Using AI to decode client behavior

Accounting firms are currently adopting multiple tools to automate internal processes, streamline client interactions, and identify operational bottlenecks. But what about client behavior?    

AI bots like ChatGPT are already widely used for drafting personalized emails, engagement letters, proposals and other client-facing content. But when used strategically, they can help CPA firms analyze client feedback, identify recurring concerns, understand changing expectations and spot patterns that may indicate satisfaction or retention risks.

When clients have been with you for a long time, you naturally amass a sizable database of information, from emails, meeting minutes and personal notes to payment preferences, support tickets and more. However, these data points are often fragmented, originating from different sources. Viewing all these data points in isolation does not give you usable insights. 

Bots like ChatGPT, on the other hand, can consolidate this information into advanced reports, offering you valuable insights into client behavior. When you know where a client has been, it becomes easy to predict where they are going.

Analyzing a client's history enables you to take a proactive approach to accounting services, anticipating client requests and issues. Moreover, it makes onboarding a new team member convenient as you can brief them instantly. 

We know every client is different, with their own personality traits, communication methods, demands, preferences and patience levels. Some clients want detailed reports while others appreciate clear action points. Therefore, having the same type of service for each client does not always lead to a good client experience. 

Accountants can use AI to identify different personality styles by analyzing their communication patterns, responses and email language. It enables you to offer personalized services rather than a standard approach. Consequently, clients feel more comfortable and valued, which enhances retention in the long run.       

Sure, it can be challenging for accountants to recognize the subtle signs of client dissatisfaction. It can be hidden in a cryptic email response, constant similar feedback, or payment behavior. However, not identifying these signs early can lead to a long-drawn subpar experience, ultimately resulting in attrition. 

Now let's talk about client feedback itself. For many firms, it is the most efficient engine to help ensure customer satisfaction. Yet, for firms catering to several clients, it can be difficult to decipher valuable insights from comments and suggestions. Moreover, it takes a significant amount of the firm's time and resources. AI can help firms analyze feedback data in real time. You can feed emails, surveys, online reviews and support feedback into the tool to get an overall picture of the services. 

Furthermore, AI can also segregate the customers based on their responses into Excellent, Good and Poor. You can also ask models to provide action points and identify areas of improvement. 

Then there are client meetings. They are vital for a firm, as they show clients your preparedness, dedication and level of service. Hence, competent CPAs always go prepared by reviewing emails, reports, client history and requirements. 

AI helps CPAs analyze all data points and create quick meeting notes that consolidate previous meeting points, pending tasks, deadlines, etc. Consequently, instead of surfing through multiple files in the meeting, you can refer to a clear, concise document. In fact, if you continue using a chat thread for future meetings, it can analyze all meeting points to improve responses.  

And when it comes to prospecting for advisory services, AI bots like ChatGPT can be put to good use. For firms that are just beginning to build out advisory services or are interested in building them, they often take a passive approach or don't always know how to get started.

These firms will wait for clients to opt for advisory services instead of taking the proactive approach and pitching them. AI can help identify clients that can benefit from and are considering advisory services by identifying relevant keywords in communication channels and meetings. 

For instance, a client may ask generally about financial planning and forecasting in an email. AI can identify such patterns, helping you pitch to the right client at the right time. On the other hand, it helps you avoid bothering clients that are not yet ready for advisory services.

Overall, AI can help your firm ensure a stable revenue stream by improving client retention. It can also enhance your reputation and allow you to take a more proactive approach to your services. 

Using AI to decode client behavior will not only give you a competitive edge but also make your firm future-ready. 

At the same time, firms must be mindful of data security and privacy. Sensitive client information, financial records, tax data or personally identifiable information should not be shared with public AI tools without appropriate safeguards, policies and access controls. Establishing clear AI usage guidelines is therefore just as important as training employees.