This post is an excerpt from the article ‘How Is Conversational AI Helping Banks Address Post-COVID Challenges?’ by Andreea Plesea, Co-Founder and Global VP at Druid SA, published 5 Oct 2022.

Read the full article here.

 

Professionals in the banking industry are still recovering from the chaos and aftermath that COVID-19 brought to the world. No one knew how long the effects of the pandemic would last, but they are still present in businesses today.

While banking companies are beginning to recover today, they continue to face post-COVID challenges such as scaling up to meet renewed demand, improving customer support, and rebuilding their workforce. Fortunately, conversational AI is playing a massive role in helping with these objectives.

 

Address the Talent Shortage

Conversational AI is instrumental in helping banking companies address the talent shortage in myriad ways.

Improve Onboarding

With an influx of new hires comes the need for training.

New hires can interact with a virtual AI assistant to get the support they need during onboarding. Conversational AI can facilitate these processes by answering questions, providing resources, or guiding employees through routine tasks.

Supplement Your Current Workforce

Conversational AI can perform many tedious and time-consuming tasks that occupy your workforce, giving them back the time and capacity needed for more pressing tasks. Additionally, they can use virtual AI assistants as a resource to expedite other tasks, such as retrieving documents, filling out forms, and interacting with customers.

Resolve Customer Concerns

The pandemic posed financial challenges not only to businesses but customers as well. Customers will come to your organization with questions they want to be answered promptly and accurately. Conversational AI can significantly improve your customer support processes by answering customer inquiries, providing resources, and guiding customers through your business’ services.

24/7 Support

With conversational AI, your company can offer 24/7 support, ensuring that it will find a quick resolution no matter the issue.

Intelligent Interactions

Problems in staffing and in delighting customers are only part of the problem that conversational AI can address. There’s also a distinct need to improve the way that banks can produce better decision-making.

Thanks to conversational AI, you can help customers quickly get to the heart of the matter, using straightforward questions to interrogate your bank’s online virtual representative.

Conversational AI will ensure significantly improved accuracy in a bank processing and employee decision-making when integrated with your company’s database. Whether referring to follow-up actions or gathering customer data, conversational AI avoids the risk of human error. As such, it does wonders to improve your efficiency rates and impress customers who appreciate the precision of the replies they get from the conversational AI system.

 

Conversational AI Is the Future of Banking

While we hope the world won’t experience another global pandemic, it’s critical that your business can address the challenges COVID-19 has introduced–and be prepared for whatever the future may hold. Fortunately, conversational AI makes it simple to overcome problems such as talent shortages, customer concerns, and errors in decision-making. With this solution, you can address these current obstacles and bring your processes back up to speed.

 

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/