Digital banking is a complex industry with its own “rules and laws”. Like any other industry, digital banking is gradually developing, but if you want to get successful with it, you need to know some very important things about integrating intelligence and artificial intelligence into digital banking.
First and foremost, it is important to understand the bigger picture before getting down to details. Integrating intelligence and artificial intelligence technologies into your digital banking model can help you optimize your costs and accelerate digital sales.
At the moment, more and more businesses are looking closer at how they can improve digital banking and are planning to invest in it more. Online, customers interact more with banks than they do offline creating closer relationships and increasing the number of transactions that boosts the bank’s income.
Most customers feel that they do not receive a personalized experience, but intelligence in digital banking can change this situation and help banks deliver a more optimized and personalized experience to every customer.
Intelligence in digital banking includes such things as adaptive intelligence, artificial intelligence, and machine learning. The four key areas that intelligence in digital banking influence are sales, talent management, resources planning, and experience center. The first three will be discussed more in-depth in this article.
But first, there are some things you should know about how the experience center is influenced by intelligence because this aspect forms the base for all the other ones. Customers are able to define their own journeys across channels. Machine learning helps programs to understand customer intentions while self-service platforms allow customers to be more independent.
Conversations can now be held via different channels with the call time reduced thanks to most conversations usually being handled through Messenger or other similar live chat programs or applications.
The first element of digital banking that is greatly influenced by intelligence is the sales aspect. Intelligent sales are not just increased sales because of the complex processes made within the banking company but also the calculated steps towards intelligence sales done outside of the company.
In order to generate traffic, internal and external data should be carefully orchestrated which will eventually lead to driven and increased digital sales conversions. Communication with customers is being highly personalized by all the leading banks around the world which, in turn, leads to a bigger return on investment for advertising investments.
Customer experience apps with self-service banking allow customers to receive a better experience and enjoy using a particular bank more. These apps also help banks to control their marketing operations better and obtain leads that can be more effectively converted into digital sales as well as other types of digital conversions.
Other tools like Data Management Platforms can help banks manage audiences based on various factors including engagement, conversions history, and so on. This allows banks to monitor where in the journey the customers are and what are the further steps they should make to eventually complete their purchase or another transaction.
#2 Talent Management
Intelligent talent management depends on many things, from intelligence in digital banking to writing good copy in the talent management or human resources department. For the latter, a good writer from a service like Online Writers Rating will be more than enough to do the job, but the situation is more complicated with the former one.
In the times when technologies are developing at an increased speed and many people are being replaced by machines, major and minor banks should focus on caring for their talent to develop their skills and knowledge instead of substituting them. After all, not everything can be done by programs and apps – humans can never be entirely replaced.
Various new Human Capital Management apps can empower employees with the help of artificial intelligence rather than posing a threat to low and high positions in banks. Artificial intelligence helps to integrate internal data with technology platforms which improves business agility and accelerates digital transformation within the company.
Moreover, agile platforms are known to be very helpful for banks when it comes to connecting teams and fostering long-term relationships within these teams. Agile platforms can also facilitate a better learning environment where everyone feels at ease and has as many opportunities as everyone else.
#3 Resource Planning
Last but not least, intelligence in digital banking can also influence resource planning. Speaking of agility and agile platforms, in order for banks to be able to manage day-to-day activities, banks should adopt new ways of working. These include everything from project management to procurement to accounting to risk avoidance.
For example, cloud resource planning solutions are usually useful for automating manual tasks and improving the performance of various elements within the company. Real-time data is often used in such cases to get the necessary business insights for a more accurate evaluation of the situation or the current state of affairs.
To put it simply, intelligent resource planning is both about optimizing costs to make them more efficient and about providing an almost entirely seamless user experience to your customers. The two are dependent on each other and should always be viewed, considered, and worked on simultaneously.
All in all, integrating intelligence and artificial intelligence into digital banking can significantly reduce costs, accelerate digital sales, and so much more. Just make sure that you follow the tips in this article and you will be able to develop your digital banking business.