.png)
.png)
Ready to redefine your business? Let's talk AI!
Talk to our Gen AI Expert !
Unlock your business potential with our AI-driven solutions. Book your free strategy call today.
Book your free 1-1 strategic call
%20(1).jpg)
"Digital First", these days the phrase is frequently used, but what does it genuinely imply and does it apply to your company?
A digital first customer is someone who primarily interacts with a company or brand through digital channels such as a website, mobile app, or social media. These customers prefer to conduct transactions and receive customer service online, rather than in person or over the phone. This strategy acknowledges that consumers' expectations and the digital landscape are evolving at an accelerated rate.
There is no doubt that banks are compelled to alter their business model & conform into digital customer experience. These high expectations serve as a significant challenge, most of whom lack the resources to deploy such sophisticated digital experiences.
Companies that prioritize a digital first approach often have a strong online presence and focus on providing a seamless and convenient digital experience for their customers. In order to provide an unrivalled customer experience, banks has to embrace technology in order to stay up with this new age of "always-connected" customers.
According to the recent Deloitte’s report, companies with higher digital transformation maturity reported 45% revenue growth. And 29% of highly digitized companies reported a positive impact on growth and innovation, while 41% emphasized a positive impact on sales and marketing functions.
For creating a digital first experience your business needs to think digitally first
- Understand your audience: Conduct research to understand the needs, preferences, and behaviors of your target audience & how they interact with digital technology.
- Define your goals: Clearly define the objectives of your digital first experience, such as increasing engagement, conversion, or retention.
- Design for mobile: With the majority of internet users accessing the web on mobile devices, it is crucial to design your digital first experience to be mobile-friendly.
- Create a seamless user experience: Ensure that your digital first experience is intuitive, easy to navigate, and provides a seamless flow from one step to the next, try creating a user-friendly and secure digital experience that meets the needs of your customers.
- Optimize for speed: Make sure that your digital first experience loads quickly and functions smoothly on all devices.
- Personalization: Look for ways to make your digital experience more engaging, such as by incorporating interactive elements or providing personalized content, use data to deliver a personalized experience that tailored to individual user preferences and behaviors.
- Testing and iterating: Test your digital first experience with a small group of users and make improvements based on their feedback. Continuously measure and iterate and make changes as needed to ensure a positive customer experience.
- To put a bow on it, create an agile, flexible IT environment: having the right technology to power up digital strategies is fundamental in today’s business world.
Research shows that 35% of business executives claim that digital transformation helps them to better meet customer expectations and improve operational efficiency by 40%, and 38% of executives plan to invest more in technology to make it their competitive advantage.
AI (Artificial Intelligence) is ready to help businesses engage with today's digitally-first consumers.
AI is playing an increasing role in almost evert sector of business whether it be Support, Sales, marketing or commerce!, having the potential to disrupt how companies engage with customers across the board. This is why it's so important that you understand how AI can work for you and your business, and the significant role it can play in helping you connect with customers.
Personalized marketing:
is a marketing strategy that uses artificial intelligence algorithms to tailor marketing messages and campaigns to individual customers based on their behavior, preferences, and past interactions. This helps to increase the relevance and effectiveness of marketing efforts and enhance the customer experience.
Amazon Personalize & IBM Watson these tools can analyze customer data and behavior to deliver tailored content and and personalize online experiences. With AI, businesses can gain a better understanding of their customers' needs, wants, and desires. This, in turn, allows them to craft tailor-made customer experiences, and subsequently gain a competitive edge over their competitors.
Recommendation systems:
An AI recommendation system uses machine learning algorithms to analyze user data. It can be implemented through, Collaborative Filtering- based on user-item interactions; Content Based Filtering- based on item attributes and user preferences & Hybrid methods- combining both collaborative and content-based filtering. These systems can improve over time with more data, providing better and more personalized recommendations.
Amazon Personalize & Salesforce Einstein these tools use customer data and behavior to make product recommendations and promotions that are more likely to be of interest to a specific customer. They also provide analytics to help companies understand customer preferences and behavior.
Predictive analytics:
Predictive analytics is the use of statistical algorithms, machine learning, and data mining techniques to analyze current and historical data to make predictions about future events. This is typically achieved through the training of machine learning algorithms on large datasets and the use of predictive models to generate insights and forecasts.
Microsoft Azure & Amazon Machine Learning these tools allow companies to use data to make predictions about customer behavior, market trends, and product performance, such as likelihood of churn and upsell potential, and take proactive actions to retain customers. These tools can also be used to identify trends in customer data, such as purchase patterns and buying cycles.
Self-service portals:
self-service portals are online platforms that use artificial intelligence technologies to allow customers to resolve their queries or complete tasks without the need for human intervention. Many customers these days prefer doing everything on their own, AI-powered self-service portals can provide customers with the ability to handle certain tasks such as scheduling, payments, and account management, without the need to interact with human customer service representatives.
