Adoption of conversation intelligence in banking: Accelerating frictionless customer engagement

Saikat Chakrabarty, Senior Manager - Engineering, Mihup

Banking is one of the most competitive domains today. Amidst increasing customer expectations, new-age tech-driven banks are ibankingntroducing intelligent propositions as well as smart services making competition tougher for legacy organisations. To overcome this challenge, and ensure frictionless customer engagement, intent must now be adequately complemented by the integration of technologies such as conversation intelligence.

The capabilities offered by the conversation intelligence platform can significantly improve a bank’s customer engagement initiatives with holistic improvements in terms of diverse, quick, and personalised customer service that this AI-powered technology can provide.

Importance of rebuilding customer engagement

In the last few years, leading banking and financial sector players have rapidly invested in automated and analytics-driven operations. Digital-first banks and enterprises are now promising superior service and attractive offerings. This means traditional banks are now facing the heat in terms of simplifying processes and formulating workflows from a consumer’s perspective. The key, therefore, is to build capabilities that deliver personalised end-to-end customer journeys, and adequate hand-holding wherever needed. When customers trust your problem-solving mechanisms, they are more likely to increase the volume of their business transactions. This emphasis on experience has come from the knowledge that other banks offer superior technology-driven services consistently, conveniently, and in a personalised manner. A platform like Conversation Intelligence can enable contact center leaders to garner important call insights and decipher important KPIs of customer conversion. This further leads to an overall improvement in business operations, and therefore, a better customer experience.

The advantages of conversation intelligence

Core banking operations can be transformed through the Conversation Intelligence platform as it enables superior customer engagement and growth through advantages such as:

Improvement of offerings – Banks that deploy interaction analytics applications powered by Conversation Intelligence platforms can analyse 100 per cent of customer interactions to identify the areas where the agents are lagging and group the most common concerns your customers exhibit to present the findings in the form of simpler, and actionable reports. Equipped with this customer perspective, the contact center leaders can identify the customer pain points, and expectations to coach the agents and increase their performance by up to 30 per cent. Further, these insights can also facilitate intelligent, custom-made changes in product offerings for banking and non-banking needs. The AI-generated insights help empower banks to predict trends and make financial predictions for corporate sectors and general users effectively. When customers find that their banks are offering them exactly what they expect or desire. Their engagement is bound to grow significantly.

Real-time customer experience – Conversation Intelligence platforms offer real-time integration with the CRM and assist agents on live calls. This happens when the integrated AI system can accurately and quickly grasp customers’ emotions and intent and offer live cues to agents on their screens. Further, the integration with CRM helps in quickly finding the relevant information and presenting it to the agents on their screens. This reduces the time and effort in query resolution. Instant support on various complex issues will unfailingly delight customers and improve engagement levels manifold.

Automation of routine processes – The contact center agents have to deal with several operational tasks that are repeated with every single call. These include making notes, creating call summaries, and segregation of the call into several segments. When Conversation Intelligence is deployed, the system automatically creates notes and summaries in real-time and frees a lot of time for the agents as they can quickly move on to the next conversation. Thus, the efficiency is increased and response time is reduced consistently.

Going forward

For banking institutions to succeed in the modern world, it is critical to have a constant awareness of their market position, reputation among customers, strengths, and areas of improvement. By integrating advanced technologies such as Conversation Intelligence in customer service, they can get insights into real-time customer pulse and sentiments. Accordingly, they can dynamically make changes to processes, add features and capacities or launch new products to keep themselves ahead of the competitors as well as the emerging digital banks and financial services platforms!

Views expressed by Saikat Chakrabarty, Senior Manager – Engineering, Mihup.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.