The arrival of AI and machine learning has brought endless possibilities for businesses. The BFSI sector, like many others, is benefiting greatly from automation. It allows them to provide enhanced customer service while reducing costs through AI models. Implementing Artificial intelligence in customer service reduces manual effort, improves compliance, mitigates risks, and enhances the consumer experience.
In this article, we delve deep into the very concept, looking at why Artificial intelligence is integral to providing the best-in-class customer experience when it comes to banking.
Importance of Customer Experience in Banking
The banking industry is a commoditized space, where every bank offers the same services and products. It’s the experience that a customer gets that makes a difference and gives one bank the edge over the other. Effective customer service helps banks retain their customers and enhance customer lifetime value. While by providing top-notch customer service, banks can cultivate a loyal following, if a customer isn’t satisfied with the services provided, they may leave instantly.
In modern-day banking, there are many ways for a customer to interact with a bank. But a consistent experience across different channels matters the most. Whether it’s the quick transfer of information or the ease of doing transactions, these things matter. To exceed customer expectations, banks need to deliver the expected results and meet their customers’ demands.
Challenges in Customer Service in Banking
Providing great customer service is a critical factor for customer retention. The banking industry has undergone a tremendous shift over the past few years. With technology transforming all industries and external factors like the COVID-19 pandemic, customers are relying on online banking now more than ever. Finding ways to meet customer expectations and provide the best customer service are some of the major challenges faced in the banking industry.
Long turnaround time (TAT)
Customer support executives face numerous challenges when it comes to providing efficient customer experience in banking. They are often overloaded with multiple tasks simultaneously. These tasks include creating policies and procedures and planning service delivery standardization. As a consequence, they struggle to attend to each customer’s requests promptly. This leads to an unfavorable customer experience, which can cause a decline in the customer base.
Inability to provide a personalized experience
The banking industry faces significant challenges in providing satisfactory customer service. Banks usually use standard operating procedures to offer generalized information to patrons. However, customers seek an experience that focuses on them. They wish to receive prompt answers to their specific questions instead of browsing lengthy manuals. The issue becomes more complex, with a customer base ranging from hundreds to millions. Thus, making it difficult for banks to meet customers’ expectations and enhance their experience without implementing artificial intelligence (AI) technology in banking.
Lack of omnichannel presence
Customer service in the banking industry faces significant challenges. In today’s era of net banking and e-banking, customers interact with banks through various channels such as email, call centers, websites, and WhatsApp. To remain relevant in the world of online banking, banks need to have an omnichannel presence. It is crucial for them to provide a consistent and positive customer experience across all channels.
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Importance of AI-led Automation in Improving Customer Experience in Banking Industry
Being one of the most competitive sectors, ensuring a good customer experience is especially important in BFSI. Here’s how banking industry is transforming their customer experience with AI-led automation:
Role of Artificial Intelligence in Enhancing Customers’ Digital Experience
Enterprise automation solutions in banking has revolutionized customer service. Intelligent AI co-workers, powered by ML and NLP, can now engage with customers at human-like levels. This technology enables banks to achieve high accuracy, reduce labor costs, and deliver a personalized experience to customers using digital channels. From menu navigation options to 24/7 assistance and feedback capture, AI can handle it all with minimal human intervention.
Hassle-free onboarding process
Enterprise automation solutions in banking can transform the onboarding process. It plays a crucial role in determining customer retention and expanding the customer base. A smooth onboarding experience is essential, while a faulty process can quickly lead to problems. Given the importance of the process, many leaders in this space have been leveraging Artificial intelligence (AI) to provide a seamless customer experience. Ask EVA by HDFC and AXIS AHA by Axis Bank to name a couple. That being said, these intelligent automation tools are capable of learning from the patterns of past applicants, anticipating the issues that new customers are likely to face, and possibly preempting them with better automated and informed decisions. Thus, improving the overall customer service in the banking industry.
Enhanced self-service facility
Customer service automation tools have brought numerous benefits. Imagine a scenario where customers no longer must wait in call center queues to get their issues resolved. They can resolve their issues with minimal reliance on support staff. Who wouldn’t want that? In the era of online banking, intelligent automation tools go beyond basic engagement. They utilize predictive analysis and data-driven recommendations based on a customer’s transaction history and previous interactions with the bank. These automation tools act as DIY guides, empowering customers to resolve queries without the need for human intervention.
24/7 customer support service
It’s of utmost importance for a banking customer support service to provide around-the-clock availability. Manual implementation of this is challenging due to cost and logistical constraints. However, AI solutions offer this functionality at a much lesser cost and higher accuracy. These AI-led automation solutions provide personalized customer service in banking and enable live query resolution outside business hours. These AI workers can deliver a human-like experience without the need for human intervention.
As customers often face challenging times during the hefty banking procedures, implementing Artificial intelligence in banking can enhance customer experience. It can help banks deliver the frictionless experiences that their customers seek. AI-based BFSI customer support assistants will continue to evolve with time. It can help the banking sector enhance quality, empower customers, reduce human workload, streamline processes to onboard clients, manage security threats, and deliver better customer service.
Automating Customer Service with E42!
E42’s AI Customer Care Executive for BFSI is specifically designed to meet the requirements of the BFSI sector. Given the importance of customer service in providing a good customer experience, banking is emerging as one of the major sectors that are embracing automation for all the right reasons. Built using machine learning, NLP, and artificial intelligence this AI assistant is equipped to handle and in turn reduce or eliminate human intervention in major customer service tasks pertaining to the BFSI sector including, soft loan validation, policy application and renewal, virtual account opening and application tracking, KYC and ticketing processes, and more.
Write to us at firstname.lastname@example.org to embark on your automation journey today!