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Numerous technologies have had a significant impact on our lives over the past few years, it would be pertinent to state that AI powered automation is one of them that has transformed the way we work. The emergence of AI powered automation and its related concepts has further increased expectations about the potential of customer service processes. Digital transformation for customer service processes is nothing sort of an absolute necessity today, more so in the financial services industry. This digital transformation generally means having a singular view of the customer across channels, issues, processes, etc. Moreover, banks, insurance service providers and other companies in the financial services industry today are having to offer a consistent experience across channels to customers. All of this means having to innovate at a rapid pace, aided by AI powered automation.
In Banking, Insurance and other Financial Services Sectors, intelligent automation is having a major impact on the way companies operate, solve problems and communicate with customers. According to the 2017 Digital Banking Report, 23 percent of financial services firms surveyed expected to use intelligent automation (AI) functionality within the next 18 months. Similarly, Accenture’s Banking Technology Vision 2017 found that 76 percent of bankers believed that, within three years, banks would deploy AI as their primary customer engagement method; and 79 percent believed that AI would revolutionize the way banks gather information and interact with customers. Two years later at the end of 2019, the above scenarios are exactly happening the same way as they were predicted in 2017.
Over the past few years, almost all of the big banks and insurance companies in the United States, Europe and to a lot of extent Asia also have debuted virtual assistants like chatbots to communicate more effectively with customers or employees. Some notable examples of this being Bank of America which provides financial guidance via automated customer service processes to its 45 million plus customers, Wells Fargo which is currently implementing the usage of chatbots through Facebook Messenger and other behemoths such as JP Morgan etc. which are also investing in intelligently automating customer service processes.
It would be apt to sum it up as today banks and insurance companies are reaping the benefits of AI by implementing customer-friendly features like chatbots and virtual assistants for effective instant engagement with consumers. According to a recent TechEmergence research, conversational interfaces like these are inspiring “enthusiasm and excitement in the banking, insurance and the overall financial services industry.
Greater Efficiency – Intelligent automation of customer service processes is ideal for reducing the time and effort that is normally spent on routine, frequent and repetitive tasks (such as analyzing status reports, tracking compliance and regulations, handling reconciliation and IT tasks such as software updates, password resets and troubleshooting etc.). The aforementioned tasks are perhaps the biggest operational workloads in the banking and insurance industry. Through intelligent automation, banks and insurance companies can reduce the overall resources spent on them, thus ensuring greater efficiency.
Improved Customer Experience – Its common knowledge that today, customers’ diverse needs, priorities and preferences are forcing banks and insurance companies to redefine the way they are interacting with them for offering the most relevant services, whenever they want. With advancements in technology, AI tools can now track, analyze customer data (behavioral, demographics, location etc.) and thus determine the customer identity, enabling the best services to customers, therefore, exponentially enhancing the overall customer experience.
Real Time Data Management and Processing – One of the biggest challenges in the financial services industry today is having to process, control and analyze millions of unstructured and fluctuant data. Today, through AI tools, banks and insurance companies can not only processes big data simultaneously; but also minimize human errors. Real-time data processing can be used in cases such as risk management, trade monitoring, intelligent cash management and many more.
Redefining of Working Areas – Intelligent automation through AI is not only changing how employees work but also changing the type of work they do, with new roles being defined and newer working areas emerging, helping banks and insurance companies in improving their bottom line.
Focus on Customer’s Emotional State – AI tools available today provide banks, insurance companies etc. with the option of analyzing a customer’s present emotional state through his/her speaking patterns, choice of words. Using the information collected, AI tools can then provide the requisite advice to customer service representatives with regards to effectively resolving queries. Advises can range from telling the customer service representatives to slow down their speed of talking, show more empathy or let the customers talk more.
Intelligent Customer Self Service – Another AI tool which is becoming quite popular these days has the ability to dig through the knowledge base of banks, insurance companies etc. and provide relevant and straightforward solutions to common cases. Moreover, the AI tool has the ability to learn from previous ticket resolutions cases and identify similarities with existing tickets, thus automatically prescribing already proven steps towards the resolution of queries.
Correctly Predict the Customer’s Intent – Banks and Insurance companies today also have the option of using an AI virtual assistant that can correctly interpret natural language queries and provide consistently correct answers. Many a times, customer service processes fail because the virtual assistant is unable to understand different dialects, accents and languages. This AI virtual assistant can correctly understand and interpret multiple languages and dialects. This ensures a marked improvement in case resolution speeds and success rates.
Engaging Extensively with Customers – Some financial sector companies are using virtual assistants that have a human like persona and which are able to engage with customers even on complex issues, nurture customer relations and even cross sell products.
Gaining Customer Insights and Predicting Opportunities – AI Virtual Assistants today can help companies in identifying opportunities as well as threats to improve their bottom line. This is achieved through business intelligence, historical analysis, real time analysis, focusing on trends and patterns and user sentiment analysis, all of which are effectively done by AI powered virtual assistants.
Automation of Service Desk Operations – Fewvirtual assistants today are quite capable of automating simple tasks and fielding common customer requests such as emulating natural language and also having the ability to complete basic operations such as opening accounts, registering new clients, processing claims, answering questions etc. These virtual assistants are increasingly being used in banks and insurance companies to ensure operational efficiency, enhanced customer experience and lesser wastage of manhours.
SimpleCRM provides a whole host of solutions for banks, insurance and other financial services sector companies when it comes to intelligently automating customer service processes. The solutions include AI driven conversational chatbots, hassle free digital onboarding solutions and automation of business process management solutions. All the aforementioned solutions have been designed and developed keeping in mind prospective user requirements, current technological trends and the minutest attention to detail to ensure optimal suitability for companies in their quest for digital transformation of their services.
To learn more or to schedule a demo, please visit
https://simple.works/crm/service-automation/
or email sales@simple.works .
