Financial Services of the Future: What Role will Salesforce AI Play?

In the summer of 2017, the co-creator of Siri, Tom Gruber, gave an insightful TED Talk. The title of this talk was “How AI can enhance our memory, work and social lives”. The premise of the talk was simple – as machines get smarter, we get smarter.

Throughout the talk, Tom provides real-world examples of where AI and humans, working together, were able to achieve what he calls “superhuman results”. With this “Humanistic AI” approach, artificial intelligence can augment and collaborate with us, instead of competing with or even replacing us.

This article will address questions relating to the Future of Finance:

How AI can help Financial Advisors?

What’s the Future of Finance?

The future of finance is a combination of technological innovation and human development.

Financial advisors who are ‘tech-savvy’ and have embraced innovation, on average, have 42% more assets under advisement. That’s a substantial difference.

The financial sector is at the forefront of AI and technological improvements. In fact, 23% of British adults believe the banking industry is leading the way in digital innovation, according to YouGov, a UK public opinion organisation.

How AI can help Financial Advisors?

For anyone who has worked in the Financial Sector, there are many areas that are in a constant state of flux. When it comes to operations like Trading, Risk Assessment and Fraud Detection, AI has been shown to achieve greater accuracy when predicting and measuring results.

When it comes to PFM (personal financial management) people tend to want an experience dealing with a knowledgeable person. Many consumers do not want to deal with or trust an automated advisor on its own (approx. 3% of customers). However, currently, only 18% of customers say that they are completely satisfied with the performance of their financial advisors.

It is ok, then, if a financial advisor is using AI technologies to provide customers with the best advice? Of course! In fact, the majority of consumers (55%) find AI capabilities more appealing! Customers want a type of AI and Human advice model – a “Humanistic AI” approach.

Utilising AI as part of a CRM System like Salesforce, advisors can target their customers with impactful information that is specifically targeted for them. With a more complete financial portfolio, Advisors are empowered to accomplish even more.

As most Salesforce AI (Einstein) models are constantly learning and improving, they become more efficient and accurate as time goes on. In turn, this provides users with the ability to work smarter and identify the best opportunities and next-best actions.

How do CRM Systems support?

For sales and marketing departments, the holy grail is to deliver 1-to-1 personalised engagements at scale. Platforms like Salesforce, Hubspot and Pardot, are utilising AI to help achieve this; from predictive Lead and Opportunity scoring, to providing personalised emails, content and support – CRM platforms provide a unified experience.

All industries have a constant demand for lead generation and online advertising, and the financial services sector is no exception. With a platform like Salesforce, their AI called ‘Einstein’ is continuously learning in order to bring users’ customised content and ads for specific products/services based on their users’ online behaviours.

Whether a consumer is buying a pair of shoes or looking to open a savings account, there are certain triggers and behaviours AI can learn from to initiate engagements at the optimal time.

AI is helping companies to ’get to know’ their customers. However, in the Financial sector, advancements in AI is also leading to a transformation in certain departments. Companies are now using AI for a number of scenarios including anti-money laundering, fraud detection, credit risk scoring, and churn prediction.

How do Chatbots contribute?

Salesforce chatbots, also known as ‘Einstein Agents’ are growing immensely in popularity. Einstein agents These smart, AI agents are not simply automated messages, they are real-time responses and are constantly learning and evolving.

Chatbots, while not a new concept, have proven themselves very useful for companies given the new technology behind them. Customers are now experienced and technologically advanced. They are now demanding more from their customer service experiences. Companies need to be accessible and provide close to, if not, real-time support at all times.

Chatbots are a great solution for this because they can stay engaged with customers/users and take care of small, remedial tasks like updating someone’s order or resolving common support tickets. While this gives the customer a feeling of being important, it also frees up time for reps to deal with more critical issues.

Who’s the Real Winner?

The consumer. When it comes to financial services, customers are demanding transparency and more personalized interactions. The development in artificial intelligence is helping businesses connect and understand their customers in new innovative ways. AI is changing the way we do business with banks, chat with service agents, and select financial products, for the better.

Nonetheless, for those Financial Services who embrace AI and the digital transformation it may require, the sky’s the limit. By getting a better understanding of your customers’ journey and each touchpoint along the way, you can start to deliver true customer satisfaction.

The future is with AI, the question is, will your business embrace the future?

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