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Enhancing customer engagement in financial services with AI

August 22, 2022
in Fintech
Reading Time: 4 mins read

Customer experience is one of the pillars of business success.

AI

In the future, AI will play a more important role in business operations

The quality of the customer’s journey with your company determines their ongoing loyalty. For financial institutions that handle people’s income and financial assets, the entire customer engagement process should be as stress-free as possible.

The two main priorities for financial services contact centers are first-call resolution and ensuring fast response times. To put it this way, if you call a bank and are passed to multiple agents (each of whom knows very little about the end) before getting a response, how confident are you about the company’s customer service? Do you think so? With no one showing a decent level of understanding, it’s natural to feel like the blame is being shifted to the next agent.

In recent years, technology has helped improve and streamline these engagements between banks or insurance companies and their customers. Artificial intelligence (AI) has had a direct impact on how customers interact with financial institutions. This frees up agents to spend more time on more qualitative tasks, allows AI algorithms to assist with customer issues, and engages agents only when more complex queries arise. increase.

The industry was initially wary of AI entering the contact center space. Many even feared that AI would take their jobs, but this was clearly not the case. AI works in tandem with agents to streamline cumbersome, time-wasting processes for both agents and customers. If anything, the use of technology and AI Job enabler in financial services.

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The changing contact center space

The pandemic and its impact have brought significant changes to the entire business and consumer landscape. Financial services, like countless other industries, has had to shift focus to meet changing consumer habits and expectations.

At the top of the list is the increased use of cross-channel communications. Gone are the days when the telephone was the primary means of communication. Various forms of messaging are now entrenched, and financial service providers need to be able to seamlessly switch between them as needed. Along with the need to deliver a robust customer experience to every caller, these new logistical challenges are making it much harder for agents to do their job.

AI’s ability to seamlessly deliver the right information customers need in real time using self-service options eliminates the need for calls to other departments, instead saving the time and resources of the customer experience team’s role. It means a lot less stress. Give agents more information to handle complex issues that self-service can’t solve.

What AI can do for financial services

What we considered AI ten years ago is now ancient history compared to the capabilities of AI today. This evolution means that AI technology can now analyze calls and decipher customer impact, such as problem resolution, long-term loyalty, and ways to improve. AI predictive elements also enable agents to evaluate customer behavior on the phone and provide recommendations to agents on how best to address issues.

One of the biggest challenges for employees in the financial services industry is the sheer amount of data associated with their day-to-day work, much of it highly sensitive. All this data should be stored somewhere and accessed as needed. Whenever data is processed manually by workers, there is a natural risk of human error. This can lead to complete chaos further down the line. It goes without saying that agents need real-time access to this data so that they can address customer inquiries as quickly and efficiently as possible.

AI works like the human brain, automatically organizing, classifying, and storing large amounts of data. By giving agents the tools to manage and access data, while allowing them to focus more on delivering the highest quality customer service, customer relationships are strengthened and the business as a whole benefits from more efficient processes. means to get

Given the opportunity, agents and AI can co-exist, and everyone involved benefits.

The Future of AI in Contact Centers

The financial services industry has, and will always have, a significant amount of customer engagement. As the industry evolves through his 21st century, AI will play a more important role in business operations. AI not only enables agents to focus on more complex problems and allows algorithms to handle surface-level queries, but it also helps to better serve customers by eliminating wait times.

The evolution of AI in financial services should not be seen as a threat to the job of contact center agents. Using technology like this not only sets better practices for agents, but customers don’t have to wait to speak to an agent if the issue is resolved early.

The industry should see AI as a performance-enhancing tool, allowing agents to focus more on customer service instead of rattling through pending customers. However, for complex issues, agents can provide invaluable human involvement. The use of AI is no match for workers and serves to address simple problems posed by customers.

Bringing AI to your agents, when used effectively, can help improve the customer experience process. Organizations that keep their customers at the top of the list are set to get some of this innovation sooner or later.

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