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Why do AI projects in finance fail to deliver ROI? Despite the billions poured into artificial intelligence, nearly 40% of financial services CIOs admit their AI initiatives failed to achieve positive ROI in the last year. Why is this happening? It’s not about the technology itself—it’s about strategy. Success hinges on aligning AI with business goals, leveraging high-quality data, and focusing on the right use cases.
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Understanding Digital Mortgage Solutions: A Comprehensive Guide
Digital mortgage solutions are the future of banking – they make managing the process significantly easier and quicker. Industry reports show that implementing them can translate to four times shorter customer journey lengths. Keeping everything digitized makes managing data much easier, and adding AI to the mix helps cut out potential human errors and keep all the documents compliant. Do you wish to learn more? Then, we invite you to read our guide to digital mortgage solutions.
How to Leverage Customer Feedback for Continuous Improvement in Digital Banking
How to leverage customer feedback in digital banking? Firstly, you need to find ways to collect it, and then learn through it and combine the knowledge gained this way with the data gathered in your customer relationship management (CRM) system. In this article, we shall explore this topic further – we invite you to read on.
Adapting Customer Service Strategies for Different Generations in Digital Banking
Tailoring customer service strategy in banking to the needs of different generations is crucial. After all, there are major differences between them. Take the attention span, for example. In 2000 the average for adults was 12 seconds, while in 2021, it was only 8 seconds[1], proving that the older generations have a longer attention span than the younger ones. Their priorities also differ: Gen Z and Millenials strive for faster payments and transfers, Gen X for customized product recommendations, and Boomers prioritize security[2]. So, how to tailor your customer service strategy in digital banking to the needs of each generation? Find it out in this article!
The Impact of Mobile Apps on Customer Service in Digital Banking
Mobile banking apps have truly revolutionized digital banking. They turned strenuous procedures into convenience, enabling clients to send a money transfer, set up a deposit, or even take out a loan with just a few clicks. When it comes to customer service, mobile banking apps brought even more changes. People no longer want (or have to) visit physical branches or wait in long phone queues to contact the bank. Instead, most queries can be resolved effortlessly through mobile apps and chats within them. Let’s explore this topic in more detail.
The Power of Omnichannel Support in Digital Banking
Embracing omnichannel support in digital banking isn’t only a way to build seamless customer journeys across different channels – it can also help you reduce operating costs and maximize productivity in your branches. But, for that, you need one thing: a platform that integrates data from all the channels into one place, and enables your employees to switch between digital and traditional communication with the clients swiftly – a platform like Livebank.
A Roadmap for Building a Customer Engagement Center
How to add new value for digital customers? Almost all banks have encouraged customers to shift transacting from branches to the digital world. Although not all adaptation attempts were successful, they achieved the goal. Customers check their account balances and make transactions and payments in web banking and mobile applications. So how can we add new value for these customers, based on digital roots?