Written by: Madhukar Govindaraju, Senior Executive Advisor, Data & AI Solutions, Celestial Systems, Inc.
Financial services firms are well-positioned to take advantage of AI (artificial intelligence), given the wealth of business, customer, and market data they collect. However, it takes a strategic understanding to turn this data into a competitive advantage when it comes to Digital Customer Experience (DCX) and Digital Employee Experience (DEX).
AI-powered DCX programs can continuously monitor customer behavior and feedback across digital channels, generating powerful insights and personalizing the experience for better engagement. Large language models (LLMs) humanize chatbots and support communications, allowing firms to accurately and efficiently respond to large volumes of requests.
Many institutions have untapped troves of stored data, previously inaccessible due to volume or complexity. Now, natural language processing (NLP) can classify information, and generative AI can provide recommendations and actionable insights on things like customer sentiment and product performance.
AI also enables better search functionality as models can be trained on information, such as product descriptions and audio transcripts. As search is such a commonly used feature, an experience that allows customers to find results quickly, easily, and in as few clicks as possible is essential. Conversely, a bad experience might drive customers to your competitors’ sites for answers and sales, instead.
Unlike traditional search engines, generative AI can supply the most relevant content, and LLMs can respond to prompts in a manner that is more consistent with enterprise-specific data. This translates into more time spent on the page, more site clicks, higher engagement, and an experience that drives sales.
When it comes to Digital Employee Experience (DEX), the ways that employees use digital tools can impact productivity, job satisfaction, and business outcomes. AI can accelerate the implementation of key IT platforms and transformation projects by automating complex tasks, such as code generation, streamlining workflows, workloads, and project timelines.
Moreover, AI can improve product development by analyzing feedback, preferences, trends, and key documents to meet customer needs better and faster than competitors. It can also optimize demand prediction, strategic planning, and forecasting, analyzing historical sales, consumer sentiment, and other data to predict trends and deliver insights for decision-making. With AI-generated insights, employees are empowered to drive business impact, contributing to higher job satisfaction.
AI is revolutionizing experiences for customers and employees alike, and CIOs are driving significant revenue growth by investing in AI-driven platforms and strategies. However, it’s important to address AI’s limitations alongside its immense potential. Building guardrails against potential downsides and risks – such as biases, lack of transparency, and privacy and compliance concerns – is an essential aspect of an effective AI strategy.
Celestial Systems is passionate about empowering financial services enterprises to leverage the power of AI to unlock new opportunities, minimize risk, and sharpen their competitive edge. Our track record in application engineering, combined with best-in-class data and AI expertise, enables us to deliver seamless, integrated solutions that drive digital transformation. Learn how we can help you maximize your organization’s data potential at www.celestialsys.com.
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