AI Delivering Personalized Bank Experiences
Emotional AI is Next to Disrupt Traditional Banking
Applications of Personalized Bank Experiences
The financial sector has been longing for a revolutionary technology to analyze their customer data with a novel approach.
Currently, Bank of America has a chatbot named Erica, and HSBC has Amy. Both are personalized, contextual automated chatbots that can accept input in the form of text or audio. These bots generate an understanding of the user's intended task and relay a personalized answer sufficiently and accurately. It makes a more efficient communication experience when asking questions, such as provide me with a spending summary for the month of May. Chatbots can understand singular intent while presenting the information consistently and cost-effectively. By deploying basic automation to field customer questions, companies are provided with a unique opportunity to maintain quality and control over their responses to each customer, down to each request.
This example provides context behind current binary methods of communication between chatbot and customer, but by analyzing the human experience, Heartbeat can offer a greater sense of help. We believe that the next step in terms of personalized customer experiences won't just be measured in quantitative ways with predetermined outcomes but rather in conjunction with qualitative methods. By taking the extra step to measure the emotional sentiment of a client throughout the conversation with the chatbot, more empathic responses could be generated for customers.
By conducting a hybrid setup of emotional intelligence paired with basic data retrieval, it would be possible to have chatbots deal with simplified client needs and have live agents reserved for customers that appear to be having frustrations, to improve the overall experience. By a variety of metrics, customers are growing more accustomed to chatbots and conversational AI and our ability to recognize and empathize with frustrated customers is essential.
Over time, the reality is that chatbots will handle a greater and greater portion of customer interactions and become an indispensable tool for human support and sales agents – virtually merging into one support continuum. This technology will give competitive institutions an additional method to analyze data inputs while also making a more beneficial customer experience by deploying industry-leading emotional analytics.
