We sat down with João Pedro Tavares, a contributor to The New Era of Marketing in Financial Services report. João reflects on the following points:
1. Banks are early adopters, starting with efficiency
Banks are at the very start of adopting AI, testing it wherever they can and developing use cases. The first focus is efficiency, productivity and improving existing processes. The next step is to transform customer interactions, customer service and customer experience. Eventually, the bank itself could become AI-driven.
2. Customer communications are moving from self-service to hyper-personalisation
Banks first improved communications through self-service, then customised them significantly. Now they are trying to hyper-personalise every interaction with the customer. That covers communications across every channel, as well as the legal communications banks are required to send to clients.
3. Personalisation goes too far when it becomes intrusive
AI’s purpose is to help banks build credibility, reliability, closeness and trust with their customers. Over-monitoring clients, showing them that the bank is being intrusive, or putting them under pressure are red lines. AI should help create a better customer experience rather than be used to squeeze more revenue out of each client.
4. Banks should be the first place clients turn to for support
Banks should aim to have the most useful next interaction with each client, rather than to sell the next product. Beyond financial processes, banks need to engage with clients from their perspective and meet their needs. The aim is for clients to think of their bank whenever they need support.
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