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“Today customers increasingly expect interactions with their banks to be as sophisticated and personalized as the ones provided by industries like retail,” says a market research analyst at Infiniti Research.
Over the past few years, retail banking customers had modest expectations in terms of banking experience and loyalty. In the last few years, however, the balance in which retail banking companies could succeed on their own terms has begun to shift under the pressure from changing customer expectations and preferences. Furthermore, new entrants in the banking sector such as fintech companies are also further pushing the boundaries for customer experience. Today customers increasingly expect interactions with their banks to be as sophisticated and personalized as the ones provided by industries like retail. As such, it is becoming extremely critical for banking sector companies to step-up their customer intelligence capabilities to better gauge customer needs and think beyond customer experience to a broader measure customer mindshare.
Our market intelligence experts can help you to develop a customer-central multichannel operational model to keep pace with the changing financial needs of customers amidst the COVID-19 crisis. Contact us.
Here some of the key reasons why experts at Infiniti think that AI-driven customer intelligence could radically transform and simplify processes in the banking industry.
Enhanced personalization: Banks sell products in the form of loans, accounts, and investment service. The customer data collected in the process needs to be turned into useful insights in order to personalize and enhance offerings. AI-driven customer intelligence solutions will help banking sector companies to not just understand what the smartest recommendation is to enhance customer journey but also how to develop the most personalized products or services that can be delivered at the right time.
Improved trust and customer loyalty: Aggressive sales techniques no longer work well with customers, given the fact that they have ample options available at their disposal. AI-driven customer intelligence helps businesses to better transform their customer outreach based on customer behavior and preferences. Leveraging AI in customer intelligence solutions can also help businesses create meaningful conversations with customers by identifying when they require banking-related advice.
As businesses across various sectors grapple with the COVID-19 pandemic, banking companies must outline action plans to combat the impact of coronavirus outbreak with resilience. We can help you achieve this strategic objective. Request more info.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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