Choosing an AI partner can be difficult in today’s current landscape. Ensuring that you go live with a full set of engagements either digitally or by voice is critical.

The financial services industry is undergoing a massive transformation with the widespread adoption of conversational and generative artificial intelligence. According to an NVIDIA survey, 91% of financial institutions (FIs) are already assessing or implementing AI in their workflows. These pioneers are uncovering how conversational AI can solve critical pain points, from high call volumes and staff burnout to abandonment rates and hiring constraints. 

At the same time, enhancing the customer experience has never been more important. Retaining existing customers while attracting new ones requires innovation and the ability to do business easily and efficiently. However, as the field of AI rapidly advances, many companies are finding that the AI products they bought from vendors who don’t specialize in the field are unable to keep up.

Why AI as an Ancillary (Add-on) Feature Isn’t Always a Value-Add

AI has become a bit of a buzzword as of late, with many companies hopping on the bandwagon to deploy their own products — often as patchwork to their existing software. They’re offered as additional functionality, but expanded features are no replacement for an AI solution built with purpose. 

We all know about these supplementary AI features from companies that aren’t specialized in AI; they are convenient and a nice-to-have, but oftentimes, they cannot deliver what is expected and wind up becoming a risky deployment for the FI at a high cost. However, the reality is that these tools aren’t built to evolve in the evolving landscape of AI or financial services.

The Pitfalls of AI as an Ancillary Feature Include:

• The vendor has limited experience building great AI products which means inferior features and delays.
• The vendor prioritizes and protects its core business which is not based on AI products.
• The vendor doesn’t fully understand the legal and regulatory requirements around AI in the financial services industry, potentially leading to compliance issues.
• The vendor sells a promise of the future, which tends to lead to product shortcuts to hit deadlines.
• The vendor’s service and support are diluted to support multiple product lines.

FI’s need to be particularly cautious of using additional integrations for initial offerings. But what’s the alternative?

At Posh, we believe AI platforms should be purpose-built — that is, they’re designed from the ground up with a singular focus on supporting FIs and integrating seamlessly with a bank or credit union’s existing systems. 

These solutions offer a level of sophistication and customization that companies whose main expertise is not AI simply cannot match. Purpose-built AI providers serve a specific audience, like banks and credit unions, offering a primary solution that truly makes a difference to clients like voice, SMS, chat or video, other ITMs, etc. Product providers, who may serve a wide audience and don’t specialize in AI, will say they can provide all that and “more” on the same platform, but you should always dig in. 

Fis and customers deserve more than basic engagement at go live, not to mention customization based on each individual FI brand and culture. It might sound easier to partner with an existing provider, but is it really easier if continued work is required to get the customer experience to par? By the time the product is where it needs to be, will the customers come back or try again? Not to mention will they ever be caught up if it is not their key focus, in new features and functionality?  

When thinking about conversational AI, it’s in the FI’s best interest to choose a partner that is a proven industry leader and has a credible history in conversational AI. 

What Your Conversational AI Partner Should Do For You

As many will find, choosing an AI partner can be difficult in today’s current landscape. Ensuring that you go live with a full set of engagements either digitally or by voice is critical. What’s important for you to remember is that your AI partner needs to be able to: 

• Fully comprehend your business and understand how to meet your current needs 
• Scale and grow your business for the future, constantly evolving their capabilities and advancements with the customer in mind 
• Create actionable plans that involve tangible results 
• Have a proven track record of success, demonstrating strong delivery and implementation 
• Provide consultation to your business, acting as a true partner rather than just a vendor 

Remember, nothing is more concerning and disappointing than to invest in technology that lacks delivery at go live, affecting customer experience. Change is already strenuous for most customers, making seamless delivery and meeting expectations integral to maintaining the customer experience.  

Creating a successful implementation strategy involves succinct deployment and customer adoption with an emphasis on customer education. However, it will not matter how well customers have been educated if there is a lack of functionality and thoughtful engagement. 

Transparency and customizability should also be a through-line in the partnership. Your conversational AI provider needs to be able to fully understand your business so they can use their knowledge to your advantage. A provider’s lack of understanding can lead to a depersonalized sales plan, which commonly takes the form of AI integrations.

The Benefits of Purpose-Built AI Platforms

• Specialists are designing, building, and servicing the AI platform, creating a world-class experience for banking institutions and their customers.
• AI is evolving at a rapid pace, an AI-focused vendor is investing all their R&D into AI and ensuring the latest technology is commercially viable for the banking industry.
• AI providers are immersed in the regulatory landscape; this deep understanding allows FIs to stay compliant as they navigate an increasingly complex legal environment.
• Niche software companies provide a connected platform across all AI channels creating a seamless user and customer experience.
• Cloud software is designed for software interoperability through open APIs removing the integration complexity and maintenance difficulties of the past.

Specialized Service Remains Superior

Conversational AI is a powerful technology that, when deployed mindfully, can lead to higher customer satisfaction, lead generation opportunities, better quality of service and so much more. It’s imperative to find a conversational AI provider that only builds and supports AI and has a full ecosystem to support it. Your customers deserve nothing short of specialized excellence.

These days, everyone uses the term “white glove service” having it only equate to VIP service. However, challenge your AI provider to equip you with service that goes beyond: service that encompasses true knowledge, historical experience and tangible results.  The right provider will not only have that, but can help your FI reach its full potential.

Learn more about AI for banks and credit unions.