How AI Is Shaping Customer Service in Financial Services

By facilitating AI-powered self-service options and round-the-clock support, AI gives customers answers to their questions when they need it. This shortens wait times and increases the likelihood of first-contact resolution, which is a key differentiator for businesses in any industry. As such, chatbots can provide customers with quick and informative answers, helping them faster than humans can and allowing companies to save money on labor. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.

To deliver on the customer service potential of smart services, however, financial service firms need purpose-built AI solutions that address specific use cases and drive sustained success. Now that the technology is in place, though, Juici Patties has seen a boost in operational efficiency, Levy said. In one instance, the AI revealed that customers wanted to purchase food earlier in the day, before Juici Patties locations were open. Indeed, AI technology is making its way into quick-service and fast-casual restaurant operations.

How is AI being used in customer service?

The fast-food business, which is renowned for its quickness and speedy service, is using AI more and more to improve consumer satisfaction and operational effectiveness. Fast food businesses are at the forefront of using cutting-edge technologies, from AI-driven order taking to predictive analytics for inventory management. This article examines the state of artificial intelligence in fast food chains now, focuses on practical applications, and talks about potential future developments. Genesys Cloud CX is an all-in-one, AI‑powered cloud call center solution enabling organizations to personalize scale end-to-end experiences. It has a built-in Agent Assist tool with an auto-summarization functionality that creates instant summaries of customer conversations. The solution also integrates predictive analytics and NLP to understand customer sentiment and intent, refining the personalization of customer engagements.

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• In 2024, banks responded to this demand by expanding what customers can do without human intervention.
• For tech companies that serve smaller niche markets, this can be incredibly detrimental to customer satisfaction.
• Luckily, Jotform offers automations that can streamline multiple tasks at once—meaning you have more time to spend on the work that matters.
• For a restaurant right off an interstate, AI could predict that travel will slow down on certain days.
• Ranpak, a provider of eco-friendly packaging solutions, incorporates AI and automation to optimize warehouse efficiency.

A 2024 Demand Spring poll shows 82% of B2B companies use AI for content generation, aiding in idea development, headline optimization, and drafting. AI enhances productivity, brainstorming, and analytics but isn’t ready for direct publication. Companies like Cursor and Mercor have rapidly achieved high values and substantial revenue growth by offering AI-driven coding assistants. These tools boost developer productivity and streamline coding processes, demonstrating AI’s influence in the tech industry. It is the reason why we list this example on our list of 10 real-life examples of how AI is used in business. AI-powered applications, particularly those utilizing large language models (LLMs), are transforming software development.

However, HubSpot is known for constantly improving its offerings and ensuring that its customers get the latest advancements. Comprehensive employee training is necessary to introduce AI into call centers and effectively use it. Every team member should understand how to interact with AI tools and accurately interpret AI-generated insights. Aside from developing relevant technical skills, training should cover AI’s capabilities and limitations. Integrating AI into existing call center systems can be complex and resource-intensive.

In customer service and other applications, AI will almost certainly see rapid growth over the coming years as it continues to disrupt customer service. IBM (IBM 0.49%) Watson is a suite of AI products that use natural language processing and machine learning to analyze emotions. These days, chatbots can not only converse with humans but also detect the tone based on the words being used. If a customer is angry, the bot may avoid taking any action that could further escalate the customer’s emotions. One example is BabyCentre UK, a division of Johnson & Johnson (JNJ 0.52%), which has launched a chatbot on Facebook Messenger to help answer parents’ questions. Johnson & Johnson was an early adopter of AI in customer service; Johnson & Johnson Vision launched a virtual assistant named Andy in 2018.

Voice assistants

• Hilton Hotels introduced “Connie,” an AI-powered robot concierge that provides guests with personalized recommendations and assistance.
• Nike (NKE 2.52%), for example, uses chatbots on Facebook and other social media platforms to give customers a more personalized experience, recommending products that best fit their needs and tastes.
• AI-driven tools are transforming how developers build, optimize, and scale web applications by automating tasks like code generation, debugging, and performance optimization.
• Cora handled 11.2 million retail banking conversations in 2024, matching the scale of their human-assisted contacts.
• For instance, predictive insights could prepare staff for high-demand periods or suggest proactive solutions for recurring concerns.

Implementing AI in call centers leads to substantial cost savings by decreasing the reliance on live agents for every customer inquiry. AI tools can automate tasks and supercharge self-service options, decreasing staffing needs and operational costs without compromising service quality. Unlike human agents, whose performance is dependent on skill or energy levels, AI-powered agents can bring a steady and reliable standard of service. This consistency ensures that every customer receives the same high-quality service, regardless of interaction channel or time.

AI provides a strategic perspective, cutting-edge data, and forecasts to help retailers quickly adjust to market fluctuations, even while traditional approaches may be losing ground. According to Analytics Insight, 40% of retail executives currently employ intelligent automation technologies, and 80% of them anticipate their companies using them by 2025. However, stores cannot rely on artificial intelligence to fix problems on their own. They must adopt a pragmatic strategy that concentrates on the aspects of their company where AI can make the biggest difference. AI continues to be a valuable addition to call centers, optimizing different tasks, from responding to customer inquiries to personalizing communication. It can do wonders in helping agents maintain high-quality customer service levels while giving customers timely and relevant information.

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It’s become standard to at least be greeted by some form of AI when contacting a company. The Biden administration introduced a new rule that would make it easier for customers to speak with a human when needed. However, companies will likely continue investing in AI, especially since it’s unclear whether this regulation will still be enforced.