Recent statistics surrounding customer satisfaction with their bank has highlighted that customers are less than 50% satisfied with the service quality of high street lenders.
As Brits are currently navigating their way through one of the most difficult economic climates, 1.8 million borrowers are struggling to cover essentials such as food according to the Financial Fairness Trust, the relationships that Brits have with their banks is critically important. Highlighting this, is the recent introduction of new consumer duties by the FCA, which will require banks to make it easier for clients to contact and receive services through a sufficient number of channels, as well as to ensure their customer experience is satisfactory. In light of this Rameez Zafar and Zahra Hassan, co-founders of Eligible, discuss how AI driven servicing may be a key component in remedying the relationship between banks and lenders.
Currently 44% of Brits feel confused when speaking to financial experts according to the Post Office, and 7 in 10 consumers feel overwhelmed by financial jargon about money. Beyond this, research by the FCA indicates that close to half the population reportedly have low confidence when it comes to making decisions surrounding money, and as many as three-quarters of consumers have admitted to feeling anxious when interacting with mobile banking services. With the Banks and Credit Union finding that 51% of retail banks report that keeping up with customers’ changing needs is difficult, there is a clear disconnect between Brits and their lenders marking a need for an efficient way to tailor communication.
Eligible is an example of AI-led servicing which is aiming to fix this detachment. Currently used by a host of Britain’s leading lenders, the white-label platform works by using AI technology to analyse customers’ financial and behavioural data to forecast what information they need to best support their financial situation. Using this data, banks can make sure that the information their customer receives is relevant and personalized, supporting them in making informed decisions about financial products and services.
