Customer Service AI Automation is the future of the Banking and Financial Services Industry- Part 2

In part 1 of our series on AI automation in the BFSI industry, we explored customer needs and expectations and the roles the BFSI industry will have to utilise to meet these expectations and repair reputational damage. In this post, we look at how customer service AI automation will provide many of the solutions that the BFSI industry needs. From improving customer service to improving productivity and increasing agility, the age of AI in the BFSI industry is here.

Improved Customer Service and Engagement

One of the key roles that AI serves is to engage customers and to improve the services offered. AI offers businesses the opportunity to offer automated conversations to their customers and clients. This automation never sleeps and can be deployed across multiple channels including the most popular social media and messenger sites such as Facebook, Facebook Messenger, Whatsapp, and Skype.

It can go where your customers go. This makes you contactable when your customers need you to be. AI doesn’t get moody or react poorly to angry customers and offers excellent service. It can handle multiple requests, so your customers do not have to wait for a human to be free. Conversations at scale are its specialities. Not only can you provide useful information to your clients and customers, but you have opportunities to sell.

According to research published by Business Insider, AI automation including basic bots are not shunned by the public. In fact, compared to the backlash outsourcing call centres overseas received, the public’s response to customer service AI bots is highly positive by comparison. Here is a snapshot of the research which received 5000 respondents worldwide:

  • 44% were happy to deal with a customer service chatbot.
  • 38% of chatbot users rated their experience as positive. A further 51% had a neutral stance.
  • 48% stated they preferred chatbots that solved issues rather than have a personality

Your customers today want convenience and having an AI handle their requests 24/7 gives you the platform to provide it. The fact that you can deploy a Facebook chatbot or a Whatsapp chatbot day in day out, gives your customers the opportunity to discover information and make purchases that they could not do before.

Consider, today’s customer service AI is capable of introducing your product range once your customer mentions the right phrase. A customer looking to buy will get a nudge in the right direction along your sales funnel. You can foster leads by offering to schedule an appointment with a sales rep as well as offer services. The possibility already has a far-reaching scope and although the technology is not new, it is not old either. It is being developed all the time. Next year, you will have more possibilities at your fingertips.

Costs

As well as improved customer service costs can be greatly reduced, AI does not require a salary, pension, healthcare, or any other benefits. They never get sick or take holiday and are able to handle most of your customers’ requests. Given that the technology has now reached a point where it can handle a conversation, deal with queries, offer services and foster leads, it offers far greater cost-effectiveness than most of its human counterparts.

Intelligence

Business intelligence is a commodity that more and more businesses are utilising across industries. In the BFSI industry, this intelligence is invaluable. Again, as well as providing a best-in-class service to customers, AI transformation is collecting data via customer interactions all the time. In fact, it can record specific touch points to give you the business intelligence needed to make better and more informed decisions.

The data can be mined to find all number of things to help you propel your business from popular products, age and gender of your customers, times of the day they respond, and what phrase was asked to give the green light of your AI solution to upsell.

It is also possible to integrate the data into your back office, so meaningful big picture reports can be generated to give you insights into mission-critical factors and determine whether key performance indicators are being met.

Branding

Artificial Intelligence deployed in a customer-facing role is much more than a means of communication. They represent your brand as much as your customer service personnel. Therefore, it is important to ensure the chatbot solution can bring your brand to life in its programmed responses yet still come across as an interactive entity rather than something automated and off-putting.

Customer Service AI Automation Solutions

It is clear that AI is going to play an increasing role in the lives of everyday people. The technology is constantly being developed, becoming more refined and more sophisticated. It presents good opportunities to sell and cultivate leads while providing an invaluable service to your customers relaying the information they need.

With increased interactions comes business intelligence and this data, the new oil, will prove invaluable in shaping both your marketing and your sales strategies.

The time to adopt an AI solution is now. The competitive worlds of the BFSI industries demand that you bring your organisation up to speed. Customer service automation represents a new era in the BFSI industry where improving the service you provide and rebuilding your reputations go hand in hand.

In the future, customers will be choosing who they bank with, who they insure with, who they trust their finances with, and on who has the better automated artificial intelligence solution.

Talk to us about AI Automation of your Processes

With the clear advantages strategic AI brings, talk to us today. Discover what our AI automated solutions can do for your organisation. Transform your business processes and become more efficient, more flexible, and offer a better customer service.

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