Banking Customer Experience Strategic Priorities Using Artificial Intelligence: Results from the AI Path Survey

Banking Customer Experience Strategic Priorities Using Artificial Intelligence: Results from the AI Path Survey

This IDC Perspective reviews the findings of IDC's 2021 Worldwide Industry AI Path Survey specifically for artificial intelligence (AI) as a transformational technology in the customer experience for the global banking industry. AI refers to systems that learn, reason, adapt, and self-correct like a human, harnessing the power of data for more meaningful engagements and new growth opportunities. This document focuses specifically on how AI is being used to strategically address the customer experience across the digital self-service channels, including the onboarding, credit decisioning, and daily customer support solutions. Banks that ignore AI and the trends from this document will risk further detaching modern banking experiences for their customers and will find it more difficult to compete."Banks have recognized that improving the digital customer experience needs to be ramped up beyond just providing transactional information and will rely on gathering as much data as possible, both internal and external, to help create outstanding customer experiences," says Marc DeCastro, research director, IDC Financial Insights. "AI is going to be a significant part of that improvement from the onboarding, decisioning, product advice, and support provided by the institutions to their customers using everything from robotic process automation to the latest in natural language processing to make those experiences as humanlike (but not necessarily humanless) as possible."

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
Highlights from IDC's Worldwide Industry AI Path Survey
Business Drivers in Banking CX
Banks Use AI in Many Different Applications and Experiences
Benefits of AI Adoption Often Exceed Expectations
Advice for the Technology Buyer
Rising Use of Artificial Intelligence, But Struggling to Scale
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