Zendesk and Fresh desk these tools allow customers to access help and support resources, view and update their account information, and manage their subscriptions. AI self-service portals aim to provide a seamless and efficient customer experience, while reducing the workload for human support teams and improving overall business operations
Chatbots and virtual assistants:
AI chatbots and virtual assistants are computer programs that use natural language processing and machine learning to simulate human conversation and perform tasks. They can be integrated into websites, messaging platforms, and mobile apps to provide customer service, support, and information. Chatbots can provide customers with quick and convenient customer support through digital channels such as live chat, messaging, and voice assistants.
Amazon Alexa & Fluid AI chatbot these tools use to provide personalized responses, understand customer requests, and answer frequently asked questions these tools can be used to provide customer support and guidance, and to provide customers with access to helpful resources. Additionally, Fluid AI chatbot can provide a more personalized and tailored customer experience & an easy-to-use interface that allows companies to build stronger relationships with their customers and stay ahead of the competition.
Fluid AI also offers integration with GPT, which enables businesses to interact with their customers in a more natural and conversational way.
Summarizing
Overall, AI can help companies to provide digital first customers with seamless, personalized, and efficient experiences across all digital touchpoints, which can increase customer satisfaction, retention and loyalty.
Artificial intelligence (AI) can play a significant role in serving digital first customers. AI-powered Chabot's, for example, can provide quick and efficient customer service through digital channels like websites and messaging apps. Additionally, AI-driven personalization and recommendation algorithms can improve the experience for digital first customers by providing them with personalized offers. AI can also help banks to better understand and segment their digital first customers by analyzing customer data and behavior. This can help banks to proactively engage with their customers, to develop more effective marketing strategies and improve the overall customer experience
| Decision points | Open-Source LLM | Close-Source LLM |
|---|---|---|
| Accessibility | The code behind the LLM is freely available for anyone to inspect, modify, and use. This fosters collaboration and innovation. | The underlying code is proprietary and not accessible to the public. Users rely on the terms and conditions set by the developer. |
| Customization | LLMs can be customized and adapted for specific tasks or applications. Developers can fine-tune the models and experiment with new techniques. | Customization options are typically limited. Users might have some options to adjust parameters, but are restricted to the functionalities provided by the developer. |
| Community & Development | Benefit from a thriving community of developers and researchers who contribute to improvements, bug fixes, and feature enhancements. | Development is controlled by the owning company, with limited external contributions. |
| Support | Support may come from the community, but users may need to rely on in-house expertise for troubleshooting and maintenance. | Typically comes with dedicated support from the developer, offering professional assistance and guidance. |
| Cost | Generally free to use, with minimal costs for running the model on your own infrastructure, & may require investment in technical expertise for customization and maintenance. | May involve licensing fees, pay-per-use models or require cloud-based access with associated costs. |
| Transparency & Bias | Greater transparency as the training data and methods are open to scrutiny, potentially reducing bias. | Limited transparency makes it harder to identify and address potential biases within the model. |
| IP | Code and potentially training data are publicly accessible, can be used as a foundation for building new models. | Code and training data are considered trade secrets, no external contributions |
| Security | Training data might be accessible, raising privacy concerns if it contains sensitive information & Security relies on the community | The codebase is not publicly accessible, control over the training data and stricter privacy measures & Security depends on the vendor's commitment |
| Scalability | Users might need to invest in their own infrastructure to train and run very large models & require leveraging community experts resources | Companies often have access to significant resources for training and scaling their models and can be offered as cloud-based services |
| Deployment & Integration Complexity | Offers greater flexibility for customization and integration into specific workflows but often requires more technical knowledge | Typically designed for ease of deployment and integration with minimal technical setup. Customization options might be limited to functionalities offered by the vendor. |
How Fluid AI Enterprise GPT can Help You!
Fluid AI Enterprise GPT can be a game-changer for your enterprise, providing a powerful tool to offer a seamless experience to digital-first customers. With the capabilities of GPT, businesses can create personalized and engaging interactions that meet the evolving expectations of today's customers.
GPT, which stands for Generative Pre-trained Transformer, is an advanced language model capable of understanding and generating human-like text. It can be trained on large amounts of data to customize it according to the specific needs of an organization. With the help of GPT, businesses can create conversational chatbots, generate product descriptions, generate emails and produce content that effectively resonates style & tone of your organization.
Using Fluid AI Enterprise GPT, customers can query across different platforms, while businesses build trust, foster loyalty, and ultimately drive revenue. It enables them to deliver a more personalized and engaging customer experience that meets the expectations of the digital-first customer.
Fluid AI can help you better understand how AI can work for you, and the significant role it can play for your organization.
Connect with us to build a digital-first & digital-fast culture!
Fluid AI International Corporation (USA)