If you ask a banking customer, like what we at Uniphore recently learnt through our survey – one of the biggest customer complaints is the long wait times to talk to the customer service representative. AI and automation can help banks resolve this pressing issue. Today’s AI-powered chatbots or voice bots can take over a fraction of the call volume from human agents and resolve customer queries through Natural Language Understanding (NLU). Also, by providing user-friendly, self-service options, it is possible to let customers help themselves, saving the bank both time and money.
The WFH model has put multiple constraints on the work of contact center agents and supervisors. An agent cannot walk across the room to talk to his/her supervisor. In this context, AI can ensure that supervisors can virtually monitor and be by their agents’ side anytime they need help. The knowledge management systems powered by AI can also support agents with the right information and expertise to perform their jobs without a hitch. Conversational AI and automation can do the call summary and after-call work without any human intervention.
For those banking calls that need human attention, either due to the complexities involved or due to the high-value nature, one cannot rule out the role of AI and automation. By providing human agents with the right in-call assistance, alerts, notifications, and more, it is possible to drive a superior high-net-worth individual (HNI) relationship backed by conversational AI. Human empathy is the most significant factor in building HNI relationships, and intelligent machines help the bank’s Relationship Managers (RM) do just that.
Finally comes the topic of after-interaction work and predictive analytics. Speech analytics can make a better sense of why customers are calling, their biggest grouse, and so on. It can provide hitherto unheard insights into reducing customer call volumes, achieving first contact resolution (FCR), and shortening average handle time (AHT). Predictive analytics does play a significant role in the banking and financial services sector since there is a constant threat from upstart and nimble fintech players that can poach the legacy banking customers overnight with better customer service. AI, automation, and speech analytics can significantly reduce customer churn by predicting customer behavior and guiding the banks in implementing the right corrective actions.
Thus, with the optimal mix of human intelligence and artificial intelligence, it is possible to drive operational and cost efficiencies, deliver personalized customer services, and build long-term customer relationships in the banking sector. All these are not futuristic, grandiose visions but are happening as we speak. By deploying conversational AI and automation in their banking operations and customer service, banking sector leaders are already reaping rich dividends.
Get in touch with Uniphore to learn how your banking customer service can improve with Conversational AI.