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The Future of Personalized Banking: Virtual Assistants

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The financial services industry is facing new demands. Today’s customers demand personalized banking services, but financial service institutions have been hesitant to adopt newer technologies due to robust legacy systems, the lack of explainability and trust in new tools, and regulatory factors. Thankfully, modern banking virtual assistants deliver banking personalization without sacrificing security.

What Does Banking Personalization Look Like?

Personalized banking may sound nebulous, but it is actually very straightforward. For example, you might recognize personalized banking in customized greetings based on your language or location. You can also see personalized banking in customized interactions based on previous behaviors or interactions with your bank, tailored reminders related to upcoming payments, or other proactive, personalized messages to provide better service. Personalization takes customer service to the next level by delivering meaningful experiences.

Benefits of Personalized Banking

There are several ways financial institutions can personalize services and communications. Financial service companies must build value by prioritizing customer experience in today’s competitive environment. Customers are looking for more than just transactions from their banks – they’re looking for valuable insight and advice from industry experts. For customers to value this insight, there must first be a foundation of trust. However, customer trust in banks has decreased in the past two years, which creates an opportunity for banks to deliver personalization.


Bar graph: The greatest challenges when trying to offer personalized banking, according to financial services providers
Data shows that building meaningful customer relationships through personalization is a challenge financial institutions face.


Tailoring the customer experience can help banks build trust and rapport with customers. Personalization also delivers several other benefits, which is why providers are investing in it. A few of these benefits include:

  • Enhanced customer satisfaction: When you create a personalized banking experience for customers, such as sending tailored reminders related to upcoming payments, you bridge operational data across multiple customer journey touchpoints. These efforts make it easier for customers to access their finances and increase customer satisfaction.
  • Increased engagement and conversion rates: A personalized banking experience helps consumers proactively and efficiently manage their finances based on real-time insight. With a clear picture of their financial standing, customers can decide what financial next steps they need to take. 
  • Improved customer loyalty and retention: As a financial service provider, you can present the most relevant financial solutions to customers based on where they are in their journey. Arming customers with insight into their personal banking needs can help connect and increase reliance on your services. As a source of actionable insight, you’ll boost loyalty and trust among customers. 

Combining these benefits can deliver more substantial ROI to banks as they prioritize personalization. Personalization can also alleviate common pain points that customers experience in banking. For example, shopping for a new credit card is the least satisfying banking journey for customers, with the application process not far behind. Modern tools can help automate and create a better experience in the customer journey.



How to Power Banking Personalization

Banks possess a plethora of customer data and must use it wisely to maintain customer trust and improve experiences. However, many financial institutions say they do not have the tools necessary to achieve proactive engagement and deliver personalized guidance to customers. 

Banks and financial service firms can power personalized banking with banking virtual assistants. These intelligent customer service technologies leverage data to help you understand customer preferences. 

What are Banking Virtual Assistants?

Virtual assistants (often known as virtual agents) are software programs that interact with people using AI, machine learning, and voice-recognition technology. These customer service tools are sometimes confused with chatbots but are more advanced. Banking virtual assistants are powered by the intelligent technologies referenced above and can handle a more complex range of finance-related questions and transactions. These virtual agents can understand voice-based and text-based inquiries. They can also handle more specific, personalized requests, such as sending money to friends and family or quickly pulling up data on recent transactions.

How Virtual Banking Assistants Personalize Banking

Integrating banking virtual assistants personalizes support and can help reduce common customer requests. The main reasons banking customers call support teams are to resolve billing issues and receive account management support. Banking virtual assistants can streamline these everyday tasks and enhance the customer experience.


Table: Top reasons customers call banks (opportunities to use banking virtual assistants)
Based on a survey Intrado conducted, banking customers typically call support teams to resolve billing issues and receive account management support.


Below are three ways you can drive personalization with virtual banking assistants. 

  • Elevate contact center operations and communications: Virtual banking assistants allow you to gather data, learn about customer behavior, and predict customer needs. Financial institutions can streamline call center transactions based on the customer’s unique situation with this information.
  • Design intelligent customer support journeys: Banks can use virtual banking assistants to monitor how customers interact along the customer journey. For example, virtual banking assistants can watch how customers navigate opening an account and use those actions to suggest future process upgrades. 
  • Deliver immediate customer service: Banking virtual assistants deliver immediacy. Customers can contact their bank at any time through various channels (e.g., internet, mobile, email, etc.) and receive quick, real-time responses. These intelligent banking assistants gather and leverage data from customers’ past interactions to improve issue resolution.

With virtual banking assistants, you can make informed decisions about how your customer support team communicates with customers based on their individual needs and behaviors.

Use a Virtual Assistant in Banking With Mosaicx

At Intrado, we recognize the shift toward personalized digital support channels, which is why we introduced Mosaicx, an AI-powered customer service platform. A Mosaicx Intelligent Virtual Agent serves as an advanced virtual assistant in banking, using advances in AI, machine learning, and predictive intent. It understands conversations and can efficiently and accurately solve customer inquiries, including moving to the “next best action” based on their question. 

Using machine learning, Mosaicx can accurately anticipate why a customer is reaching out. In addition, we continue to evolve the Mosaicx platform, which means we’re better able to understand customer needs as they change.

Today’s financial institutions realize the importance of modern technologies in delivering personalized customer service. Predictive intent, paired with AI-powered technology, is a game-changer for any financial institution. Banking virtual assistants are one such technology playing a central role in helping banks build trust between themselves and their customers. Armed with a greater understanding of your customers’ needs, you can provide ease of engagement and intelligent recommendations to serve them better.