Can finance companies trust AI? Interview with Sravan Kasarla, CDO, Thrivent

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Interaction and customer support are crucial in almost every industry. Businesses increasingly rely on AI and machine learning algorithms to process large amounts of data, in order to achieve the goal of understanding customer needs.

In a recent episode of the AI ​​Today podcast, Sravan Kasarla, Chief Data Officer of Thrivent, spoke about his experience working with AI in the financial services industry and shared his thoughts on the applications and future of AI. He will also be speaking at the next Data for AI event on Thursday, June 3, 2021. If you want to interact directly with Sravan, you can register for free here. As the CDO of a Fortune 500 financial services organization, Sravan uses his background in data analysis and consulting to oversee all areas of data engineering and how AI and ML can be used to help create a more responsive business.

Apply AI for Customer Success

Understanding the best ways to interact with your customers or prospects is the most crucial aspect of doing business, so it’s no surprise that the financial services industry is leveraging AI to help identify target audiences. . With the abundance of customer information available, sorting through mountains of data to identify relevant information can be a daunting task. This is where the power of AI and machine learning algorithms can be harnessed to automatically analyze this data, spot patterns, and deliver the most accurate information.

Once the right audience has been identified, it is crucial to identify and tailor the relevant offers and services. To deliver the best experience, Sravan explains that the key is to bring all the different interactions together and connect the dots to determine the next best action. For example, if a customer visits the company’s website in order to reset their password but is unable to do so, the appropriate next step would be to pass this information to the representative when the same customer calls for assistance. aid. Extracting and communicating this information is important to create a chain of action, as an informed representative of this activity will be able to best assist the customer in a more direct way, without wasting time explaining products or unrelated services, which could further frustrate the customer. AI can be used for this type of customer intention modeling, with the aim of predicting customer needs to provide the best service and create a better overall understanding of the audience.

Build confidence

Understanding business success is not just about transactions or policies, but also about building and strengthening long-term relationships with customers. This type of relationship is built through the personalization of advice, which is another area where AI comes in. Similar to the hyperpersonalization of advertising in the world of marketing, the financial services industry can take advantage of the tools of marketing. AI to personalize information for each prospect or customer.

Delivering the right product or service at the right time is the goal of every organization, and AI can fuel the knowledge that informs those decisions. This is especially true when it comes to offering personalized investment strategies. Through AI-powered robo-advisers, clients can receive personalized advice on investments and other decisions based on their financial situation and future goals. Even before the fully automated robo-counseling stage, AI-augmented human agents can make the counseling process more efficient and accurate, in addition to providing personalized advice to individual clients.

AI-powered decision making

Today’s business must be able to meet evolving needs by using data and AI at the right time and in the right place. The key basis for building a responsive business is knowing and connecting all interactions and data in many forms. In order to build a solid foundation, the business must focus on frictionless data flow. Imagine a “data highway”, where all parties involved are constantly informed throughout every process, ensuring that everyone has the most recent data at all times. To do this, companies need to follow the customer into the digital world and connect the dots using data. It involves understanding the needs of customers from their online business and tracking changes in life events, all with the help of AI. By asking the right questions, businesses achieve the goal of bringing financial clarity to their customers.

Building more responsive businesses means striving for a more responsive world in the long run, and it’s the future of AI not just in financial services but across industries. “Ultimately, AI will make human life more comfortable, more convenient, more productive, so that we can all focus on what is most important to us in our lives,” said Sravan Kasarla, stressing that the power comes from the data combined with the algorithms. It’s not just about making a quick profit for businesses, but making big and important predictions, such as how long the impacts of the pandemic will last or how to spot trends before problems arise. The use of AI can help humans carry out these forward-looking actions and create responsive intelligence to improve the experience and relationships with customers. Ultimately, the future of AI lies in the pursuit of the global human good, which is why the advancement and adoption of truly smart technologies continue to gain prominence in our world.

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