Standard Life Utilizing AI Tools and Automation to Enhance Customer Experience and Engagement with Pensions
In today’s fast-paced digital world, companies are constantly looking for ways to improve customer experience and engagement online. Standard Life, part of Phoenix Group, is at the forefront of this movement, testing new AI tools and automation to enhance the way people interact with their pensions.
Andy Young, head of digital and user experience at Phoenix Group, shared insights into the innovative developments taking place at Standard Life. One such tool being developed is using generative AI to streamline the compliance process, ensuring quicker publication times and reducing the need for rework due to missing information.
The introduction of AI tools not only speeds up processes but also enhances the overall customer experience. For example, a proof-of-concept chatbot is being tested to provide tailored responses to commonly asked questions, ultimately making it easier for customers to access information.
Young emphasized the importance of putting the customer at the center of these innovations. By focusing on personalizing the journey, measuring outcomes, and improving operational capacity, Standard Life aims to create features that customers truly love.
While technology plays a significant role in these advancements, Young highlighted the importance of having a “human in the loop” during trials. This ensures that developments are user-centric and build confidence among customers.
The data from Standard Life speaks for itself, with over 1 million unique users engaging with the app in the past year. The company is seeing a rise in registrations across all age groups, indicating a growing appetite for digital engagement with pensions and savings.
As Standard Life continues to innovate and improve its app, users can expect more updates, content, and features to enhance their savings journey. With a focus on constant improvement, Standard Life is committed to providing a seamless and engaging experience for its customers.
Overall, the advancements being made at Standard Life showcase the power of technology in revolutionizing the way we interact with our pensions. By leveraging AI tools and automation, the company is paving the way for a more efficient and customer-centric approach to financial management.