How Conversational Analytics Can Help Banks Better Understand Their Customers
June 26, 2023
Today’s banking industry is characterized by increased competition, digital transformation, and a focus on customer experience. With the rise of fintech startups, banks are facing pressure to innovate and stay relevant in a rapidly changing landscape. Conversational Analytics is one-way banks can drive digital transformation into their operations.
Conversational Analytics is a tool that can assist banks in analyzing customer-agent interactions in real-time or after the fact to derive insights and improve business outcomes by understanding customers better. According to research by Digital Banking Report, 75% of financial institutions think about leveraging conversation AI, data, and analytics to choose the best course of action. Therefore, banks must employ technology as efficiently as possible by utilizing Machine Learning (ML) and Artificial Intelligence (AI) to enhance the client experience.
In this blog, we will take you through how Rezo conversational analytics can help banks leverage data in order to provide a seamless customer experience.
What is Conversational Analytics?
Conversational Analytics allows the ability to quickly process data by analyzing customer conversations and help gain insights into customer behavior, preferences, and sentiment. This includes analyzing interactions across various channels such as live chat, email and voice. By analyzing customer-agent interactions, the solution can help identify common issues and pain points that customers face during their interactions, personalizing the customer experience by providing insights into individual customer preferences and behaviors and measuring the effectiveness of customer support teams and processes. It also helps reduce the time spent on note-taking by 75%, enabling agents to spend more time on conversations requiring higher agent involvement.
Conversational banking stands out as a preferred tool for its ability to generate real-time insights. The tool can analyze large amounts of data derived from conversations in real time, which can enable banks to respond to their customer’s needs quickly and offer personalized solutions that meet their individual requirements. This not only enhances customer satisfaction but also gives banks an edge over their competition and increases customer loyalty and retention.
How Can It Benefit Banking CXOs?
Conversational analytics offers a variety of advantages for the banking industry, which helps overcome competition. Here are a few benefits:
Enhance Customer Service
Conversational analytics has the ability to analyze customer conversations and identify common issues and pain points that customers face during their interactions with banks. For instance, long wait times, rude behaviour, borrower harassment during collection calls and so on. By using this data, banks can proactively address these issues and work on improving their customer service by developing training plans for agents as per the requirements.
Personalized Customer Experience
With the help of analyzing customer data, Conversational analytics provides insights into each and every customer’s preferences and behaviours. It enables banks to identify cross-sell and upsell opportunities and offer tailored products and services that align with each customer’s unique needs. This makes customers feel valued and directly contributes to a growing customer retention rate.
The Reserve Bank of India (RBI) sets guidelines and regulations that banks are required to follow to ensure fair practices and protect customer interests. In order to ensure that banks are adhering to these regulations and treating customers freely, it is essential for banks to practice compliance monitoring. Conversational analytics collects a bank’s compliance parameters. It helps in compliance monitoring by providing a powerful tool for tracking and analyzing interactions between banks and their customers in real-time, identifying potential compliance issues such as non-compliant language or policy violations.
Customers availing services of a bank are usually faced with issues like long wait times, harassment by debt collection agents etc. This directly causes banks to incur financial damages as customers prefer switching to different service providers when not getting the support they require. Conversational analytics solves this problem with its sentiment analysis feature. This feature allows customer support agents of banks to detect negative emotions and enables them to offer more empathetic customer service.
In conclusion, conversational banking offers a variety of benefits for banks, including the ability to gather valuable insights into customer behaviour and preferences. With Rezo conversational analytics, banks can better understand their customers and offer tailored solutions to meet their unique requirements. By analyzing large amounts of customer data in real time, Rezo’s analytical platform also enables banks to identify patterns and trends, which lead to identifying cross-sell and upsell opportunities. Rezo conversational analytics platform can assist banks in always having the edge over the competition and providing their customers with the best experience.
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