How AI, Machine Learning Improves User Experience while Investing In Equity Market

Artificial Intelligence (AI) and Machine Learning (ML) truly have the much desired capability needed to pave the way for an omni-channel experience for customers.

Convenience is the key that lies at the centre of all innovation and plays a pivotal role in the advent and application of newer technologies- especially areas driven by customer experience. It is now a well-established phenomenon that accurate and simplified transactions are the reasons behind customer loyalty.

Organisations are perpetually pushing to implement technologies which understand user requirements and respond to them and, in some cases, even do so predictively.

Artificial Intelligence (AI) & Machine Learning (ML) offer a wholesome omni-channel experience and are hence, the nucleus of major innovations in today’s day and age.

There are two major issues that require the focus of organisations in their foundation state itself –mapping customers’ journey and imbibing a digital strategy in the organisation.

When a customer’s overall journey is mapped,  actionable inferences can be drawn from their online behaviour.  Such an insight can truly elevate customer service and be relevant to their needs.  Also, imbibing a culture to embrace digital strategy as opposed to a functional silo approach, offers ease in the digital transformation processes.

To this day, in spite of being a legitimate asset class, Equities are still regarded suspicious with a whiff of ambiguity and complexity surrounding it. This ambiguous whiff can be pulled apart if we invest in technologies that make it simpler to understand the equity markets and easier to invest in them.

Time sensitive decisions can be achieved by facilitating interfaces and seamlessly designed platforms, which can be instrumental for organisations to know exactly how much wealth they are creating for customers. We must be the ones to accept ‘Digital Disruption’ prior to expecting our customers to fully complete a digital transition.  It is only when the organisations themselves believe in the digital benefits that they will be able to add benefits to a customer’s transactional journey.
 

Such type of transition process is seldom an individual’s journey as it is best achieved by the input of the masses and all parties involved. Business success will be dependent on how  relevantly innovations can help a customer.   Feedback offered by users also comes in handy when industry players look forward to improving their digital offerings incrementally. Over time, this area of focus might help lead customers into being brand advocates if they resonate with the incremental changes organisations make based on their feedbacks. Pre-empting a customised wish list for customers to help reduce their search footprint throughout the pages would go a long way in ensuring a positive feedback on platform experience.

The era we are currently in is perfectly poised for the digital sunrise. There is a trend where the younger generation is helping the generation above with smooth transitions onto digital platforms. A lot of confidence (in terms of speed, convenience and security) is now being infused by family and peer group members, which has spiked the ‘digital’ acceptability percentage. Customers are steadily moving to an eco-system where they no longer need a person at the other end of the line to provide assistance. Rather, they are looking for platforms which would be available to them and their requirements around the clock. According to TOI , India is at the second position on a list of countries sorted by the maximum number of mobile app downloads, surpassing US. This speaks volumes about how customers are warming up to the notion of being digital. We can easily attribute innovation for bringing in varied customer experience across all these apps. “One size fits all” is an obsolete notion today as each and every customer is different. Hence, there is a deliberate attempt to understand customers first and then, integrate their requirements into an ideal tailor-made portfolio – the prefect breeding ground for innovation. The level of digital sophistication is – how we can determine the online behaviour of customers within few minutes they spend on platforms, and going back to them with an evolved plan of action.

Innovation is thus a vital part of understanding how business is conducted. With every player in the industry vying to get the coveted first impressions of being positioned as customer-centric, AI and MI have now started getting its much deserved stand in the stock market. We too should be matching up to the expectations of our customers by pacing innovations across multiple transactional channels of their choice.

We can put forth a very sublime strategy of putting our ears to the ground to understand the customer’s pulse, sensing tremours by proactively asking for feedback and quickly acting on them by offering innovative solutions that would address the key issues.

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