After the dust has settled from 4 jam-packed days in Vegas, we're reflecting on the latest trends in fintech innovation from Money2020. Year after year, fintech buzzwords and phrases permeate the conference's content tracks and keynotes; but what does all that jargon really mean? In this post we're unpacking the buzzwords from Money2020 and providing a guide on how to successfully apply those themes to your business.
High Tech, High Touch
Translation: As banking technology continues to develop, financial services should meld seamlessly into clients lives and bridge their best technology offerings and human interaction together. It is important to understand what your clients want and need at different moments in their financial journeys, and recognize when a tech-first, versus human-first approach, will best serve your customers.
How to Apply It: According to Michelle Moore, Head of Digital Banking at Bank of America, “80% of customers open their initial relationship inside a branch”. While high-tech offerings are certainly an initial deciding factor in selecting a bank, the majority of consumers still want a certain element of human touch and trust, particularly in the beginning of their relationships with a new institution. Think critically about your customer journey to understand where implementing technology can make the banking process simpler and more efficient, versus where a human touch can help uncomplicate processes or forge new relationships.
Navigating Information Overload
Translation: Banking customers are faced with an increasing amount of noise in their financial landscapes, and it can be difficult to navigate overloaded mobile and web offerings for the majority of customers that only want to execute simple banking tasks.
The Solution: Deploying a virtual assistant is the easiest way to empower your customers to have control over their financial information. However, when it comes to conversational AI, experience is the one true differentiator, therefore it is essential to deploy an assistant that can comprehend natural, messy language and is capable of carrying multi-turn conversations.
Not sure where to start? The Clinc AI Platform makes it easy for any member of your organization to build next-generation, enterprise-grade conversational AI experiences.
Personalization at Scale
Translation: Use technology to deliver one-to-one targeted communications with your customers across digital channels, addressing their individual concerns and catering to their unique needs.
How to Scale Personalization? Identifying target personas and creating different experiences for those customers enables organizations to automate unique experiences with a level of granularity that feels individualized for the customer.
Anthony Jenkins, former CEO of Barclays and Founder of 10x Banking said in his session “We underestimate how quickly humans will change their behavior when there is a fundamentally better alternative”. If banks don’t seek to optimize their experiences for the ultimate customer satisfaction, they will quickly lose business to those institutions that do.
The Solution: To avoid losing market share, financial institutions need to stay on the bleeding edge of innovation in order to optimize customer experiences. Going to market quickly with a robust virtual assistant is a fantastic way to delight customers and also helps deliver on the promise of the high-tech, high-touch strategy.
Deploying a virtual assistant offers the opportunity to help achieve success with the top 5 innovation trends and buzzwords in financial services. The key to winning with conversational AI is to deliver an experience that feels authentically human, helps your customers navigate information overload, and scales personalization.
Still looking for more? Check out Clinc's recap video from Money2020!