How Conversational AI Can Improve Customer Satisfaction in Banking
June 16, 2023
Consumer preferences are evolving fast. Equipped with new digital innovations and technologies, financial institutions are finding new ways to deliver a positive customer experience. When it comes to customer experience, conversational AI has emerged as a game-changing technology. Conversational AI in customer experience is a concept where artificial intelligence (AI) technologies such as natural language processing (NLP) and machine learning (ML) are used to enable businesses to interact with customers through various interfaces, such as chatbots, voicebots, and messaging apps, to deliver personalized support and assistance.
Conversational AI in banking has established itself as a key tool for banks to improve customer satisfaction by enabling faster, more personalized, and more convenient customer service. A recent study by action.ai shows that a majority of customers (55%) would rather receive help immediately from a chatbot than wait for a human. In the banking industry specifically, this number is even higher at 60%. And, if conversational AI technology were to improve and become more capable of quickly resolving requests, 69% of customers would often or always use a chatbot.
According to a report by ResearchAndMarkets.com, the global conversational AI market size in the banking sector was valued at USD 1.3 billion in 2020 and is projected to reach USD 5.8 billion by 2026, growing at a compound annual growth rate (CAGR) of 28.2% during the forecast period. This growth indicates a significant increase in the adoption of conversational AI in banking industry.
Benefits of Conversational AI in Banking for Customer Satisfaction
One of the strengths of conversational AI in banking is its potency to handle routine customer queries and tasks, such as checking account balances, transferring funds, and making payments. This frees up human customer service representatives to handle more complex inquiries, resulting in more efficient and effective customer service. It also offers several other benefits for improving customer experience, including:
Round-the-clock customer support
Nearly half of the customers consider 24/7 support, in real-time, a top component of good customer service, according to Zendesk‘s Customer Experience Trends Report. Conversational AI in banking can provide customers with round-the-clock support, ensuring their queries are addressed in real-time, regardless of the time or day of the week.
Faster response times
Conversational AI and automation in banking can help in faster response times by automating repetitive tasks, reducing the workload on human agents, and providing real-time responses to customer inquiries. It can provide instant responses to frequently asked questions, such as account balances or transaction history, without human intervention. This can help reduce wait times for customers and improve their satisfaction.
Conversational AI platform uses Machine Learning and Natural Language Processing (NLP) to analyze customer data and understand customer needs and intents. This enables it to provide tailored responses and recommendations based on customer preferences and company history. By providing personalized interactions, conversational AI and automation enhance overall customer experience and retention.
Reduced workload for customer service representatives
Conversational AI and automation can empower customers to self-serve by automating routine tasks, such as resetting passwords, checking balances, or updating account information. Automating routine tasks aims to free up customer service representatives to focus on and handle more complex inquiries requiring a human agent’s attention. This not only helps in increased productivity but also reduces the risk of agent burnout.
How Rezo.ai Can Help Banks Improve Customer Service
By introducing Rezo’s collection product, BFSIs, and NBFCs will be able to eliminate the tedious manual handling of loan recovery, resulting in a more streamlined and confidential process. Our AI-driven debt collection product can be used in the following scenarios:
User Verification and Customer Onboarding
With Rezo’s conversational AI platform, Banks can enhance the User Verification and Customer Onboarding processes by providing customers with a faster, more convenient, and personalized experience while ensuring compliance with regulatory requirements. Our product helps collect data from customers during the onboarding process, such as personal and financial information, employment details, and documents. This can be done through natural language processing (NLP) and machine learning, which can understand and interpret customer inputs, reducing the need for manual data entry.
Lead Validation and Prioritisation
With the use of natural language processing (NLP) and machine learning, Rezo’s product can qualify leads based on their interactions with the bank’s website, chatbots, or other digital channels. This can eliminate the need for manual qualification and ensure a more accurate and efficient process. It can score leads based on their level of engagement and interest and their demographic and behavioral data, which helps banks prioritize leads based on their likelihood of conversion and allocate resources accordingly.
Outbound Collection Calls
Rezo’s automation product can initiate automated outbound dial-outs to customers about upcoming payments or overdue balances, reducing the need for manual follow-up calls and improving the efficiency of the collection process. This not only helps reduce the workload on human agents but also enables them to focus on more complex issues.
Inbound calls and agent handover
Through inbound calling, our Call center automation software can always handle customer queries. Whether it’s service booking, sales inquiry, or claim intimation, Rezo’s conversational AI chatbots automate all the repeated queries. It can also route calls to the appropriate agents based on the customer’s needs and preferences, reducing the need for manual call routing and improving the efficiency of the collection process.
Analytics and Insights
Rezo’s virtual agents use predictive analysis to analyze all the customer data and deliver insights to them that can improve their financial management. From purchase patterns, spending behavior, and credit information to budget planning and cost savings, AI-powered chatbots are fully equipped to be personal money managers. This also helps banks to tailor their cross-selling and upselling efforts and improve their revenue streams.
In conclusion, conversational AI in banking transforms the banking industry by delivering effective and customized customer experiences. It has allowed banks to speed up response times, automate customer service, and offer round-the-clock support to customers. It enhances customer happiness by delivering personalized recommendations and solutions, anticipating customer needs, and offering immediate support by utilizing natural language processing and machine learning. Thus, conversational AI alters how banks communicate with their clients and enhances the banking experience. As technology evolves, we may anticipate increasingly more sophisticated conversational AI applications in the banking industry over the coming years.
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