AI is the cornerstone of a new wave of personalization and customer experience. Getting personalized service and recommendations is incredibly important to today’s customers, and in many cases that starts with big data and AI. A recent survey by PointSource found that 49% of customers are willing to shop more often when AI is present. Thirty-four percent of customers will spend more money, and 38% will share their experiences with friends and family. Essentially, AI makes people shop more, spend more and share more.
Most anyone who has had a bank account for at least a few years is familiar with the traditional relationship between banks and customers—banks house the money, send the statements, and set the rules. Many people think of their bank as the “big bad wolf” who sets the terms of how money is used and comes after you with fees if you can’t manage your money correctly. It’s a necessary institution, but one that has long been feared by many customers. [...]