Artificial Intelligence is a Key Consideration for Companies Looking to Adapt Operations to Optimise User Experience

January 20, 2020
Blog and Opinions

Understanding technological advancements on customer experiences in other industries can help to change the way that alternative lenders position customer’s needs

Understanding Customer Experience

Smooth end-to-end customer experience should be at the top of the list for service providers, but it seems that some B2B providers are lagging behind, particularly when it comes to technology.

B2B companies often optimise internal processes rather than focusing on user experience. This happens for a number of reasons, such as legacy systems already in place, or bureaucracy within the company.

This resistance against change in the traditional B2B industries, and the further hoops that the client or customer often will have to jump through are already becoming a thing of the past for many successful consumer industries. Our view is that it’s time to adapt or risk falling behind those who do.

Lending businesses can leverage AI to help to score customer “creditworthiness”, analyse and track customer spending needs, and even manage customer relationships through the use of chatbots.

How is Tech and AI being Successfully Applied in Other Industries and What Can We Learn

There is much we can learn from the leading tech-driven companies in the B2C space that have perfected the art of customer satisfaction. Think Amazon, Apple, and Uber and more.

Food delivery companies such as Deliveroo have put the spotlight on customer experience to such an extent; expectations are now higher than ever. Customer expectations have been raised, and those who adapt to technology, and place the customer experience at the forefront of their operations will take the lion’s share of the customers.

Amazon’s investment in AI technology is apparent throughout all of its processes. For example, product recommendations are inspired by recent purchases and data collected about the shopper to create detailed lists based on previous shopping habits, demographics and more.

Shipping options are optimised to ensure speed of delivery. Instead of selecting the closest warehouse, several factors such as inventory stock and shipping costs dictate where the product will come from.

This level of focus upon user experience shines a light on the many and varied uses of customer data; functions that many lending businesses could benefit from employing.

Banks are also now finding ways to leverage technology and use it to improve the customer experience. Through the collection of financial data, AI can be used to help customers plan, and set budgets for their future depending on many demographic factors.

Customer support through the use of AI is another big factor, providing users with accurate information through the collection of data, eliminating traditional pain points of dealing with a poorly connected customer service system.

How is it Helping the Customer?

As we give more and more responsibility to technology to take over tasks that are often mind-numbing and monotonous, human professionals can tackle tasks that require a more personal touch.

Tasks such as analysing big data and providing detailed analysis of such data was once a colossal task but can now be completed by a computer in a matter of seconds.

Companies can now quickly and easily provide insights to their customers that were once unattainable, as they have realised the value added by investing in the customer experience.

This value placed on the customer experience can often be a quick win, resulting in customer delight at the experience. Those who prioritise the needs of their customers will likely keep them, and those who do not will often fall prey to the fickle spending habits of millennials demands.

It is important to recognise that although customer interaction is becoming less frequent through the automation of many processes, this places emphasis on the customer relationships that remain. Those customer interactions that do happen are all the more important, and any persisting interaction points will be key to maintaining the customer-provider relationship.

Are Lenders Taking Full Advantage of the Technology? 

In lending, appropriate use of AI and technology can work to speed up and simplify the borrowing process through algorithmic credit checks. The streamlining of these processes can translate to lower costs to the lender, which in turn is passed back to the customer.

AI in lending software can also greatly lower the human error in accounting processes, minimising poor bookkeeping and generally providing a more accurate outcome for both customer and provider.

Leveraging data and AI can now offer deeper insights into what customers actually want from the business. These insights can drive customer relationship management, advertising analytics or simply give us a greater understanding of what the client or customer wants and needs (think Amazon’s suggestion bar).

By acknowledging this, lenders can begin to leverage data in such a way that not only focusses on internal processes but the user experience as a whole.


Rather than focus on the bottom line, or on tech for its own sake, SMEs should put their customers at the centre of everything they do while building their business.

Understanding that technology can play a central role in improving customer service can help B2B business realise their full potential.

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