“It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself.” – Charles Darwin
The 1960’s “Paperwork Crisis” forced the NYSE to restrict trading to four days a week, as broker firms were unable to cope up with the sheer paperwork involved! Businesses have come a long way since then, thanks to the technological innovations and automation that has permeated every facet of our lives, let alone businesses. Technological advancements have shaped the very core of business processes by providing tools to perform millions of transactions with superior quality and within a time frame that humans can’t even think of. These advancements have also become a benchmark in determining the ability of business processes to survive. Of all the advancements, “Robotic Automation” deserves a special mention, for it is disrupting the way businesses are conducted.
Artificial Intelligence (AI) refers to a platform where computers perform the tasks with certain level of intelligence that are generally performed by individuals. AI utilizes pre-defined algorithms to execute tasks and learn by pattern recognition and computational processes. The developments in artificial intelligence have enhanced the quality of customer interactions through implementation of tools like Chatbots, Robo Advisory, RPAs, etc. These innovations have automated manual processes using a heuristic approach, and have increased output and decreased turnaround time.
Chatbots have automated the process of solving general queries, thereby making the service functional round the clock. Organizations now integrate social media chat windows to customers’ accounts in order to enable AI Financial Assistants to directly respond to queries or transact over text messages. The complex transaction queries are routed to the concerned team for resolution. This ensures a seamless experience for the customer, leading to greater levels of satisfaction and improved quality of service. These chatbots are also integrated to analytics to understand the behavior of investors and provide relevant data to the concerned team.
At a micro level, chatbots assists customers in multiple ways ensuring that all required information is provided. Some of the areas where chatbots have helped extensively are:
- Round-the-clock site navigation support for a customer unable to access any section in the website.
- Resolution of queries on any Product/Services, courtesy the numerous questions fed by way of program to cater to needs of customers on time.
- Helping customers fill up forms. Customers ask relevant queries from a form and the bots respond accurately.
- Investment/financial planning suggestions can be provided by an AI Chatbot based on a user’s goals and objectives.
- Live demos to a customer to ease understanding of various functionalities.
- Facilitation of the sales initiation process in order to route the customer with appropriate details for executing transactions.
These futuristic-sounding functions are happening today. AI financial advisor “Pefin” can design an 80-year projection of an individual’s financial situation and provide relevant suggestions at substantially reduced expenses. Similarly, AI chatbot “DonotPay” uses real-life scenarios to make decisions logically. DonotPay is an AI intelligent chatbot lawyer that has overturned over 160,000 parking tickets using the information gathered from users and about legal practices.
Royal Bank of Scotland (RBS) is on the verge of implementing an artificial intelligence platform called ‘Luvo’, which enhances customer service experience by deploying a programmed virtual financial assistant that solves all of customers’ queries. This chatbot will save customers the time they spend in waiting to connect to an advisor.
With the advances in the field of NLP (Natural Language Processing), AI will make industry-customer interactions seamless and will gradually enter other areas of wealth management, making businesses increasingly virtual. The incurred costs will decrease significantly, and the money saved can be utilized to benefit customers.
AI has necessitated the implementation of automation for businesses to survive in the competitive market. Proactive implementation of AI ensures greater customer satisfaction and gives organizations an edge over competitors in the targeted segments.