Applying Financial Services AI to Increase Customer Satisfaction

Artificial Intelligence (AI) is reshaping the financial services sector, significantly enhancing efficiency and customer satisfaction, as highlighted in FinTech Magazine. Monica Hovsepian, Head of Worldwide Financial Services Industry Strategy at OpenText, discusses how AI is transforming the landscape by automating processes, enhancing decision-making, and improving customer experiences.

AI has become a vital tool in the financial services industry, particularly in fraud detection, document processing, and customer support through AI-driven chatbots. Monica Hovsepian notes that AI’s ability to process large datasets quickly and accurately has accelerated its adoption in the sector, driven by the need for operational efficiency, regulatory compliance, and the increasing competition from fintech companies.

AI technology offers numerous benefits to the financial services sector, including improved accuracy in risk assessments, personalized customer experiences, and faster, more secure fraud detection. However, Hovsepian highlights challenges such as the complexity of implementing AI systems, concerns around data privacy, regulatory compliance, and potential biases in AI models. Ensuring transparency and trust in AI decisions is crucial for its broader acceptance in the sector.

AI complements human efforts by automating routine tasks and freeing up professionals to focus on higher-value activities such as strategic decision-making and personalized client interactions. Hovsepian explains that AI enhances human efforts in areas like risk assessment, fraud detection, and investment analysis, leading to greater efficiency and innovation in the financial services industry.

Trust in AI is essential for financial services, where institutions handle sensitive data. Hovsepian emphasizes that businesses must prioritize transparency, security, and ethical practices to maintain digital trust with clients. Key strategies include clear communication about data use, robust cybersecurity measures, ethical AI governance, regulatory compliance, and providing customers with control over their data.

OpenText leverages AI to enhance operational efficiency, drive personalized customer experiences, and ensure regulatory compliance. The company uses AI-powered tools for content management, fraud detection, risk management, and decision-making, helping financial institutions deliver better, more secure services. OpenText also prioritizes data privacy and security in its AI development process, adhering to global data privacy regulations and ethical AI practices.

Looking ahead, Hovsepian sees AI as a key driver of greater agility, responsiveness, and value in the financial services sector. She envisions AI enhancing automation, personalization, and security for OpenText clients, ultimately empowering them to stay competitive and innovative in a rapidly evolving market.