The banker connection
Every bank must work to serve a particular customer type based on their location, geography, local economy or any number of very localized demographics. What separates the best of community banking though, is its relationships with customers. Many bankers spend a good deal of time in their community, some since early careers in college, others since birth. Regardless, successful banking careers tend to build roots in communities that will likely be their forever home. This connection puts them in touch with what’s going on in the local economy, at the high school or in the state.
That understanding is the crux of relationship building between customers who want to know they are working with someone who sees the potential in their efforts for a better life. That shared experience is what makes customers go from depositors to integral members of a banking family.
Aligning AI with banking
So, how does artificial intelligence (AI) fit into the picture for community banks that value these strong customer bonds? AI can play a significant role in various aspects of community banking, enhancing operations, customer service and decision-making processes. However, it’s crucial for banks to align their AI use with their goals, ensure data security and keep customer needs a top priority.
Across the country, businesses are embracing predictive and prescriptive data methods, predicting what customers want even before they consciously realize it. These adjustments happen in real-time across all interactions, not just in a limited sample.
Enhancing the user experience
Consumers want personalization, convenience and an effortlessly smooth experience. The ability to adjust interactions on the go has the potential to change how customers perceive service quality. AI can help in this area by creating different AI personalities and matching customers with agents based on their specific needs. By predicting emotions and intentions, AI can identify the best ways to respond and guide the customer experience. It can even use personal information to chat about their child’s softball game or offer tips on their son’s wrestling techniques.
Internal uses
Another advantage of AI lies in its capacity for learning and analysis. By scrutinizing the traits and behaviors exhibited by exemplary employees during customer interactions, AI can set and match benchmarks for excellence in its own interactions.
Human-like friends
Research shows that a trend is emerging where people are beginning to treat their preferred chatbot more like friends. The fantasy of sci-fi has now emerged as a reality with the new emergence of AI technology.
The Wall Street Journal recently reported a rise in human-like connections forming between individuals and generative AI chatbots. This points to a growing market for these technologies, even raising concerns among psychologists. While it might not be wise to fully embrace this idea for your bank, the point is clear: AI can convincingly supplement, or even play a significant role in, your bank’s customer service experience.