The Death of Static Ads: How AI is Changing Financial Services Acquisition

Photo by Jackson So on Unsplash

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

According to a report from Deloitte, 54% of financial service organizations have implemented AI in their businesses. While it has applications in just about every department, many institutions are using AI to revolutionize their customer acquisition process by creating more personalized, data-driven ad campaigns and a streamlined customer experience. 

Below are some of the key ways AI is changing how financial institutions acquire customers.

More Relevant Dynamic Ad Campaigns

One of the most powerful tools to come from AI, dynamic ads with customizable elements can be automatically tailored to the user who views them. This means financial institutions can display product ads based on data about the user’s web behavior. This leads to more relevant, targeted ads that speak personally to each individual audience member, leaving a stronger impression on that potential customer.

Automatically Generate Personalized Offers

The large volume of data paired with the ability to process that data into actionable algorithms means a potential customer can fill out an application online and receive instant, customized offers — for loans, insurance and other financial products. 

With Even Financial’s product search API, for example, data can be leveraged to power a clean, easy-to-use interface that generates a table of offers — tailored to each user — after some basic info is provided. This cuts down on user research time and allows businesses to generate real-time offers without the need for a live person to process the application.

Incorporating AI into Credit Decisions

Banks can also use AI to make credit decisions based on a wider variety of factors beyond traditional credit history. Some institutions are using it to assess borrowers traditionally considered too risky to lend to because of little or no credit history. With the right tech and data, more banks can offer credit to a broader range of customers who typically would not qualify. It also reduces the total number of defaults, as AI can paint a more holistic picture of consumer creditworthiness and financial health.

Field Common Questions with Chatbots

Potential customers used to have to call and speak with a live person or try to manually navigate a website to find answers to their questions. Now, advanced AI is powering chatbots that are capable of increasingly nuanced speech and complex actions. With these new capabilities, customers can ask questions about a bank’s services and products and get personalized answers and support.

In Conclusion

The key advantage financial institutions see from integrating AI into their customer acquisition process is the ability to target the right customers with the right products and create a fully personalized customer experience.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.