How AI is powering next-gen customer care in financial services

Customers today hold those they do business with to a much higher standard than in the past. Customer experience is now a critical factor that sets businesses apart in a competitive landscape. Financial institutions that fail to meet these rising expectations risk losing customers to more agile, tech-savvy competitors. And that’s where AI comes in—not just as a tool for automation but as a game-changer in redefining how banks, credit unions, and fintech companies engage with their customers.

Customer experience has transitioned from being a supplemental service to a pivotal differentiator for businesses across many industries, and the financial services sector is no exception. As technology continues to transform the way customers interact with financial institutions, artificial intelligence (AI) takes center stage in enhancing the services the industry provides—hyper-personalization, streamlined customer interactions, and deeper insights into customer behavior being merely a few of the long-term advantages businesses can experience.

In the financial sector, it’s not just about having the right technology—it’s about leveraging AI as a catalyst for truly transformative customer interactions. NICE is at the forefront of scalable and comprehensive AI solutions, empowering banks, credit unions, and fintech companies to deliver seamless, personalized, and highly efficient service experiences.

In this article, we will explore how artificial intelligence solutions are enabling financial businesses to thrive in in an era where customer-centric innovation defines success. You’ll also get an exclusive look at top brands that have trusted NICE to take their businesses to the next level with groundbreaking AI-powered solutions.

Amplify operational efficiency with intelligent engagement

In the financial realm, efficiency isn’t just a goal—it’s a competitive necessity. The future of customer engagement is transforming how banks, credit unions, and fintech companies operate by making every interaction more intuitive for both employees and customers. Through intelligent automation and engagement solutions, financial institutions can optimize workflows while creating exceptional customer experiences at every touchpoint. Envision a future where wait times are minimized through smart self-service, complex processes are streamlined through intelligent orchestration, and customer inquiries are resolved instantly—all while empowering your team to focus on high-value interactions that build lasting relationships.

With a unified AI-powered platform you take the guesswork out of efficiency; it eliminates bottlenecks, reduces human error, and ensures that operations run seamlessly behind the scenes. With the right intelligent engagement strategy, financial institutions can position themselves for long-term success in a very competitive market.

Maps Credit Union modernizes with a suite of solutions from CXone Mpower

Maps Credit Union faced significant challenges with its outdated contact center system, which lacked key features like call recording, post-call review, and customizable IVR prompts. Recognizing the need for improvement, a new IT leader prioritized upgrading the system, leading to the adoption of NICE CXone Mpower.

Since implementing a unified AI-powered hyper-platform, Maps CU has significantly improved both customer and agent experiences. The integration of self-service options, real-time dashboards, and AI-driven analytics has streamlined operations, reduced manual workloads, and enhanced service quality. With automated call summarization, fraud detection tools, and workforce management capabilities, the credit union has optimized staffing and increased flexibility, particularly in hybrid work environments.

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The power of self-service and containment

Imagine logging into your personal banking app and being immediately greeted by a personalized message that indicates your financial needs based on recent transactions. As you navigate through the app, AI-powered chatbots stand ready to answer any inquiries in real time, providing instant support and guidance. Instead of maneuvering through what could have been complex touchpoints, taking more time than you’d like, you are able to complete your task seamlessly and without having to escalate your interaction to a live agent. Impressed by the simplicity of the service, your satisfaction with your bank only rises. You feel that they have anticipated your needs and provided a positive and convenient self-service experience.

AI is transforming self-service within the financial sector, making it easier and more seamless for customers to manage their finances independently. Whether it’s resetting your online banking password, checking your account balance, or understanding your loan options, these smart tools are designed to handle a wide range of tasks with speed and accuracy. And the best part? They’re available 24/7, so help is always just a click away.

NICE enables ECSI to improve self-service outcomes for student loan borrowers

ECSI, a leader in higher education finance services, faced growing operational challenges with an entirely live-agent contact center, resulting in high costs and inefficiencies. The onset of COVID-19 and a surge in customer inquiries underscored the urgent need for automation and self-service solutions. To address these issues, ECSI implemented NICE CXone Mpower Autopilot, rolling out AI-driven chat capabilities across three key service areas: tax program inquiries, financial aid refund questions, and core loan servicing. This strategic deployment significantly improved service efficiency, containing over 50% of customer interactions within self-service while reducing agent workloads and call handling times.

