5 tips to improve bank customer care with artificial intelligence

by James · July 9, 2022

Retail customers are demanding and expecting more support than ever before. Contact centers, which handle millions of calls, serve as the front line for customer care in the banking sector and have the power to create or break the competitiveness and reputation of financial institutions as customer service has become the best differentiator in a world of digital interactions.

Advances in AI technologies can breathe new life into customer care in banking and help staff stay as technology can handle repetitive and mundane activities, so staff are free to communicate with customers where in-depth contextual knowledge is required. For example, with Conversational AI for the contact center, quick analysis can be performed on incoming calls or chats, so that it can be diverted to appropriate management channels such as chatbots or select self-service. If needed, the technology can also transfer customers’ conversation or chat to a live agent. This eases the pressure on the contact center staff and offers customers more seamless and satisfying exchanges, thus creating more positive experiences for both agents and customers.

The truth is, however, that customer service still has a long way to go to embrace and take advantage of the benefits Conversational AI can offer. Customers are understandably frustrated the more they are asked to repeat themselves or wait in line (or both!) And may end up being transferred from agent to agent – none of them have the information shared in the previous interaction. Customers should never have to repeat themselves when transferred to an agent, and the agent should have all of the customer’s account details and current inquiries delivered to the desktop screen at the same time. This is why most customers, presented with a way to check their balance, reset a password or transfer money, will most likely choose the AI-powered self-service route rather than waiting to complete the same process with one person.

Here are five considerations for why you should implement AI in your customer service business:

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Tip 1: Realize that AI is about to become the most important differentiator

Although the financial sector recognizes that AI will play an integrated role in the future of the industry, most companies only invest in small-scale pilots or niche use cases. 32% of financial providers use AI for predictive analytics, voice recognition and more. As AI becomes the most important differentiator, it’s time to fully embrace technology.

Tip 2: Give customers what they want and expect

The consumer world is already embracing the idea of AI and chatbots for customer care, which are ubiquitous across their preferred channels. In addition, it is worth remembering that the pandemic pushed society even more towards online services, and consumers’ expectations of self-service have grown exponentially. An increasing number of users are already interacting with new applications via so-called Conversational Uls (user interface). They combine the best of all worlds: text, graphics, voice and touch interfaces. Since convenience is key, this means it’s the perfect time to bring your own AI app to market to facilitate a better experience for your customers.

Tip 3: Do not be afraid of the cost of AI implementation

Ultimately, artificial intelligence will cut costs, but the strategic and primary rationale for implementation is to improve customer loyalty and efficiency by handling millions of interactions across multiple channels in a satisfactory manner. As long ago as 2020, McKinsey estimated that AI could potentially unlock $ 1 trillion incremental value for banks annual. The return on investment will be worth the outlay.

Tip 4: Understand where your AI-related savings are coming from

Many CFOs believe AI-related savings come from replacing human agents with chatbots. In reality, AI operates with your workforce, streamlining repetitive tasks and freeing up employees for more effective problem solving. In addition, the use of virtual assistants and chatbots is expected to result in savings of £ 1.8 billion by 2023 (source).

Tip 5: Be smart with automation to maximize the effects

Everyone else automates – follow along, but make sure you only automate processes that can be easily solved with automation. While chat and voice robots can solve many customer problems, advanced customer requests still require human interaction – otherwise there is a risk of losing customers. Investing in intelligent automation will help increase productivity and see your savings roll in.