In global banking alone, research from McKinsey conducted in 2020 estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year, of which revamped customer service accounts for a significant portion.
For transformed organizations, AI-enabled customer service can increase customer engagement, resulting in increased cross-sell and upsell opportunities while reducing cost-to-serve. And with cost pressures rising at least as quickly as service expectations, the obvious response-adding more well-trained employees to deliver great customer service-isn’t a viable option.Ĭompanies are therefore turning to AI to deliver the proactive, personalized service customers want, when and how they want it-sometimes even before they know they want it. Two-thirds of millennials expect real-time customer service, for example, and three-quarters of all customers expect consistent cross-channel service experience. Those customers are getting harder to please. Hence, customer service offers one of the few opportunities available to transform financial-services interactions into memorable and long-lasting engagements. The average visit to a bank app lasts only half as long as a visit to an online shopping app, and only one-quarter as long as a visit to a gaming app. Yet financial institutions have often struggled to secure the deep consumer engagement typical in other mobile app–intermediated services. This article is a collaborative effort by Avinash Chandra Das, Greg Phalin, Ishwar Lal Patidar, Malcolm Gomes, Rakshit Sawhney, and Renny Thomas, representing views from McKinsey’s Operations Practice.
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