How Salesforce® and AI is helping to boost revenue for BFSI Industry Part I?

Customer’s expectation is altered by what they experience in their day to day life. No matter what is your genre of work, customer satisfaction stands at an utmost priority. AI has helped industries to achieve big. Being doubtful about it? Right from Amazon’s auto search where they curate the best possible result of customers need to engage the audience in AI enabled surveys- no industry can move forward without considering this basic requirement (Because that’s the key to great ROI and greater success). After all, why will you end up spending when you don’t even receive a mere satisfaction?

As far as the BFSI sector is considered, do you think this vertical of business has adapted AI to any platform or is planning to? As a financial marketer, what have you done to augment its reach? Can AI be of any help to the monotonous working of the financial industry? This blog has the answer to all!

Let’s head towards the first considerable point of this Blog!

Pleasing your customer and to maintain their loyalty is harder than ever before. The rise in the digital competition and the increasing threat from the FinTech industry has widened the gap between financial amenities and customer satisfaction. In the current scenario, customers are deflecting from primary financial usage to advance mode of spending and that eventually calls for AI implementation. According to the latest research by world retail banking, it was found that only 55% of the customers are likely to stay with their current mode of financial usage for the period of the next six month. What do you think is the deflecting force in decreased customer acquisition?

With such disruption in the financial sector, the only technology that has the potential to reunite the working system and bring innovative changes in the complete sector is AI- tested solution for the new phase of finances. Although this sector has already begun to transform its customer loyalty challenges through AI implementation, there is still a long way to go. AI will critically segment, identify and serve customer effectively in the near future.

Why is AI beneficial for the BFSI Industry?

Simplifying AI, it is about understanding the complex data and breaking it down to our understanding and for preference predictions. That’s just a fact, what made AI so mainstream is 3 billion internet users, 5 billion Smartphone users and 6 billion connected devices that is cloud-integrated from anywhere and everywhere. This eventually means leveraging AI into the finance sector, no matter if it’s a largest multinational firm or a small community organization, AI has the potential to bring disruptive changes, leverage great outcome and bring innovation through technology- yes, AI is a real game changer!

There are three major factors to be considered in terms of AI enabled ROI:

1) AI enabled marketing can create a smooth and streamlined journey for each customers adding to the relevance and enabling personalization effectively.

2) Industries can add to customer engagement by discovering opportunities, focus on the best leads and automate the task to save time and money and to maximize productivity.

3) AI can deliver next-generation customer satisfaction by using a smart and proactive self-service tool without any hustle.

4) Implementation of AI enables Salesforce CRM can maximize investment and output for the financial industry

Explaining it in a nutshell, AI when incorporated in the financial industry can deliver the seamless business experience, taking customer satisfaction by storm. Right from Marketing, sales to service- AI is worth it!

Do you still doubt about AI implementation in your sector? Scroll below to dig deeper into AI learning, marketing and sales funnel for the new era of industry.

Role of AI in the Marketing segment of the BFSI industry

In the new era of technology and the need for personalized marketing, marketers need to deliver strategies that engage each individual with the right message and content at the right time, on the right platform. How can AI contribute to this new method of marketing? It can collect the behavior of customers from digital channels such as web email, mobile devices, offline and online buying behaviors, and running data. AI can further create a personalized profile of each of these customers according to the information collected by advanced technological intelligence. To explain it further, refer to this example: Imagine a scenario where a customer is planning a trip to Bali. She is likely to search for the travel tickets during her work on her laptop. Further, she might just flip through her web pages on her phone to search for hotel rooms and finally she will keep a track on the places to visit or food to eat in Bali, on her iPad may be.  With the help of advanced AI implementation, you can very likely track down her digital behavior and approach her for travel insurance or credit card. This is how AI works! Tracking down each customer behavior, aligning their preference with the latest requirements and then pitching the most strategic sales to them.

There is no doubt in the fact that AI has transformed the way we perceive marketing. As far as the financial sector is considered, AI has empowered this sector to work beyond the ordinary.

What is the bottom line?

Talking about the bottom line of this blog, AI is the major wave of change in the financial industry. Organizations of all size and scale are openly adapting to this systematic change. Let’s not struggle with the disruptive technology and instead make peace with it- Because AI isn’t holding back for uninterrupted transformation!

Last but not the least, offer services the way your customer loves!

Hold on, this isn’t enough! We have more information to bring to you about this topic. Stay tuned for part II of this blog. Till then keep following HyTechPro- Transforming business digitally!