Artificial intelligence is rapidly transforming regulated industries like finance, insurance, pharmaceuticals, and healthcare, enabling businesses to streamline intricate processes and enhance customer interactions. From conversational AI solutions aiding hospitals in tracking critical cancer drug deliveries to generative AI chatbots assisting insurance clients, AI is proving to be a powerful tool. Agentic AI systems are also emerging, providing personalized financial planning support to consumers.
Experts like Peter Neufeld from EY emphasize that regulated industries are actively embracing digital technologies to boost customer satisfaction and drive down operational costs. The challenge often lies in the ‘last mile’ of customer service, where complex interactions demand more than simple applications can provide.
Although human interaction remains crucial for resolving highly complex issues, outdated call centers can lead to customer frustration and diminished loyalty. AI-driven systems, built upon a strong data infrastructure, can create intuitive and engaging customer experiences, ultimately fostering repeat business even in highly regulated and complex environments.