Jan 07, 2023

Generative AI in Financial Services: How Banks Are Using It to Boost Engagement

By Laura Starita

The uncertain economic conditions of the current moment have put pressure on financial institutions. Times are challenging in particular for institutions operating in the traditional, brick-and-mortar side of the banking and insurance businesses. But there are digitally-enabled strategies that equip you to optimize customer relationships and gain traction, even during a downturn. One of them is Generative AI in financial services.

Generative AI leverages natural language processing models to produce text or images based on simple prompts. Many Generative AI platforms focused on language quickly produce fluent sentences that brands can use as ad copy, email subject lines, social texts, and for other use cases. Their purpose is scale, not impact.

Persado is different.

Our specially-trained, enterprise-grade Generative AI doesn’t just focus on producing comprehensible language. Instead, our Generative AI platform is purpose-built to generate messages that tap into customer motivations. Motivation is the link connecting what a customer wants or needs to actions.

The Persado Motivation AI Platform has already enabled financial institutions to boost campaign performance across the financial services customer journey. Examples include acquisition, servicing, cross-selling, and loyalty campaigns. These are all areas in which financial institutions will need to invest to weather the current period of high economic pressure.

Consider the following examples of what you achieve with high-impact, Generative AI in financial services:

An investment management firm increased retirement savings account acquisition by 118% 

The key was a Facebook ad that tapped into the motivator of Encouragement.

Source: Persado. This experiment was with an investment firm using Persado Motivation AI Generative AI in financial services.

A Fortune 50 bank increased engagement by 90%

An email campaign included a headline and message encouraging on-time credit card payments. The Persado Generative AI used Attention-focused language and a more prominent CTA.

Source: Persado. This experiment was with a Fortune 50 bank using Persado Motivation AI Generative AI in financial services.

A Fortune 50 bank boosted loyalty engagement by as much as 60% 

Personalizing emails by segment motivated a larger share of loyalty card owners to trade in their credits.

Source: Persado. This experiment was with a Fortune 50 bank using Persado Motivation AI Generative AI in financial services.

Institutions that have used Persado Motivation AI Generative AI in financial services include mega-banks like JPMorgan Chase and Bank of America; credit card companies like American Express and Discovery; digital-first multi-product institutions like Ally Financial and SoFi; investment management firms like Goldman Sachs and Vanguard; insurance companies like Farmer’s Insurance; and others, including firms in payments and tax preparation.

Download our newest ebook—The Financial Executive’s Guide to Recession Proofing Your Business With Motivation AI—to learn more about the ways Persado Motivation AI is already driving campaign performance for financial services institutions. 

As these examples attest, Persado’s Motivation AI isn’t just for customer acquisition campaigns. It can be used in all aspects of customer communications, across channels and touch points, to increase conversions and, ultimately, revenue.

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