Fintech Takes

What Customers Want: The AI Concierge Revolution & What’s Next for Fintech CX

Oct 10, 2024

Corey Besaw, co-founder of Ubiquity, joins Aditi Shekar, CEO of Zeta, and AI engineer Mike Forsyth to discuss the AI concierge revolution in fintech. They delve into Zeta's unique approach, combining generative AI with human support to enhance customer service and ease financial stress. The conversation highlights how AI can handle substantial customer inquiries, enabling human agents to tackle more complex problems. They also explore the delicate balance between automation and compliance, emphasizing the future of personalized and proactive financial interactions.

01:00:00

Episode guests

Corey Besaw

Aditi Shekar

Mike Forsyth

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Zeta integrates generative AI and human support to create a seamless customer experience, reducing anxiety around financial transactions.

The focus on joint banking for families by Zeta highlights the importance of catering to complex financial needs across different family structures.

Zeta emphasizes customer service as a revenue-generating element, positioning it as a strategic advantage in enhancing customer loyalty and satisfaction.

Deep dives

The Role of Generative AI in Customer Service

Generative AI is increasingly recognized as a crucial element in enhancing customer service within the fintech sector. Companies like Zeta are actively integrating AI-powered chatbots to improve efficiency in handling customer inquiries. For instance, Zeta introduced an AI chatbot named Sam, which assists in automating responses to common customer questions while maintaining human oversight. This dual approach allows for faster response times and helps alleviate pressure on human customer service representatives, contributing to a better overall customer experience.

Intro

2min

Revolutionizing Fintech Customer Service

15min

The Evolution of Conversational AI

5min

Integrating AI in Fintech Customer Interactions

16min

Evaluating Customer Experience and AI Integration in FinTech

4min

Balancing Act: AI in the Workplace

3min

Augmenting Customer Service with AI

15min

Welcome back to the grand finale of What Customers Want, a limited 4-part series from the Fintech Takes podcast, hosted by me and Corey Besaw, President of APAC and co-founder of Ubiquity.

In Episode 4, Corey and I are joined by Aditi Shekar and Mike Forsyth at Zeta, a company that’s building a "multiplayer" financial experience for families, offering adaptable joint banking. Their mission, in other words? Exceptional customer service.

We’ve added complexity with each episode, but this time we're diving into the juiciest layer of all: how AI, especially generative AI, is reshaping customer experience and where it’s headed next.

Highlights include:

Exploring Zeta’s concierge model—a compelling blend of generative AI and human support that dials down customer anxiety. Gone are the frustrating “We’re closed until Monday” moments! Here, AI serves not only as a stand-in, but as your savvy financial coach, ready to unravel transaction data and fine-tune your spending strategy.

By leveraging generative AI like ChatGPT, fintechs such as Zeta can handle 30-40% of basic inquiries, freeing human agents to tackle more complex issues. But this balancing act brings challenges; compliance and security are crucial in financial services. How do we find the right mix between constant availability and necessary filtering?

The pivotal role data infrastructure plays in this equation. While LLMs excel in the “last mile” of communication, they rely on robust systems for accuracy. Given the exorbitant computational costs of snapshotting an insane number data points per customer, how can organizations ensure effective AI deployment?

Imagining a future with micro-models that tailor interactions to individual behaviors. Can AI juggle basic requests while knowing when to tap a human agent? Will generative AI step up as your personal financial coach, or will we hit a plateau like the one Tesla faced with its self-driving promises—remember 2015, when they said fully autonomous cars would hit in...two years?

In short, early AI models were a chaotic free-for-all, drawing from the wild west of the internet. Now, we're refining that data for smarter models, but AGI remains an open question.

What's clear is that with innovations like GPT driving the bus, fintech is poised for explosive growth. In customer support, cutting-edge tech could be the silver bullet that transforms how customers get what they want in financial services.

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