"To deliver for everyone, financial services firms must embrace an omnichannel strategy that seamlessly blends technology with human interaction. "
Generative AI is transforming how financial services businesses engage with their customers.
Tools from AI-powered chatbots and automation to advanced data analytics are quickly reshaping the customer experience by speeding up processes, reducing wait times and providing deeper insights from data.
For financial intermediaries in particular, AI is streamlining tasks from fraud detection to processing routine customer queries - allowing contact centre staff to focus on more complex, value-added work. Over the past two years, this wave of AI innovation has largely improved operational efficiency and delivered better customer outcomes.
However, while AI presents many opportunities, balancing automation with human support is essential. According to our recent report, 'AI, Digital Transformation and Vulnerable Customers', 56% of vulnerable customers believe AI could meet their needs as well as a human, yet many remain cautious - particularly in situations requiring empathy or nuanced decision-making. Personal finances, often complex and daunting, can be especially challenging for the 47% of adults who identify as vulnerable.
The human touch, supported by digital technology, is essential. It brings empathy and the ability to read individual nuances, ensuring vulnerable customers receive the understanding and support they need to deliver the best outcomes.
Why the human touch matters
In our report, nearly half (48%) of individuals that self-identify as vulnerable avoid businesses where customer service doesn't meet their needs.
Many prefer direct human interaction, with 78% of these vulnerable customers preferring to speak to a person when seeking assistance.
Financial services customers often need extra support in making important decisions. While AI is efficient for basic tasks, it lacks the empathy needed to address complex issues like fraud or mortgage inquiries, and may lead to customers feeling overwhelmed, making poor decisions or even disengaging entirely from financial services.
For this reason, it’s crucial that CX managers use AI to support, not replace, human agents, ensuring customers receive the personalised care they deserve.
Embracing an omnichannel strategy
To deliver for everyone, financial services firms must embrace an omnichannel strategy that seamlessly blends technology with human interaction. This means creating a user-centric approach where every touchpoint - whether through chatbot, text or phone - provides a consistent and meaningful experience. We call this “humanising the digital and digitising the human.”
This hybrid model combines the best of AI and human expertise. For example, live speech AI analytics can offer real-time prompts for human agents during calls, allowing them to respond more quickly and accurately. Sentiment analysis and conversation analytics can also identify signs of vulnerability, helping agents provide the right level of support and take appropriate next steps. These capabilities are especially important given that 56% of vulnerable customers are open to AI solutions.
By implementing a combined approach, financial intermediaries can free up agents to focus on what they do best - providing empathy, understanding and tailored advice in sensitive financial situations.
An insight-led approach to transformation
Companies need to take a considered approach for implementing such technologies with the aim of delivering better outcomes for vulnerable customers. A proven approach is the ‘Four Ds’ framework.
Define key challenges in the customer journey.
Design tailored solutions to address these issues.
Develop tools and processes that align with customer needs.
And finally, deploy these solutions with continuous evaluation and improvement.
This approach ensures that transformation is rooted in a customer-first mindset, creating solutions that enhance the customer experience while maintaining the human touch.
Ultimately, financial intermediaries benefit most by using technology to support and enhance human interactions, for both staff and clients.
This creates personalised, genuine experiences that can resolve clients’ concerns quickly and efficiently, especially when they are grappling with sensitive matters that are so vitally important to them.
