According to Bank of America, 70 percent of consumer client households and small business clients and 77 percent of wealth management client households are digitally active. These figures represent how quickly digital growth is taking place – or needs to be taking place – within the retail banking and FinServ and Insurance (FSI)to keep pace with customer expectations. Through AI and automation, organizations are innovating and improving ways to personalize their customer experience in order to create ease and convenience for the customers.

In part one of the Digital Content – The Missing Link in Your Portfolio series, industry experts discussed the implications of AI innovations improving customer experience (CX) within the FSI sector. FSI organizations are able to use customer perspectives in order to enhance engagement through personalization. They also highlighted several challenges including a lack of data sharing between lines of business, the need for a central customer data repository, and the efforts of managing multiple marketing systems.

In part two of the series, the discussion focused on AI’s effect on content creation, data segmentation, customization, and personalization, and the challenges that come with these issues. Primarily, AI improves the one-to-one customer experience in predicting and deepening personalization refinements. Additionally, AI supports automation, which enables the completion of tasks at a much quicker rate.

Through improved automation, retail banking and FSI organizations are able to overcome some of the common obstacles organizations face on the way to creating a better customer experience. The COVID-19 pandemic may have expedited the shift to digital capabilities within the industry, but digital is only going to continue to grow in its capabilities.