Ways to implement AI-empowered digital self-service in banking
Conversational AI
The banks are now shifting from their usual reactive customer service to highly proactive customer engagement through digital channels. This is due to ever-increasing demand from tech-savvy customers who expect 24*7 customer service and a highly personalized customer experience. This transformation is achieved through conversational AI.
According to a recently conducted survey, more than 250 billion customer support requests are raised every year, and many of them are repetitive. This is where conversational AI proves great with its intelligent automation process, which can take care of almost 50% of customer requests. This saves time for bank employees, who can put in more productive work. Conversational AI is proving to be instrumental in reducing customer service costs.
1. Automation of the FAQs:
Even if you put a separate FAQ section on your website, customers might still not visit it as it might be long to read, not very intuitive, or not so easy to find. So the customers will directly visit customer service, which will result in wasting their time answering the same things again and again. That’s why FAQs should be the first thing we need to automate with conversational AI. We can train AI to answer repetitive questions in the form of simple chats.
2. Automated customer service with occasional human help:
The next step is to train AI models to automate the answering of various kinds of customer service requests. This can include numerous things like changing passwords booking appointments activating cards, etc. If the AI chatbot can’t answer a particular request, it will be redirected to an actual human with a conversation thread until that moment. Then the AI model will learn from how the actual human answered the query or request, and it will do the same the next time.
A very large bank in Canada has benefited tremendously from implementing a virtual financial assistant. AI could handle more than 50% of customer requests on its own based on basic training.
3. Advanced and Personalized customer service
Virtual financial assistants can move on from basic work to more advanced and proactive work. They can be used to send alerts to customers about unusual activity on their cards or accounts or to send alerts about credit card charges and overdue payments. Once the customer’s trust in digital self-service and conversational AI is built, the next step is to use it for personalized financial assistance. It can be used to deliver customized suggestions to customers regarding the optimum use of their money in meeting their financial goals. It can advise on investment and saving opportunities for customers. Advice related to loans and debts can be provided with analysis. This kind of advanced and personalized service eventually leads to bigger business and loyalty from customers for banks.
To Conclude:
The introduction of digital channels has completely changed the way customer experience is perceived. Customers expect a highly consistent and high-quality experience across all devices, channels, and from anywhere.
If banks don’t keep themselves ready with the required groundwork, they might lose out on loyal customers.
CUSTOMERNEXT is specially designed to help banks deliver a seamless customer experience across multiple channels without losing any context.
