Revolutionizing Regulated Industries with AI-Powered Customer Solutions

AI Transforming Regulated Sectors

Businesses operating in highly regulated industries such as financial services, insurance, pharmaceuticals, and healthcare are increasingly adopting AI-powered tools to handle complex and sensitive tasks efficiently. Conversational AI interfaces assist hospitals in tracking the delivery of time-sensitive cancer medications, while generative AI chatbots support insurance customers by answering queries and resolving issues. Additionally, agentic AI systems are emerging to aid financial services clients with intricate financial planning and budgeting decisions.

Enhancing Customer Experience in Complex Scenarios

Peter Neufeld, leading EY Studio+ digital and customer experience efforts for financial services across multiple regions, highlights that digital transformation over the past 15 years aimed to deliver cost-effective, meaningful customer experiences and divert users from expensive, complex service channels. However, the “last mile” of customer journeys often involves more complicated interactions that typical apps or self-service portals cannot adequately manage. Examples include navigating difficult health diagnoses, managing late mortgage payments, applying for government benefits, or planning retirement lifestyles.

Balancing Human Interaction and AI Efficiency

In these more complex scenarios, customers tend to prefer human interaction to ensure they are making well-informed decisions and to explore alternative perspectives. Nevertheless, traditional high-touch interactions, like call centers, can fall short if technical systems are outdated or data sources are disconnected, leading to customer dissatisfaction and potential loss of business. According to Qualtrics, a successful customer experience makes customers 3.8 times more likely to return.

The Role of AI-Driven Systems and Data Infrastructure

Intuitive AI-driven systems supported by robust, real-time data infrastructures can significantly enhance customer experience even in sensitive and complex situations. These systems enable better information access and sharing, reducing friction and improving satisfaction.

This content was produced by Insights, the custom content arm of MIT Technology Review, created entirely by human professionals with AI used only in secondary production processes under thorough human review.