GenAI, with its unique advantages, brings a breath of fresh air and becomes an indispensable technology for banks to adapt to the continuous changes of the market, specialize customer services, and improve the operational efficiency of businesses.
According to McKinsey’s recent report, GenAI can bring annual value of up to 340 billion dollars in the banking industry, compared to traditional AI. The main difference that GenAI brings is its ability to generate new data based on trained data, analyze data, and make predictions. Generative AI can work in parallel with traditional AI to provide more powerful solutions. Specifically, in customer service in banks, GenAI appears to play a combined, complementary, and enhanced role in some applications such as Chatbots, prediction and personalization, freeing up work for employees, and having the ability to humanize interactions or even play the role of financial advisor in a virtual environment.
GenAI application enhances customer services for banks
Gen AI enhances Chatbot experiences
Chatbots have become an important channel of interaction with customers in the service industry. However, due to technological limitations, Chatbots cannot understand and interact with humans smoothly. The appearance of GenAI has turned Chatbots into intelligent conversational agents with flexible interaction capabilities, suitable for contexts and creativity. GenAI not only marks a breakthrough but also helps solve limitations, turning Chatbots into “emotional” tools.
In addition, Chatbots equipped with GenAI have the ability to collect and analyze a large amount of customer information. This information provides valuable feedback on customers’ preferences or difficulties during the experience process, or information about new emerging trends in the market. Banks can take advantage of this data to improve their products, services, and marketing strategies to effectively and subtly approach customers.
Prediction and personalization
Using machine learning models and Big Data, GenAI can create personalized content and predict future trends for each targeted customer. Thanks to the large amount of customer data that banks collect, GenAI can process and analyze to build customer profiles including information about preferences, behavior, transaction history, and relevant information. Banks can take advantage of this information to propose personalized products, investment strategies, financial advice, or adjust incentives according to customers’ needs. This helps increase customer satisfaction and promote deeper interactions.
Freeing up work for customer service staff
By automating repetitive tasks and providing quick access to information, GenAI significantly reduces the processing time of customer requests. This allows employees to reduce their workload, have a better mindset to focus on more complex issues, and provide customers with a complete customer service experience. GenAI provides superior support to employees in:
(1) Consistency and accuracy: GenAI ensures consistent and accurate responses in all customer interactions. This consistency builds trust and eliminates the risk of misinformation.
(2) Continuous learning and upgrading: GenAI learns from each customer interaction situation, becoming more proficient and capable of efficiently handling future requests.
(3) Enhancing job satisfaction: With GenAI, employees can confidently and effectively handle customer requests, leading to higher satisfaction and reduced employee turnover rates.
(4) Cost savings: Automating repetitive tasks and optimizing employee performance leads to cost savings for banks, as they can handle more requests with the same staff.
(5) The content generation ability of Gen AI also redefines customer interactions. From the system, GenAI can help employees create personalized emails, newsletters, and reports, helping banks maintain continuous communication with customers, provide content that customers are interested in, and contribute to sustainable interactive relationships.
Humanized interactions
To provide a more “authentic” experience, some companies have successfully developed GenAI Avatar images (2D or 3D character models created by computers). With deep learning algorithms, GenAI Avatar opens up new possibilities, making interactions between humans and AI more natural. This not only creates familiarity but also helps visualize interactions, with the ability to empathize with customer emotions.
Compared to traditional employees with limited working hours, GenAI Avatar can be present 24/7. This convenience ensures that customers can seek support, receive answers to questions, and engage in financial planning discussions anytime, anywhere, overcoming geographical constraints and working hours. This creates convenience, meets diverse customer needs, and makes banking and financial services more accessible and flexible than ever before.
Virtual financial advisors in the Metaverse environment
GenAI not only automates manual tasks but is also applied to more complex tasks such as virtual financial advisors. In the virtual world (Metaverse), banks can create virtual spaces to provide financial education. These spaces simulate real-life models, such as banks or investment companies, where customers can participate in virtual seminars and workshops. GenAI plays an important role in content creation for these “classes”, providing financial scenarios similar to reality, simulating interactions and content, operating in accordance with the specific needs and preferences of participants.
