How AI is giving finance a new voice
30 May 2019
Artificial intelligence (AI) is beginning to transform the financial industry. AI tools such as chatbots have been around for several years. But it wasn’t until 2016 that leading banks and wealth management companies began introducing chatbots to automate certain services. This was just the start of the AI revolution.
Websites that actively speak to your clients
For financial brands, websites can no longer remain passive; a one-way flow of information is simply not enough. Investors are increasingly looking for online experiences that are interactive and predictive, that can provide more accurate and tailored information. Such personalisation is key to creating more positive relationships and enhancing brand loyalty.
Major players are already building up their engagement by harnessing real-time connections with their clients through a range of innovative technologies. These global brands include J.P. Morgan, Bank of America, Schroder Investment Management, BNP Paribas Assets Management, Franklin Templeton, and TD Ameritrade Institutional. Along with chatbots, they are introducing friendly Virtual Assistants similar to Amazon’s Alexa, Apple’s Siri, and Microsoft’s Cortana, as well as Voice Searches that let clients ask questions directly and get the latest research.
For example, on the J.P. Morgan website, Joyce Chang, Global Head of J.P. Morgan Research, had said that their new Alexa tool “empowers our clients to access J.P. Morgan research whenever and however they choose, making it more accessible, and providing a new digital platform for our research." And on the Bank of America Newsroom website, it was announced that Erica – the bank’s AI-driven virtual financial assistant had already completed over 35 million requests from its more than 6 million users since its debut in 20181. David Tyrie, Head of Advanced Solutions and Digital Banking at Bank of America, noted: “Since launching Erica’s proactive insights late last year, daily client engagement with Erica has doubled.”2
AI support enhances website user experience by allowing investors to access information more quickly and efficiently. For example, a voice-activated assistant can provide the latest stock or bond prices, or up-to-the minute research from a specific analyst – valuable information that’s available anytime from anywhere.
Real-time communications that are increasingly personalised
For financial brands the potential is immense. Chatbots that learn interactively can gather and analyse vast amounts of data, track different behaviour patterns and predict what best fits your customers, allowing for more accurate lead generation. They can also continuously engage with customers by replying to their questions, creating a valuable dialogue.
According to research conducted by Salesforce, interactive communications supported by dynamic chatbots or voice search enhance the brand experience, with a positive impact on customer advocacy (82%) and customer retention levels (85%). Of those interviewed, 79% say the experience a company provides is as important as its products and services; and 84% believe that treating them as a unique individual is key to winning their business.3
It’s time to move from passive to active
AI Chatbots and Virtual Assistants are the new reality, not a passing trend. By offering richer, more personal forms of engagement, they are revolutionising the ways in which clients interact with brands.
Are you making plans to transform your online platform from passive to interactive and predictive? You can be certain that your competitors are. If you’d like to explore upgrading your website and adopting these powerful technologies, then talk to us. Please contact Greg Hobden in London, Kevin Windorf in New York or Gigi Yung in Hong Kong.