Winning customer loyalty with GenAI

The race for customer loyalty in the financial services industry is heating up, and generative artificial intelligence is poised to give companies an edge. GenAI has the potential to revolutionize the way financial institutions engage with their customers, offering efficiency, personalized experiences, convenience, and value.

A survey by KPMG found that 67 percent of financial services executives have allocated budgets to GenAI for use cases such as fraud detection and prevention, customer service and personalization, and compliance and risk.

Our recent pulse survey found that 97% of leaders are investing in GenAI over the next 12 months, with 43% of leaders saying their organizations plan to invest $100 million or more. More than half say they are measuring GenAI-related ROI through productivity gains, followed by employee satisfaction (48%) and revenue generated (47%).

Through its alliance with Salesforce, KPMG has successfully implemented financial services solutions that leverage Salesforce technology to manage customers' financial plans, deliver personalized financial insights, and provide automated, personalized customer experiences powered by GenAI and trusted first-party data.

Our recent work with a top 5 retail bank highlights the success of implementing GenAI in the contact center. By consolidating processes and systems and integrating customer data into a single CRM, the bank was able to reduce handling time, improve first contact resolution, and increase agent and customer satisfaction.

AI can improve customer service in banks, making self-service tools more effective, offering proactive recommendations based on customer data, and building trust with customers through personalized care.

To successfully implement GenAI at scale, banks must choose the right technology platform that features built-in compliance and transparency features. Business should take a thoughtful approach to implementation, focusing on creating value at multiple levels and prioritizing data security, trust and responsibility, ethical use, and regulatory compliance. They will also need to invest in new technologies, dedicated AI teams, data modernization, and change management strategies.