Financial institutions are already using data to create a better customer experience and even capture new markets. Leveraging new technologies brings old-fashioned customer service into the digital age. However, they're being strategic with their investments.
1. They've Replaced Their Multiple Data Systems With A Knowledge Graph
Businesses can't take advantage of new technology – let alone AI – when facing data silos. As a result, companies are turning to a knowledge graph.
A knowledge graph uses entity relationships to optimize an organization's content for third-party search, voice search, chatbots, and other sophisticated AI. A knowledge graph is designed to help enterprise organizations maximize their techstack's various capabilities by providing current, up-to-date information.
This is an active approach to dismantling data silos. Additionally, the customer experience improves because the risk of encountering out-of-date or incorrect information is lowered significantly.
2. They're Managing Experiences With Bidirectional, Conversational AI
Speaking of the customer experience, companies are beginning to leverage conversational AI as a tool to surface resources and information for curious consumers. There are several business use cases for conversational AI, including search and chat. However, conversational AI is only useful when the data is organized, which is why it's most powerful when integrated with a knowledge graph.
AI-powered site search serves customers at every stage of the funnel. When used for support, it's a powerful tool for mitigating customer issues. Site search should surface resources such as FAQs, location-specific information, product-specific information, and more.
Some banks report a 50% to 70% reduction in unnecessary support call volume, which they attribute to improved search functionality. Natural language search – attached to a knowledge graph, for easy management of data – is a powerful tool for managing the customer experience by immediately supplying requested information.
Chatbots powered with conversational AI also serve customers throughout their journey. This is different from guided flows, which populate the question as well as 2-3 answers to choose from. With AI-powered chat, the chatbot will respond to the customer's question with the information needed.
Traditionally, chatbots direct the customer to another resource to find the information for themselves. In this new model, customers receive answers to the questions without ever having to leave the webpage.
3. They're Focusing on Presentation and User Experience
Finally, financial institutions are zeroing in on presentation. When all of the information is right there on the webpage, but customers still can't find it, it's usually chalked up to issues with the user interface (UI). But sometimes, it indicates a bigger problem: missing or incorrect data.
Enterprise organizations in particular can fall victim. With multiple locations to manage, even branch-specific contact information can be difficult to keep current. This is another reason why data management in a knowledge graph is absolutely essential.
When data is managed in a knowledge graph, any updates can actually be streamed directly onto the webpage via static generation. This eliminates lags, delays, and site crashes stemming from multiple updates.
The result is an improved digital customer experience, where the information is always correct and always available.