with to know more about them and to make their experiences faster, easier and more customized.
Customer service: AI is also being leveraged to automate tasks, make predictions, and transfer users quickly to the best source of help. One example is call center assist functionality, which provides human agents with automated assistance, contextual recommendations, and next-best actions.
For example, when an account manager is speaking with a customer, AI allows for instant automation of various background tasks while the conversation is in progress. That could include drawing up a contract, identifying the warranty, or calculating the right commercial discount—while also measuring customer satisfaction by reading their face and listening to their voice.
In a real-life example, Ally is piloting ChatGPT in its call center for post-call documentation. Ordinarily, when a customer service representative finishes assisting a call, they write up notes about it afterward. In the pilot, ChatGPT is inputting the notes. The objective is to see if this will free up time for the representatives to handle more calls.
Augmenting, not replacing, the human: Generative AI tools can help marketers, product innovators, and consultative sales professionals become more efficient and effective in their roles.
The human in the loop remains critical because information automatically produced by AI can have consequences for a quotation, a communication, or the processing of a customer file. If that information is incorrect or imprecise, it can hurt the customer and the brand’s reputation—and in the worst cases, lead to regulatory blowback and financial penalties.
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