Over the past decade, banking has undergone tremendous change due to the rapid adoption of digital payments and several other digital services. These technologies make banking easier by enabling self-service and reducing branch visits. However, there are situations where it makes sense to visit a bank branch or speak to a contact center agent. These are the times when clients often feel nervous, as these visits or calls could take up a considerable portion of their working day or result in a less than optimal solution.
Given the pace of digital transformation across all industries, customers are demanding the same level of personalized, personalized, fast and reliable experience from their banks as from their favorite e-commerce or ride-sharing platform. In other words, for banks, the main differentiator is not interest rates or fees, but the customer experience.
Artificial Intelligence (AI) in Contact Centers Will Transform Banking Experiences
Today, most banks provide a digital platform, such as a website, smartphone app, ATM kiosk, etc., to perform most banking transactions. Thus, the majority of transactions are self-service by customers. Using the power of data analytics and artificial intelligence, banks can deliver a deeply personalized omnichannel experience to their customers. The beauty of AI is that it learns more about customer behavior, preferences, and needs with every interaction. This learning makes future transactions more personalized and meaningful.
Contact Center Through a conversational interface, AI can help streamline transactions such as money transfers, account balance checks, fraud reports, or any other service request. This way, customers don’t have to fiddle around with their banking platform to reach the right page or section to place a bid. Additionally, these features can be enabled in multiple languages so customers across a broad demographic can use digital banking.
Contact Center In addition to improving the customer experience, AI offers banks a number of tangible benefits. Since customers complete most transactions without going through a bank employee or contact center agent, operational costs drop significantly. AI capabilities also enable banks to better understand their customers’ financial behavior and offer more relevant products and solutions. So instead of mass emails selling products that are completely irrelevant to certain customers, banks are more effectively exploiting cross-selling opportunities. This change helps banks operate on a completely different scale. Additionally, banks increase customer loyalty and lifetime value with every interaction.
Banks can also improve employee satisfaction by using contact center AI to increase customer lifetime value and reduce operational costs. As the technology supports multiple iterative customer requests and complaints, employees can focus on more complex and meaningful projects. They also experience a reduced workload. The time saved could also be used to requalify these employees for future needs. As a result, employees can benefit from better medium and long-term career prospects. Employees can also complete the AI-powered contact center if exceptional issues or service requests have not been captured in the standard model. Thus, the combination of human and AI will soon shape the banking sector.
Get started with contact center AI
Given the bouquet of tangible benefits, banks need to employ contact center AI as part of their digital transformation journey. The first step is to identify a technology partner with the experience and ability to seamlessly integrate contact center AI into your existing digital infrastructure. Additionally, the partner should provide support at every step of the customer experience improvement journey.