Just 30% of Financial Firms Use AI for Customer Retention

Financial institutions are increasingly adopting AI, but they are missing a massive opportunity to keep you and your customers happy. While most lenders use AI to detect fraud or speed up back-office tasks, only 30% are using it for customer retention. For retailers and service providers, this means the lenders you partner with may not be doing enough to keep your customers coming back for repeat purchases. The report shows that firms are struggling with the transition from pilot programs to full deployment. They face hurdles like data privacy concerns and a lack of specialized talent. However, the lenders who get this right will be able to offer more personalized financing offers and smoother approval processes. This directly impacts your conversion rates at the point of sale. If your current financing partner isn’t talking about how they use AI to improve the borrower experience, they are already behind the curve. Use this as a benchmark when evaluating your financing stack. You want partners who use technology to simplify the customer journey, not just to protect their own bottom line.

Source: PYMNTS

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