As banks, credit unions, and financial services organizations look to better serve their customers, many seek new, innovative ways to understand wants, needs, and behaviors. Increasingly, this means the use of digital tools and transformation initiatives—as well as customer and predictive analytics, artificial intelligence (AI) and machine learning. All those high-tech means add up to a most human end: to better know and understand prospect and customer needs to provide an outstanding customer experience.
For many, initial exposure to AI has come through consumer electronics such as Apple’s Siri and Amazon’s personal assistant, Alexa. For others, this journey began via progressive retailers who’ve defined and executed on key elements of omnichannel retailing and “omnicommerce” (seamless customer experience through all available shopping channels). Along with Apple and Amazon, the likes of Best Buy and Nordstrom now exert relentless effort to better understand customers and construct customer-centric systems.