Customer Relationship Management and Personalization

‹ Module 3: AI in Financial Business Operations
1 / 1

At the base of all businesses is the customer population; thus, it's important to consider how AI impacts this population. Customer relationship management or CRM is a cornerstone of the industry, where personalized services can significantly enhance customer satisfaction and loyalty. AI has transformed CRM by enabling financial institutions to offer these highly personalized services. AI algorithms complete this task by analyzing vast amounts of customer data from transaction histories to online behavior to understand the individual preferences and needs of specific customers. Take, for example, the context of direct chatbots on just about every online shopping marketplace. These systems essentially learn from the customer population to create a more personalized system. Ex. offering products to a customer who has arthritis. Furthermore, AI-based CRM systems can recommend personalized financial products or more “impactful” options, such as loans or investment options, based on spending habits and financial goals. These systems can also provide tailored advice and make customers more engaged, and make more informed decisions–ultimately making the customer experience more positive. By leveraging AI, businesses gain a key tool that can create a more engaging customer experience, and foster stronger, longer relationships and higher customer retention rates–important metrics for a business. Personalization is a new key technique that AI has brought to the table.

Source: LinkedIn

An unhandled error has occurred. Reload 🗙