Predictive Commerce, a Toronto-based startup that specializes in providing AI-generated human behaviour simulations, has released an evaluation of the top US banks’ effectiveness in promoting new products to their customers via their websites.
The company used similar banking-minded AI-generated virtual users to simulate their digital experience on different banking sites and measured the ease by which they could create a new account or sign up for a credit card.
The results of this study reveal that some banking sites are doing an outstanding job with their user experience, while many others are not, likely resulting in millions in lost revenue due to inefficiencies in the user onboarding process.
“While the main goal of Predictive Commerce is to optimize ecommerce apps and websites, we can also use this technology to compare different sites that promote services, such as banking,” stated Parham Aarabi, Founder of Predictive Commerce.
According to Predictive Commerce, the banking industry is navigating an unstable economic outlook, and major corporations need to establish a substantial customer journey map to help retain clients and secure a steady flow of incoming customers.
“As banks navigate an unstable economic outlook for the global banking industry, major corporations need to establish a substantial customer journey map to help retain clients and secure a steady flow of incoming customers,” Aarabi said.
The company’s human Prediction Reference Engine, which emulates human actions and choices at key points in a web or mobile experience in a single click, can provide banks with valuable insights to optimize their customer experience.
The patent-pending PRE technology can simulate any e-commerce site 1,200 times faster and 100 times more cost-effectively than a real-life user test, enabling website owners to maximize the performance of their site with unprecedented speed and 94% accuracy, according to the AI startup.
Predictive Commerce’s study analyzed the desktop web performance of each of the top banking websites in the US on AI-generated virtual users. Based on these simulations, Marcus by Goldman Sachs outperformed the median by +18% in the ratio of users which signed up for a new account or credit card. Citibank came in second with +17%, followed by Bank of America with +15%, Truist Bank with +12%, and U.S. Bank with +3%.
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