Dawsongroup | finance

AI, How It Impacts The Customer Experience

We are living in a time where AI has become a frequent topic of conversation and is a major part of our lives, from using live chatbots on websites to interacting with automated answering systems. But, with its consistent infiltration into our daily lives, it begs the question; how does it impact the customer experience?

AI vs Customer Service

Customer service is a vital component of all businesses, particularly those in the asset finance industry. From responding to finance queries, providing feedback on applications and working alongside brokers, the element of human touch is what makes us stand out as a finance lender, helping us to better connect with our clients. 

While AI has revolutionized the level of customer service a business can now offer their clients with systems like chatbots, people have started to notice a clear disconnect when interacting with AI software rather than an individual.

Typically, when you receive an email you know it has been written by a person. Even if it’s on the more abrupt side, there are clear tells that it has been written by the person you are dealing with rather than an AI. The generic and impersonal nature of AI generated emails is obvious and something your clients will pick up on quite quickly, especially if they are used to a more personal service. 

This in turn can lead to poorer customer relationships, with clients not feeling cared for, or as though their requests aren’t being seen to properly.

So, what is AI lacking?

Through the implementation of this new technology, that level of personal touch we’re all used to from a business is slowly being lost – and it isn’t exactly going unnoticed…

Many people, particularly those within the older generations, are struggling to get used to using AI, especially in a customer service capacity, due to its lack of personal touch. 

Something AI is still struggling with is replicating the tone and emotion we are used to experiencing in a customer service interaction. Instead, these simple chatbots look to simply tick boxes and have no deeper processing for making insightful connections, nor do they provide an empathetic feel for a customer – both of which are vital in asset finance, as each financial journey is imperfect and different.

Thanks to our extensive industry knowledge, our personal working relationships give us the ability to answer questions before they are even asked. This is because we know from experience exactly what is being expected from a client before they do, something that AI would struggle to do without finding a way to connect with the client.

This lack of personal knowledge can also put clients in danger of being denied loans unless they have an absolutely perfect application – which very few have. Without in-depth personal knowledge, an AI may decline a funding request that we would usually accept. For example, an AI may decline someone who doesn’t have a perfect credit score, but we would accept them as we know how they practice business and that they have never made a late payment. 

The Dawsongroup Finance approach

Our customer service is what makes brokers return to Dawsongroup Finance time and time again.

We take the time to get to know each and every customer or broker that we deal with. From responding to emails and regularly checking in, to hosting our infamous away days with our clients, these are all factors that make working alongside us easier and more enjoyable. 

Despite the many questionable points that it presents, AI can be an impressive strategic tool when used to complement the finance sector. With a fine balance between AI and personal touch, the use of this technology can ultimately advance the customer and broker service experience. 

If you are looking for asset finance, but want to work alongside a lender that puts you first, then get in touch with our team today.