The Transformative Impact of AI on Customer Experience: Insights from Experian Research
In today’s fast-paced and highly competitive business landscape, providing a high-quality digital customer experience is key to gaining a competitive advantage. Recent research conducted by Forrester Consulting on behalf of Experian reveals that Artificial Intelligence (AI) is playing a crucial role in transforming customer experience for the better.
According to the study, 65% of surveyed business leaders believe that AI has positively impacted their customer experience. AI is driving faster and more accurate decisions, personalised offers, and instant access to support. Francois Grobler, chief of decision analytics at Experian Africa, emphasizes the importance of AI in turbocharging the customer experience process in a world where consumers have more options and less patience than ever before.
One of the key findings of the research is that AI and Machine Learning (ML) can significantly improve the accuracy of models used to assess creditworthiness and affordability. This improvement leads to more inclusive lending and more personalized terms based on a better understanding of behavioral insights into financial circumstances. AI-powered solutions are not only helping businesses make faster and more accurate decisions but also enhancing fraud detection, identity verification, virtual assistance, automated onboarding, and early warning systems for vulnerable customers.
Cloud technology plays a crucial role in unlocking the potential of AI in improving credit risk and fraud models. As financial services and telcos look to leverage AI for better decision-making, cloud technology provides the computing capacity required to manage the high volume of data needed for AI and ML. Investing in Software-as-a-Service (SaaS) and cloud technology is a top priority for senior decision-makers, as it offers benefits such as improved security, faster processing power, reduced maintenance costs, and scalability.
In conclusion, AI is undoubtedly enhancing our ability to assess creditworthiness and prevent fraud. However, to fully realize the potential of AI, a solid cloud foundation is essential from both an infrastructure and software perspective. As businesses race to reduce risk and provide faster digital decisions, the adoption of cloud technology becomes a critical stepping stone in harnessing the power of AI.
To learn more about the transformative effect of AI on risk, customer experience, and analytics, you can download the full report from Experian’s website. AI is reshaping the way businesses interact with their customers, and those who embrace this technology will undoubtedly have a competitive edge in today’s digital age.
