What, why, and how of ‘digital self-service’:

In the last 2–3 years, there has been a clear shift in the way customers interact with banks. Customers are moving on from face-to-face voice communication to digital channels which are expected to be available 24*7.

Delivering a high-quality customer experience across all channels should be the priority for banks.

Banks need to make sure that they know customer preferences. They must know which and how many channels customers prefer, and for that, they must have very good communication inside their organization and develop process structures accordingly to deliver a seamless, consistent experience across all channels.

This is where digital self-service comes into the picture. Digital self-service is not just about making available 3–4 channels for interactions but strategizing and designing omni-channel digital journeys for all kinds of products that banks offer. It needs high synchronization and management. It requires employee training and process management to deliver a high-quality omni-channel experience.

Data about customer interactions from all channels should be combined for the best results. Promising digital self-service without developing a structure for an omni-channel experience can lead to backlash from customers.

Conversational AI

This is the most popular way to use AI for digital self-service.

It has 3 step life cycle when it comes to its implementation in banking.

· It starts with a simple chatbot for automated replies to FAQs.

· Then it evolves into an advanced digital self-service channel.

· The final stage is a fully personalized virtual assistant for financial requirements.