With a fast-paced world becoming a global village where customer-interaction personalised and a click-away, technology is, no doubt, playing a key impactful role in redefining the operations of finance and banking sector, including the consumer experience. Artificial Intelligence is the new buzzword and trending focus across the financial world.
General purpose technology is a term economists reserve for technologies that spur protracted economic growth and societal advancements, revolutionising the operations of households and corporations alike. What could be timelier in Nigeria is when the financial service providers and relevant authorities open up banking revolution by placing greater requirements on banks to use technology for more effective engagement with customers, without having to down tool a chunk of its workforce. It all adds to the competitive pressures on banks and fintech companies.
Technology professionals allude to the fact that AI solutions can also head off potential problems before they develop, learning to detect the ‘distress’ signals and react accordingly. Experts opine AI is a huge driver of efficiency in customer-service, facilitating rapid expansion and keeping a cap on recruitment costs.
Personalisation is essential to winning customers when a simple mouse-click is all it takes to switch between competitors. What builds loyalty and increases revenues, is treating customers as individuals, recognising them each time they interact with a business so that their specific requirements are always met.There might no longer be a need for specific personnel to answer questions about financial services being offered and how they can help the customer.
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