Artificial intelligence can play a key role in improving levels of customer service and satisfaction in auto finance to increase loyalty and revenue, according to a leading industry expert.
Bob Beatty, executive vice-president, customer experience, at GM Financial has revealed how AI can revolutionise how thousands of customer interactions are handled, giving team members more time to manage more complex customer enquiries.
“The mandate I was given was to innovate to drive loyalty through remarkable customer experiences from the dealer front and the customer front,” Beatty said.
“I looked at what our customers were telling us and instead of taking it as exactly what they were saying, when I looked at it from a different perspective, they were saying, ‘make this easy, give me my time back.’ Time has become our customers’ greatest asset now.”
Beatty introduced a wide range of initiatives including embedding artificial intelligence in the customer enquiry process.
There are prompts to switch from phone calls to messaging, with digital channels expected to account for half of customer contacts. The business plans for around one quarter of enquiries to be handled by artificial intelligence, powered by IBM’s Watson.
Beatty said: “[IBM] Watson handles the high volume questions, which gives the agents handling the phone customers much more time to deliver the experience that those customers deserve.”
To hear more about the future of artificial intelligence in auto finance, watch this exclusive video, courtesy of global automotive, consumer and equipment finance software company White Clarke Group.
Brendan Gleeson, chief executive officer of White Clarke Group, comments: “GM Financial’s strategy to use artificial intelligence follows extensive research and analysis that shows the potential of embracing new technology.
“Using the extensive and affordable computing power now readily available to businesses, lenders have more options to utilize data, AI and Machine Learning models to deliver highly personalised services that improve the overall customer experience.
“However, it is important to find the right partners that have the knowledge and experience in successfully developing new digital strategies in order to ensure companies achieve their AI ambitions.”