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Driving Better Customer Experience in Banking Through AI-Led Automation

With the arrival of artificial intelligence (AI) and machine learning, the possibilities for businesses have become endless. Like many others, the BFSI sector is reaping the many benefits that automation has to offer, to provide an enhanced customer experience at a reduced cost with the services-through-AI models. Through AI-based customer support, the banking industry can reduce manual effort, offer better compliance, mitigate risks, and enhance the consumer experience.

 

In this article, we delve deep into the very concept, looking at why automation is integral to providing the best-in-class customer experience when it comes to baking.

Driving Better Customer Experience in Banking Through AI-Led Automation1

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 BFSI Customer Service

 

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 stay competitive in this era is a major challenge faced by the banking industry.

 

  • Long turnaround time (TAT): Customer support executives are usually overloaded with multiple tasks at a time – creating policies and procedures, planning standardization of service delivery, and more. This results in their inability to cater to the requests of each and every customer instantly, giving them an unfavorable customer experience, which can lead to a receding customer base.

 

  • Inability to provide a personalized experience: While the standard operating procedures allow banks to provide generalized information to their patrons, customers seek an experience that focuses on them – getting ready answers to their specific questions as opposed to reading through long manuals, for example. With a customer base extending from hundreds and thousands to millions, it becomes impossible for banks to provide this experience in the absence of an automated solution.

 

  • Lack of omnichannel presence: In today’s era of net banking and e-banking, customers seek different channels to interact with banks through multiple channels – email, call-center, website, WhatsApp, and more. It’s important for banks to maintain an omnichannel presence while maintaining a constant and favorable customer experience across channels to stay relevant in the world of online banking.

 

Improving Customer Experience in Banking With AI-Led Automation

 

Being one of the most competitive sectors, ensuring a good customer experience is especially important in BFSI. Here’s how AI is transforming the way banks are treating their customers:

 

Enhanced digital experience

 

With machine learning and natural language processing, AI bots have become intelligent – with the ability to interact with customers at human parity levels. With intelligent bots, banks can attain high accuracy, and reduced manpower costs while providing a humanized experience to customers coming through digital channels. Various menu navigation options, round-the-clock assistance, a mechanism to capture feedback, and more – AI is capable of taking it all on with no to minimal human intervention.

 

Hassle-free onboarding process

 

The onboarding process in banking can make or break the deal – while a hassle-free onboarding can result in better customer retention and an enhanced customer base, a faulty onboarding process can escalate in no time. Given the importance of the process, many leaders in the space have been leveraging AI to provide a seamless customer experience, right from the beginning – Ask EVA by HDFC and AXIS AHA by Axis Bank to name a couple. AI and machine learning-based customer support models can learn from the patterns of past applicants, anticipate the issues that new customers are likely to face, and possibly preempt them with better automated and informed decisions.

 

Enhanced self-service facility

 

Facilitating customers to self-service can improve customer experience – imagine no long waiting in call center queues, being able to resolve an issue with minimal dependency on the call support staff, who wouldn’t want that? In the era of online banking, intelligent AI chatbots can help customers with more than just first-level engagement. With predictive analysis, data-led recommendations based on a customer’s history including their transactions, previous interactions with the bank, and more – these AI bots can help customers resolve queries without human intervention – acting like their DIY guide.

 

24/7 customer support service

 

It’s of utmost importance for a banking customer support service to provide around-the-clock availability. Though difficult if done manually, given the cost and logistics – AI-enabled solutions add this functionality at a much lesser cost and higher accuracy. From providing personalized service to being available for live query resolution even after business hours – NLP and AI-powered intelligent bots are capable of providing a human-like experience without human intervention. 

 

Automating BFSI 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 interact@e42.ai to embark on your automation journey today!

 

Conclusion

 

As customers often face challenging times during the hefty banking procedures, implementing AI in banking customer experience automation can help banks deliver the frictionless experiences that their customers seek. AI-based BFSI customer support assistants will continue to evolve with time and help the banking sector enhance quality, empower customers, reduce human workload, streamline processes to onboard clients, manage security threats, and deliver better customer service.