AI can process vast amounts of data at remarkable speeds, enabling advisers and financial institutions to provide clients with precisely the knowledge they need, when they need it.
This real-time, data-driven approach ensures that people receive information tailored to their specific financial circumstances. Moreover, AI can package this information in a digestible and relevant format, making it accessible and comprehensible for everyone.
For these reasons, AI revolutionises learning for customers on a personal level. Upon analysing customer engagement and behaviour within the context of their own financial circumstance, it can make an immediate decision on how the client can be best-served.
At Eligible, for instance, we use this real time data to provide content that is tailored and has the capability to guide clients to the best options available to them.
By achieving this, AI transforms customer support and client relations from a reactive relationship to a proactive one.
Instead of advisers and banks providing support only when the customer asks for it, AI can detect those who are likely to need assistance and proactively engage with them, fostering education and active dialogue.
What AI can do today is interact with customers and measure the level of understanding of their existing product before providing bespoke financial expertise.
For example, this model has allowed mortgage lenders through the Eligible platform to start forming views on the likelihood that customers could struggle to meet their payments.
One final benefit of AI is that it brings a level playing field to financial literacy. AI-driven platforms can overcome geography, language barriers, anxiety issues, and learning styles, to name just a few.
It is a unique opportunity to make sure everyone has access to the information they need to live their lives. Imagine if your geographical location were no longer a predictor of your financial literacy.
This is what online platforms can do for underserved communities. With the freedom of on-demand, responsive educational systems, they suddenly gain access to information they were previously excluded from, with immediate support if it is needed.
Zahra Hassan and Rameez Zafar are co-founders of AI platform Eligible
