No matter the industry, improving customer satisfaction is crucial for staying competitive and achieving business success. This is particularly relevant in the financial services sector. With the banking sector in particular undergoing digitalisation in almost all aspects, customers demand a seamless, personalised experience across all touchpoints. Traditional banking models, reliant on manual processes and one-size-fits-all solutions, can struggle to keep pace. This is where Intelligent Decisioning Systems (IDS) come in.
IDS leverages artificial intelligence (AI) and machine learning (ML) to analyse vast amounts of customer data, predict needs, and automate data driven decision-making. This translates into a more efficient, convenient, and ultimately, more satisfying customer experience. Here’s how:
Hyper-Personalisation: Tailored Solutions for Every Customer
Imagine a bank that understands your financial goals as well as you do. According to research, 72% of customers feel that personalised product offers are significantly more valuable.
IDS can analyse past transactions, spending habits, and financial goals to create a personalised customer profile. This allows banks to:
Recommend relevant products and services: Instead of generic marketing campaigns, IDS’ can propose suitable credit cards, savings plans, or investment options based on individual financial profiles.
Offer proactive financial guidance: IDS can identify potential issues like overdraft risks or underutilised savings accounts and suggest solutions before problems arise.
Provide targeted financial education: Banks can use IDS to deliver personalised content and educational resources based on a customer’s financial literacy level and specific needs.
Streamlined Processes: Frictionless Banking from Anywhere
Gone are the days of waiting in long lines or filling out lengthy forms. IDS helps automate repetitive tasks and streamline banking and lending processes, leading to significant improvements in convenience and efficiency. A survey finds that 72% of consumers want fast and safe service, prioritising online and mobile platforms.
Faster loan approvals: IDS can analyse borrower creditworthiness better than current solutions in real-time, enabling quicker loan approvals and eliminating the need for extensive paperwork. Corestrat’s Digital Lending Automation platform is part of the Decision Management Suite and is one such tool that automates the entire lending process, eliminating lengthy manual tasks, and accelerating the process through complete digitisation.
Simplified account opening: Account opening becomes much quicker with minimal data collection, digital verification, and AI-powered video KYCs.
Seamless omnichannel experience: Customers can seamlessly access and manage their finances through any channel – mobile app, online banking portal, or even voice assistants. This allows for on-the-go banking, anytime, anywhere.
Enhanced Security: Protecting Your Assets with AI
Security is paramount for any financial institution. According to the Association of Certified Fraud Examiners (ACFE) organisations lose 5% of their revenue to fraud every year. IDS plays a crucial role in safeguarding customer information and preventing fraud.
Real-time fraud detection: By analysing transactions in real-time, IDS can identify suspicious patterns and stop fraudulent activities before they occur. It also evaluates alternative data for credit risk assessment, safeguarding banks from potential losses.
Risk-based authentication: IDS can dynamically adjust authentication factors based on the perceived risk of a transaction. This could involve multi-factor authentication for high-risk transactions and simpler methods for everyday banking activities.
Personalised security alerts: Customers receive instant notifications of suspicious activity on their accounts, allowing them to take immediate action.
Proactive Customer Support: Getting Help When You Need It Most
Waiting for a customer service representative on hold can be frustrating. Research indicates that 59% of customers are likely to leave their favourite brand following repeated poor customer service. IDS can provide proactive support to customers, anticipating their needs and offering solutions before they even ask:
Chatbots powered by AI: Virtual assistants can answer basic questions, resolve simple issues, and escalate complex problems to human representatives.
Predictive maintenance: IDS can analyse patterns to identify potential issues with accounts or services before they happen. For instance, if a customer is nearing a low balance, the system can send a notification prompting them to transfer additional funds.
Sentiment analysis: By analysing customer interactions, IDS can identify dissatisfaction and prompt client services to proactively reach out to address concerns.
Empowering Customers: Taking Control of Their Finances
Financial literacy plays a crucial role in achieving financial well-being. 47% of consumers prefer utilising digital channels for financial planning and advisory, according to a study. IDS can empower customers to make informed financial decisions, for example:
Financial goal setting: IDS can help customers set realistic financial goals, track progress, and suggest adjustments as needed.
Budgeting and expense management: AI-powered tools can categorise expenses, identify areas for improvement, and offer personalised budgeting tips.
Investment recommendations: Based on risk tolerance and financial goals, IDS can suggest suitable investment options, providing customers with the information they need to make informed choices.
Conclusion
Intelligent decisioning systems are revolutionising the financial services industry by enhancing customer experience in numerous ways. From personalised banking services and enhanced security to streamlined loan processes, proactive support, and improved financial advisory, IDS enable financial services firms to meet and exceed customer expectations. The role of intelligent decisioning systems in banking will only become more critical, driving further innovation and customer satisfaction.
Corestrat’s Decision Management Suite (DMS) is an advanced decision-making tool that aids banks in enhancing customer experiences across various touchpoints. Combining a model builder and credit strategy decision simulator, DMS enables banks to construct predictive models and simulate decisions in a unified platform, streamlining processes.
