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Conversational AI for Financial Services

By Liam Ryan, Sales Director

Traditional banks and financial institutions can no longer count on lifelong loyalty from their customers. Gone are the days of people selecting and staying with a bank simply because their family has been banking with that institution for generations. Fintechs and digital start-ups are disrupting the space, and customers are increasingly willing to take their business to a financial brand that offers them a personalised, easy experience that fits with their lifestyle.

Advancements in artificial intelligence (AI), machine learning and analytics can help financial brands keep pace with customer expectations, but these types of digital transformation projects aren’t always easy to get off the ground. At the AI & CX Transforming Financial Services Directors’ Forum at the end of June, the expert speakers and panellists addressed some of the customer experience (CX) challenges the industry is facing.

Our Founder & CEO, Chris Ezekiel’s opening keynote – Taking Your CX into the Future with Conversational AI – got the day started with a look at AI-enhanced chatbots, virtual agents and live chat. Chris gave insights into what is possible with conversational AI technology and then backed that up with real examples through a series of live demos. He emphasised the need for the contact centre to be a part of digital transformation initiatives, which had many in attendance nodding their heads in agreement.

One theme that ran through the various presentations and panel debates was the great opportunity the financial services industry has to make life easier for customers and employees with new AI solutions. Whether it be giving customers easy, 24/7 access to smart self-service or helping compliance teams stay on top of changing regulations, AI technologies should be approached as positive additions to transformation strategies. However, internal education about the real benefits and limitations of the technologies and getting executive buy-in continue to be major challenges in many organisations.

During the networking breaks, there continued to be insightful discussions about AI and machine learning, including lessons learned through both successful and unsuccessful projects and ideas on how to overcome anti-AI sentiment based on misunderstandings of the technologies. We had a number of attendees stop by the Creative Virtual table to see more live examples of chatbots and virtual agents. They were excited to see how financial brands are using the technology today to provide customer self-service, assist agents in the contact centre and provide internal HR and service desk support. We even had one attendee say she had specifically come to the event to hear Chris’ presentation because his live demos always provide her with great use cases to share in her consulting work.

If you’re thinking about adding a chatbot to your digital strategy, or have a failing chatbot project you’re ready to abandon, download our Top Tips for Implementing a Chatbot or Virtual Agent in 2019. Our team would also love to show you our AI-enhanced self-service solutions in action, so I encourage you to request a live demo.

Our thanks to the Informed.AI team for putting together an insightful forum agenda and a delicious lunchtime spread. We’re looking forward to joining you again for the CXtech Conference & Showcase in October.

AI & CX in Financial Services

AI, Customer Experience and the Financial Services Industry

By Chris Ezekiel, Founder & CEO

When I founded Creative Virtual over 15 years ago, our very first customer was a financial organisation. Not only are they still a customer today, but they also became the first on a long list of brands our team would work with in the financial services industry. Over the years, we’ve developed an expertise in creating, implementing and maintaining chatbot, virtual agent and live chat solutions for major financial organisations. I’m looking forward to sharing some of those insights with you in my opening keynote at the AI & CX Transforming Financial Services Directors’ Forum.

This one-day interactive event will be held on Thursday, 27 June at The Shard in London. The agenda features a combination of presentations, case studies and panel debates designed for attendees to gather insights and advice from leading experts and practitioners in the financial services space.

In my keynote, Taking Your CX into the Future with Conversational AI, I’ll explore the growing role customer experience (CX) is playing in customer acquisition and retention and address the specific challenges financial brands are facing as they look to incorporate new CX technologies with legacy systems while still maintaining compliance with strict industry regulations. Through a series of live demonstrations, I’ll show best practices for implementing chatbots, virtual agents and live chat. I’ll also explain why a combination of artificial intelligence (AI) and human input is necessary for successful and reliable CX solutions.

In today’s highly connected digital world, customers expect the same level of personalised, easy-to-access service and support from their financial institutions as they receive from companies across all other industries. It’s important for financial brands to work with an experienced team that provides best practice expertise – both specifically in the financial services industry and more generally in current and developing customer service trends – alongside innovative technology to deliver conversational AI solutions that are reliable, compliant and futureproof.

I’m also looking forward to being on a panel debate hosted by Martin Hill-Wilson, an expert in customer engagement strategy and implementation. Creative Virtual is the official sponsor of the Directors’ Forum, and we’ll have members of our team on hand to share more live demos and tips to help attendees build their business case for conversational AI.

There are a limited number of tickets still available for the AI & CX Transforming Financial Services Directors’ Forum, so reserve your spot today!

You can also learn more by downloading our Top Tips for Implementing a Chatbot or Virtual Agent in 2019 and see our conversational AI platform in action by requesting a personalised demo.

Opportunity for Retail Banking Solutions in 2016

By Chris Ezekiel, Founder & CEO

In December BAI Banking Strategies published an Executive Report examining the coming year for the retail banking sector, and found the general outlook to be a combination of optimism and uncertainty. While this report focused mainly on the US, I know many of the challenges and opportunities identified will resonate with other financial organisations around the world as well.

I had the pleasure of contributing to one of the articles in the report, ‘Opportunity for Solutions Providers in 2016’, which takes a look at the trends and developments vendors are seeing as we enter the new year. It’s interesting to note that even though those interviewed have expertise in a variety of different types of solutions, there was a common theme that emerged: banking customers are expecting convenient, consistent and personalised experiences. This presents a variety of challenges for banks as they battle for customers in a highly competitive marketplace while also dealing with internal struggles against legacy systems and out-dated, siloed processes.

At Creative Virtual we have a strong track record in this sector, signing our first financial customer shortly after our company started trading (and I’m proud to say they are still our customer today!) and now working with banks in regions around the world. We know first-hand that over the years many financial organisations have already made large investments in improving their customer experience. That’s why it is important for us to offer solutions designed to be complementary to what organisations already have in place and which can be implemented without lengthy or complicated development projects.

As I explain in the article, Virtual Customer Assistants (VCA), also known as intelligent virtual agents, combined with a knowledge management platform empower banks to address their customers’ expectations of convenient, consistent and personalised experiences. As a complementary solution, a VCA can be integrated with other support options, existing CRM and contact centre systems, personalised account information and community forums – to name a few possibilities. Focusing on an omnichannel customer experience will really be key for financial organisations in 2016, and these solutions are a powerful player in meeting those goals.

My thanks to Katie Kuehner-Hebert, author of the article, for inviting me to provide my insights. I appreciate the opportunity! A full copy of the Executive Report can be downloaded from the BAI website. The ‘Opportunities for Solutions Providers in 2016’ article begins on page 21 of the report.

I also invite you to read more about V-Person™ for Finance, Creative Virtual’s solutions designed specifically for the financial services industry, and then experience the technology for yourself by requesting a personalised, live demo.