Around 94 percent of more than 300 banking and insurance executives agreed in a survey produced by Capgemini that enhancing customer experience (CX) is the main goal behind the introduction of new AI-enabled initiatives.
Notably, more than half of the global sample says that different AI applications, including conversational agents, prescriptive modeling, process automation, and complex analytics, already allow at least 40 percent of customer interactions.
Half of more than 5,000 consumers worldwide, however, feel that “non-existent or less than anticipated” is the benefit they derive from AI-powered financial interactions. In the U.S., Capgemini found fewer customers who see no, or none, benefit from AI experiences, 38percent versus 49 percent globally.
Elias Ghanem, Global Head of Business Intelligence for Capgemini Financial Services, claims that the largest American banks are adopting AI solutions. They allow fintechs and big techs to compete with these organizations. He claims, however, that more conventional financial institutions are still struggling to prioritize the right AI initiatives and to scale up AI applications across all their divisions. That, he adds further, is because of siloed data and thought.
The most notable finding of the Capgemini study, as stated before, is that the use of AI for user interactions has not lived up to expectations.
“Consumers may be satisfied with banking AI from the viewpoint of getting the work done,” Ghanem explains. “The AI interactions may just be substituting for the work done by a human and still be satisfactory, such as basic, text-based chatbots.”