How banks can use Artificial Intelligence to improve customer experience in the new era of banking

By Christopher Willis, CMO for Acrolinx

The rise of “challenger banks” marks an exciting new time in Financial Services for the industry and customers alike. The group of relatively small players are providing customers with more choice and helping to power innovation. This has translated into steadily growing market share and an increasing social and economic impact: the ten largest challenger banks employ more than 35,000 people and serve more than 20 million customers.

With so much change in the market, and competition so fierce, banks of all sizes must look for innovative ways remain competitive. AI can make the critical difference and have a huge, positive impact on customer experience.

Using AI to improve customer experience

With products so similar, financial institutions must look for other ways to set themselves apart from competitors. For most, this means relying on delighting customers with customer experience excellence. Access to information and help at any time, from any platform can make a difference, so the natural extension of great user experience is great content.

In a highly complex, highly regulated industry, institutions need to prioritise what they communicate with customers. However, it’s challenging to create compelling, engaging, relevant content to better connect with customers, let alone create strategy-aligned content that’s consistent and on-brand.

Content governance and AI

An active content governance strategy can help – putting a process in place for creating and distributing content that is consistent and on brand.

The critical success factor to practicing active content governance is AI.

Using AI to create better, more accurate content, faster and at scale is already a reality – it brings automation to the process, ensuring the right people work on the right tasks. Today, people spend too much time doing mechanical tasks like structuring and editing documents. These are jobs that can, and should, be reduced or eliminated by AI to free up expensive expert resources to “create more” and spend more time on developing great content.

AI can also enrich what content creators already produce. It can write social media updates, choose what image to use, which hashtags to include and when to publish – for maximum results. Humans will never be able to do this so effectively, especially at scale.

Collating, interpreting and learning from relevant data to create content that will most appeal to consumers based on what is known about them, is time better spent by machines, rather than content creators who craft the essential message.