How AI is transforming compliance and customer communication
AI has been a hot topic in the industry in recent years, especially with how it is transforming the communications sector. It has changed how brands communicate with their clients, especially in sectors like finance and regulation. Tatiana Botskina, CEO of Deriskly, shared insights on how AI is transforming the industry from communication to financial aspects.
“We are entering an era of hyper-personalisation where we will see customers interacting more with AI than they will with humans, and therein lies some risks,” says Tatiana. The industry struggles to balance what customers want to hear, what operators and service providers want to communicate, and what the law allows them to say. This gap is where AI comes in. It can help bridge the gap between all these goals by:
- Understanding customer needs
- Analysing content
- Aid in financial literacy for complex products
- Provide customers with simple feedback that helps them understand the products and services offered better
- Help companies communicate with a voice that is within their own brand identity
Integration of real-time insights from customer feedback
“Financial services firms and technology companies sit on an enormous amount of unstructured data, and it is highly underused. This data can be turned into an operational engine that can give companies recommendations on what to do,” Tatiana points out. For example:
- How to mitigate risks
- Identify systemic risks within their organization
- Improve customer experience and profit margins
AI helps paint a bigger picture for companies. Using data collected from different departments like compliance, customer support, and product AI helps make big decisions within organisations. This integration not only encourages data to be viewed as more than just a measurement tool but also as a trust-building mechanism.
Overcoming communication challenges using AI
According to research by Deriskly, customers rated the clarity of communication with financial institutions. “On average, 25% of content on financial service websites is not clear to customers,” Tatiana shares. “And what this means is many customers don’t understand what they are signing up for. This sort of miscommunication creates huge compliance risks and leads to mistrust,” she added.
Deriskly found that the most considerable number of unclear paragraphs is related to the largest number of complaints. Companies can avoid such problems by communicating the value of their products clearly and simply. They need to find a balance between simplicity and not oversimplifying or misrepresenting data on their products. AI helps in ensuring that companies maintain that balance by measuring the clarity of communication.
Future influence of AI-driven communication tools
“I believe that AI will make relationships more trust-based and context-aware,” Tatiana shares. AI will act as an intermediary layer between customers and institutions. It will be able to understand the intent of the user, the product offerings of companies, and bridge them together.
If AI is developed responsibly, it will act as a layer of trust, which is vital for a lot of companies. It will help articulate the value of the products and services they offer to the right customers. Brands will move away from segmented customer groups and deliver personalised offerings that reflect each individual’s preferences. “AI is the future of the world, where we will be able to optimise profit,” Tatiana concludes.
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