Published on September 29, 2020
Conversational AI focuses on improving CX, efficiency gains, and elevating the burden of repetitive and simple conversations from the shoulders of the human agents. There are countless use cases that can be delegated to Virtual Agents such as general inquiries, account inquiries, and Natural Voice Response (NVR), which replaces the outdated IVR.
Call Volumes and CX
We all saw what happened when call volume increased, leading to extreme demands from customers. We’ve also witnessed that unexpected events can prevent human agents from physically going to work (quarantine & social distancing), resulting in reduced supply. The solution is to become more efficient, leveraging the human-like Virtual Agents that can supplement and augment the service provided by human agents. Especially in times of turmoil, increasing the waiting times and queues is not an option.
Fintechs and larger organizations would be wise to adopt technologies such as Conversational AI to address these challenges. Whether you are a leader or challenger bank, if you are an international brand or a credit union, you will eventually need to transform your traditional brick and mortar services to Conversational AI and digital layers.
The COVID-19 Impact
We have already seen the impact of COVID-19 on business leaders’ decisions across the BFSI sector. One example is the democratization of services that were once provided merely by live human agents to solutions such as Conversational AI. FAQ’s -Nearest branch or ATM location -, simple actions like moving money between accounts or changing address, etc., and of course, outbound calls such as debt reminders or collections are all real-life illustrations of these services.
Innovators Lead the Pack
Banks that place an emphasis on improving customer experience will succeed by implementing accelerated and efficient solutions to customers’ needs. By placing customers first, especially in times of need, customers will continue to remain loyal. Those that fail to stay up to speed means potentially losing customers to competition.