AI: The Great Differentiator

Kavita Singh, VP of AI Product Management, PayrailzKavita Singh, VP of AI Product Management,Payrailz
In today’s highly competitive financial services technology landscape, it can be a challenge to stand out from the crowd. Most, if not all, banks offer the same services and technology solutions. To get in front of competition, they need a differentiator.

While everyone offers similar technologies, the experiences they offer can be very different. Payrailz leverages AI to create a unique, personalized payments experience for each end-user, helping banks stand out from their competition by going above and beyond the average consumer experience.

Banks have a wealth of customer data at their disposal. Gathering information about customers is the easy part – the challenge comes in putting it to use. Banks have more than enough collected data, but they must be able to use it in a way that adds value and makes each customer’s experience meaningful.

This is where AI comes in. With the use of machine learning and related technologies AI mines usage patterns in customer data to create an experience that is tailored to meet the specific needs of banking users.

When it comes to payments, most customers have certain patterns of behavior. Many people pay certain bills around certain time of the month, for example.
AI can identify those patterns and remind them to pay a bill that they typically pay during that window of time or forecast a bill increase so the customer can move money from another account. By sending proactive actionable alerts, Payrailz’ platform makes paying bills as simple as responding “yes” or “no” to a notification.

Additionally, Payrailz’ AI-driven platform can help customers lower their bills, if the platform recognizes they may be paying too much for a certain service. This is another way AI adds value by meeting a user’s unique need. These kinds of personalized experiences are everywhere. Companies like Amazon recognize your shopping patterns, know your preferences, and make tailored recommendations.

Consumers are growing accustomed to that level of ease and personalization and they expect it everywhere. According to BCG’s 2020 Retail Banking Advisory Survey, 37% of respondents want their bank to be more like Amazon. This sentiment was followed by 29% of respondents who want their bank to be more like a personal shopper. Customers want their banks to understand them. No one wants to be just a number. They want to feel seen and heard, but, most importantly, known by their bank. In other words, they want personalization.

“Banks are looking for new ways to differentiate themselves from one another since many offer many of the same products and services without a significant difference in fees and rates. They also see specialization as a way to set themselves apart,” notes the 2021 Bankers as Buyers Report from the William Mills Agency.

Providing such a specialized and relevant experience that makes customers’ lives easier serves as that much-needed differentiator for banks today. It also brings the added benefit of stronger customer relationships. If customers are unhappy with their service or do not feel valued, they will not hesitate to take their business elsewhere. Providing a mutually beneficial relationship between the bank and itsaccount holders helps build a strong bond that breeds ongoing loyalty.

Kavita Singh is Vice President of Artificial Intelligence Product Management at Payrailz.
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