CRM Converges With AI: Shaping the Future of Financial Services

Salesforce recently released?Einstein GPT, their next generation AI technology, and its?first iteration will automatically generate emails, schedule meetings, create Knowledge articles from support cases, provide personalized chat agents and content, and even create smart summaries?of sales opportunities.??Our team?is excited?to start delivering solutions using this new technology,?but it's still in the early stages. Although the AI?landscape is rapidly evolving, I wanted to share a few ideas based on what's available today in the hopes of inspiring others to think creatively about how AI and CRM might be used to achieve better outcomes for institutions and their customers.

• Empathy-Driven Support:?Conversational AI chatbots have already transformed customer service, taking on low-value tasks and freeing human agents to focus on more complicated activities. But this is only the beginning. AI agents will eventually have the ability to detect and adjust their responses based on clients' emotions and behaviors. These advanced chatbots will use Natural Language Processing (NLP) and sentiment analysis to interpret clients' communications, allowing them to offer more relevant and emotionally-appropriate responses. AI-powered CRM systems could also analyze historical communication patterns and preferences to adapt their interactions with clients, providing a more personalized and engaging experience across email, chat, and phone. More human-like interactions will lead to increased customer satisfaction, engagement, and loyalty.
• Behavioral Finance:?The integration of AI-driven CRM systems and behavioral finance analysis will enable financial advisors to better understand their clients' risk tolerance and cognitive biases. By tracking and analyzing clients' transaction history, communication patterns, and reactions to market events, these systems will create detailed behavioral profiles that can be used by both human and robo advisors to tailor investment strategies and advice. This personalized approach will help clients make more informed decisions and?potentially reduce the impact of their cognitive biases on investment outcomes.
• Financial Health Monitoring:?Financial health monitoring tools have been around for many years, and the integration of advanced AI algorithms will significantly boost their capabilities. By incorporating data analysis techniques such as predictive analytics and machine learning, these enhanced systems will identify subtle patterns and trends in both the markets and in clients' financial behaviors across aggregated financial accounts. This will allow financial service providers to better anticipate potential issues and opportunities in portfolios, while similar tools for self-directed investors could create a more level playing field and further enhance their customer experience. Imagine virtual financial assistants providing personalized financial guidance and investment support to clients, both proactively and on-demand, empowering them to make timely decisions and optimize their financial well-being.

There are countless ways that CRM and AI integration will improve the delivery of financial services for both vendors and their customers, but only time will tell where it leads. However, firms using AI-driven analysis to support their clients today can already offer more personalized and proactive services at scale than their competitors. As AI agents grow in sophistication and their ability to collaborate to accomplish goal-oriented objectives, the use cases will be more exciting than we can imagine today!