The future is now: how AI will completely disrupt the customer experience
As a product manager at a prominent fintech company in London, the customer experience is never far from my mind.
And in the last six months, something has completely changed my thinking. I'm convinced of AI’s potential to completely revolutionise the customer experience for consumer fintechs in 2023. And after this opinion piece, you will be too.
AI can provide a new level of personalisation
One of the biggest benefits of AI is the ability to analyse vast amounts of data and make personalised recommendations based on an individual's specific needs and goals. In the fintech industry, this could mean providing customised financial plans or investment recommendations to customers based on their personal data. For example, an AI-powered financial coach could analyse your spending habits and provide recommendations for how to save more money or invest for the future. This level of personalisation is something that traditional financial institutions just cannot provide, and it has the potential to significantly improve the customer experience and leave TradFi companies in the dust.
This level of personalisation is something that traditional financial institutions just cannot provide, and it has the potential to significantly improve the customer experience and leave TradFi companies in the dust.
AI can improve convenience
AI-powered chatbots and personal assistants can provide quick and accurate responses to customer inquiries, making it easier for customers to get the information they need. This can be especially useful for fintechs that offer online-only services, as it allows customers to get help and support without having to wait for a response from a human. For example, a customer could use a chatbot to ask about account balances or to get help with setting up a new financial product. When it comes to potentially stress-inducing tasks, the automation offered by AI is a lifesaver and could make a real difference to customers’ mental health.
AI can help prevent fraud
Fraud is a major concern for consumers and businesses alike, and AI has the potential to significantly improve fraud prevention efforts. By analysing customer data and identifying patterns that may indicate fraudulent activity, AI can help fintechs protect their customers from scams and identity theft. For example, an AI system could analyse a customer's spending patterns and flag any unusual activity, allowing the fintech to investigate further and potentially prevent fraud before it occurs. This can give customers peace of mind and improve their trust in the fintech. It can’t be overstated how critical this is - one of the main issues that fintechs face is a lack of customer trust. AI could change all that.
AI can improve the onboarding process
Signing up for a new financial product can be a confusing and time-consuming process, which can often prove to be a deterrent for potential new customers. With AI, this process can be streamlined by automating routine tasks such as data entry and documentation review. This can make it easier and faster for customers to get set up with a new financial product, improving the overall customer experience and the likelihood of customer retention. For example, an AI system could automatically input data from scanned documents, eliminating the need for manual data entry. This would save customers time and effort, making the process smoother and more enjoyable.
AI can help fintechs better understand their customers
By analysing customer data, AI can help fintechs better understand their customers' needs and preferences. This would inform product development and allow fintechs to create products and services that better meet the needs of their customers. For example, an AI system could analyse customer data to identify patterns in how and when customers use certain financial products. This could help a fintech design products that are more convenient and user-friendly, improving the customer experience. Overall, using AI to better understand their customers can help fintechs build stronger relationships and create more loyal customers.
This could help a fintech design products that are more convenient and user-friendly, improving the customer experience.
My unfiltered opinion
Well, to borrow a metaphor from my beloved Aston Villa, AI in fintech is like the star player that takes the customer experience to the next level. It has the potential to revolutionise the way we interact with financial products and services, making them more personalised, convenient, and secure. While there are certainly risks involved, the benefits of this technology far outweigh them. As a product manager at a fintech company, I'm excited to see how AI will shape the industry in the coming years.
PS: In case you were wondering, this article was brought to you by your friendly neighbourhood AI. No humans were harmed in the making of this piece. Keep up with Aiden's latest thoughts on all things fintech (and Aston Villa) here.