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How to use AI to shape efficient digital and omnichannel experiences

Author

Listed:
  • O’Niel, Jeremy

    (HAPO Community Credit Union, USA)

Abstract

This paper delves into the growing significance of artificial intelligence (AI) in transforming financial services and improving customer experience. Using AI, financial institutions can elevate their omnichannel approach, ensuring a seamless and personalised customer journey across a diverse set of interactions. AI has the potential to forecast financial behaviours, assist in prudent financial management, and provide predictive solutions to pre-empt issues such as overdrafts or late payments. The analysis emphasises the essence of service in the financial sector, advocating for AI-powered tools, like conversational chatbots, advanced fraud protection capabilities, as well as financial education and personalisation. By leveraging natural language processing and machine learning, these tools not only react to customer queries but also proactively engage, ensuring enhanced customer service in line with evolving expectations. AI’s capabilities in creating personalised customer experiences through dynamic visual and audio content point to a more tailored future for customer journeys. The challenge, however, remains in balancing AI with the human touch. For organisations, it is pivotal to start small with AI and omnichannel experiences, prioritising incremental changes that bring immediate value.

Suggested Citation

  • O’Niel, Jeremy, 2023. "How to use AI to shape efficient digital and omnichannel experiences," Journal of Digital Banking, Henry Stewart Publications, vol. 8(3), pages 256-262, December.
    • Handle: RePEc:aza:jdb000:y:2023:v:8:i:3:p:256-262
    as

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    More about this item

    Keywords

    artificial intelligence; AI; omnichannel; personalisation; chatbots; customer/member journey;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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