How Artificial Intelligence Can Improve CX During The Digital Onboarding Process
Artificial Intelligence (AI) is not only changing the way organizations operate, it is also significantly improving customer experience (CX). Today, artificial intelligence can enhance customer experience by streamlining online processes, such as digital onboarding, and taking communication beyond the level of personalization achievable using historical data.
Organizations need to prioritize AI in CX. They must actively look at ways to leverage its power to improve current communication and online processes, which ultimately contribute to a better overall customer experience. In this post, I will explore the role of AI in CX as well as discuss how Machine Learning and Artificial Intelligence can enhance customer experience in digital onboarding.
What is the role of Artificial Intelligence in Customer Experience (AI in CX)?
Artificial Intelligence is the ability for computers to act without being explicitly programmed, thereby becoming capable of ‘intelligent behavior.’ When applied to customer engagement, it can determine the customer’s next requirement and enables the organization to address that requirement proactively.
Machine Learning (ML) is a subset of AI that enables learning through repeated patterns. ML is great for content creation, when deciding which content is best suited to each customer, based on data on hand.
- Machine Learning uses data relating to past behavior, demographics, psychographics and location to create content and streamline online processes.
- Artificial Intelligence predicts user behavior and applies content based on that prediction to preempt the user’s next requirement.
AI can enhance customer experience in digital onboarding during the critical 90-day onboarding period
Financial services firms are always looking for ways to increase share of wallet and loyalty. Both of these objectives can be achieved through a comprehensive and CX-focused onboarding process, powered by AI.
From a customer standpoint, the onboarding process must be quick, convenient, and seamless, or the financial institution runs the risk of a prospect abandoning the account in the midst of account opening, or before funding it. This need for simplicity and speed on the front end means that the “heavy lifting” of account opening must occur behind the scenes, with the assistance of AI and other security technologies.
During the onboarding process, the financial services firm must confirm the identity of the applicant, to adhere to KYC (Know Your Customer) processes, as well as anti-money laundering regulations. Financial institutions are compelled to do checks on digital account openers, to ensure that the application is being completed by a human and not a bot, as well as verify the identification of the applicant and obtain a credit rating.
But, in order to provide the best possible CX during digital account origination, the required identity and credit checks need to happen in the background, in real-time to avoid inconveniencing the customer or contravening their data privacy rights.
When machine learning is applied across the broader industry to solve this problem, the technology can analyze millions of data points across hundreds of institutions. This collective intelligence is constantly retraining itself, which helps the entire industry to minimize the risk of bot attacks, identity theft and money laundering.
In fact, by using machine learning and real-time decision-making, AI-enabled platforms have achieved a 5% reduction in the rejection of good customers and 100% explainable identity verification (FINTRAC compliant).
AI can leverage the data shared during client onboarding to extend your product/service offering
Financial services customers exhibit the greatest propensity to adopt new services during this crucial first period, so getting the right offer in front of them quickly helps build lifetime value, while making them feel like your institution understands their needs.
AI can be used to identify additional products and services that may benefit a customer, based on the data they share during the onboarding process. Before you can enhance customer experience using AI and ML, you need to have the appropriate data available to enable the process. Data is essential for AI to function and deliver on the promise of enhanced communication.
Having a strategic plan for structuring and accessing data is now more imperative than ever. The plan must include everything from standardization of data labels, getting data in and out of a central repository, to moving toward a single customer view.
Provide clients with a simple, frictionless digital account opening experience, while completing the required checks and verifications in real time using Doxim’s secure platform
Sean Kennelly, Vice President, Product Management, CEM
With close to 15 years of industry experience, Sean Kennelly brings a wealth of technical know-how to Doxim. During his career, he has led both Operation and Managed/Professional Services teams, and been involved in Project and Product Management; he has also held multiple sales leadership roles. For the last decade, Sean has been heavily involved in the support, implementation, design, and planning of Doxim's products and services. This experience, as well as his engagement with North-American regulated industries entities; informs his vision around customer experience, communications and payments.