This post is an excerpt from the article ‘5 Ways Conversational AI Enhances your Bank’s Existing Technology’ by Dan Balaceanu, , Chief Product Officer at Druid SA, published 1 Aug 2022.
Read the full article here.
Technological advancements have drastically changed how individuals conduct and interact with businesses in the past few years. Partly due to the pandemic, businesses have found new ways to make their online presence more convenient and easy to navigate. In some cases, consumers prefer the online platform far more than the face-to-face experience that was once the only option available. Though retail was among the first to experiment with online platforms, every other kind of business has also decided to hop on board, including the world of banking.
Now more than ever, banks are executing advancements in their online banking that have been long overdue. Conversational Artificial Intelligence (AI) is the newest addition to the online banking experience that is sure to bring ease and convenience to new and existing banking technology.
Conversational AI is a relatively new technology that will not only change the way online banking operates but enhance the already existing technology, benefitting both clients and banks in more ways than one.
Here are five ways conversational AI can enhance your bank’s existing technology
1. Guide Through Online Services
Conversational AI can help customers by answering questions and requests 24/7 and guiding them through processes such as onboarding, just like human agents would. An advanced conversational AI agent will be able to learn from previous conversations and remember patterns so that clients go through a much better experience. This will improve client retention, boost satisfaction, and increase customer acquisition.
2. Increase Capacity and Scalability (When Needed)
Conversational AI can enhance your client’s call center experience by increasing your call center’s capacity. Utilizing conversational AI to address customer requests can relieve call center agents of repetitive tasks, allowing them to respond to more complex requests while AI bots assist customers through process automation.
Using Conversational AI to increase call center capacity can improve customer satisfaction while alleviating the stress of your best customer service representatives.
3. Tracking Customer Satisfaction KPIs
To better understand your client’s needs, conversation AI can be used to track customer satisfaction KPIs through automated interactions.
Your online conversational AI agent should be programmed with a defined end goal which should be met after every client engagement. Providing a brief survey at the end of each client interaction can track the Customer Satisfaction Score (CSAT) or the Net Promoter Score (NPS).
4. 24/7 Customer Support
Rather than hiring more customer service representatives to handle late-night inquires, using conversational AI can save money while providing consistency at all hours of the day.
5. Decreases IVR Frustration
Using conversational AI can enhance your bank’s existing technology by engaging the customer instantly and providing the service they need. If the customer’s request is too complex to be handled automatically, the conversational AI agent can then connect them to the right customer representative department. This decreases not only customer IVR frustration but also company time and money associated with transferring clients between departments.
Partnering with us can bring about all the benefits of Druid’s conversational AI to your bank’s technology. By creating a cognitive bank with DRUID’s virtual assistants, your bank will be able to provide 24/7 customer support, offer multiple customer services and finance tips, in a multi-channel capability over your online platform.
To learn more about Druid AI Solutions talk to us on 02 9417 6644 or go to https://www.microelectronic.com.au/digital-solutions/druid/