Through intelligent self-service capabilities, ECSI has transformed its peak-season workforce strategy and optimized operations—delivering consistent service excellence while significantly reducing staffing costs. Automated caller authentication alone has saved one to three minutes per interaction, and 24/7 self-service access has expanded support beyond traditional business hours.

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AI-powered self-service that’s tailored to financial institutions presents the ability to hyper-personalize the experience. By analyzing transaction histories, spending patterns, and financial goals, it can offer tailored advice—like suggesting a budgeting tip, identifying opportunities for savings, or recommending investment options that align with your needs. This personalized, on-demand assistance not only saves customers time but also makes complex financial processes feel simpler and more approachable.

Let’s get into this a bit more!

How a unified AI platform enhances personalized CX in finance

An estimated 57% of consumers will abandon a brand after just two negative interactions¹, and 49% are likely to tell their friends and families about their experience. Even more concerning, 33% of these disgruntled customers switch to a different brand²—all of which could prevent potential customers from buying those same products or services. A prevalent pitfall in smooth CX operations, particularly in finance? Lack of personalization.

Nearly 60% of customers have expressed their desire for companies to cater to their needs on a personal level, and that failure to do so negatively impacts their brand loyalty. Today’s customers expect more than just basic transactions—they want personalized experiences that make them feel valued.

In the financial sector, purpose-built AI for CX is transforming how institutions engage with their customers, propelling personalized experiences to the forefront of CX strategy. With unified AI-powered solutions, banks and financial services can analyze vast amounts of data in real time, enabling them to understand customer behaviors, preferences, and patterns on a previously untapped and deeper level. The insights allow for highly customized offerings, from personal investment advice to tailored banking services, which meet individual customer needs.

Fifth Third Bank gives customers a voice, gains critical customer insights

Fifth Third Bank recognized that traditional customer surveys provided only a narrow window into contact center performance, leaving valuable insights from countless customer interactions untapped. Recognizing the need for a more comprehensive and objective approach, the bank expanded its use of NICE CXone Mpower Interaction Analytics, transitioning from a small pilot program to a full-scale rollout across multiple business units.

This shift allowed Fifth Third Bank to analyze every customer interaction, providing real-time sentiment analysis that provides deeper behavioral insights that improve coaching effectiveness and customer experience.

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How AI-powered CX transforms the future of finance

As AI continues to evolve, financial institutions will have the opportunity to leverage advanced machine learning and predictive analytics to anticipate customer needs before they arise—whether it’s suggesting proactive strategies for debt management, recommending investment opportunities, or alerting customers to potential fraud. AI is set to make banking feel more personal and intuitive than ever. Advances in conversational AI will make virtual assistants even better at understanding and responding to your questions, creating a smoother, more human-like experience every time you reach out for help.

What’s even more exciting is how AI will boost trust and transparency in finance. With technologies like blockchain and real-time data analysis working alongside AI, you’ll have more confidence in your transactions and decisions. Additionally, as AI takes over the heavy lifting of regulatory compliance, your brand operations are slated for faster, safer service with fewer hiccups. The future of AI isn’t just about convenience—it’s about building stronger relationships between customers and their financial institutions, making every interaction smarter, faster, and more meaningful.

The secret to sustainable growth in finance? Embrace AI solutions purpose-built for CX

As the financial industry continues to evolve, embracing AI to improve customer experiences is no longer just a flight of fancy—it’s the key to unlocking sustainable growth. By harnessing the power of artificial intelligence, financial institutions can not only meet rising customer expectations but exceed them, all while driving operational efficiency and reducing costs. From hyper-personalized services to seamless, automated interactions, AI enables financial organizations to stay ahead of the curve and create lasting relationships with their customers. So, if you're looking to build a strong, future-proof foundation for growth in the competitive world of finance, embracing AI in your customer experience strategy is the smartest move you can make. The future of finance is here—so don’t let it pass you by.

Discover how NICE’s strategic partnerships are reshaping customer engagement in finance and what we can do to enhance your institution’s service excellence.

Discover how NICE’s strategic partnerships are reshaping customer engagement in finance and what we can do to enhance your institution’s service excellence.

_{[1] NICE: Harnessing Digital Channels and WFM to Provide the Best Service for Every Customer (2023)
[2] Omdia: Mind the Gap: A Custom Study for NICE (2024)
[3] Omdia: Mind the Gap: A Custom Study for NICE (2024)}