Contact Center AI empowers banks with the ability to offer excellent customer experiences. With modern ways to connect with customers, the standard for support is high. Customers expect to handle finances from anywhere, and contact center AI helps banks and financial institutions reduce pressure on systems and agents. As McKinsey points out, “the potential for value creation is one of the largest across industries, as AI can potentially unlock $1 trillion of incremental value for banks, annually.”
Here are five ways Contact Center AI can improve the customer experience for financial services institutions.
When integrated with front door voice and digital technologies, conversational AI reduces call volume and wait time. Conversational AI also helps agents verify, gather information, and review previous conversations before engaging. As a result, the first-call resolution improves.
Financial Service Institutions provide better support thanks to technology that interprets their intent. Call center agents can now focus on delivering more empathetic and high-quality service.
After-call work (ACW) is as critical as the conversation itself. Through AI, you automate a process to categorize, summarize, and create a plan for the agent. ACW influences wait time, call times, cost, customer satisfaction, and agent productivity. Automation with conversational AI enhances the customer and agent experience and increases accuracy.
Contact center AI helps financial institutions improve performance by analyzing every conversation. AI-powered analytics help banks understand customer churn, increase compliance, and unearth operational opportunities. Accenture states in their Banking on AI report that “Our client diagnostics have repeatedly shown that using AI-based solutions, banks can achieve a 2-5X increase in the volume of interactions or transactions with the same headcount.
Financial institutions use contact center AI coach agents in real-time during calls. Customers have the power to manage minor issues and transactions on their own. Juniper Research shows that, on average, a chatbot saves an agent four minutes per inquiry. Agents have more time for high-value interactions with customers that boost lifetime value.
Financial institutions use contact center AI to deliver real-time coaching for agents. The technology analyzes caller data to give CSRs personalized recommendations. The system can also discern whether a caller is frustrated through sentiment analysis. It then suggests incentives that the CSR could offer the customer to make them happy. According to Deloitte, some banks have reported that when “nextbest action” models were enabled to predict customers’ needs sales increased by almost 30%.
Banks and financial institutions are better with AI-powered contact centers than without.
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