What are the significant improvements that artificial intelligence will bring to the specific industry of the bank?
Editor’s note: This article is from WeChat public account “AI frontline” (ID: ai -front), author Anna Prist,Translator Sambodhi,Edit Linda, is authorized to publish.
says that artificial intelligence is one of the most promising technologies in the technology currently being developed and applied. Artificial intelligence has begun to penetrate into all areas of the economy and society. In terms of labor supply, the arrival of artificial intelligence will not only make up for the supply of labor, improve the quality of supply, reshape the productivity of labor, but also alleviate the negative impact of population aging on the labor market to some extent. influences. So, what are the significant improvements that artificial intelligence will bring to the specific industry of the bank?
We are working into the era of conversational banking: A recent study by Juniper Research found that by 2023, the global economy will save $7.3 billion through the use of chat bots. Operating costs. This means that by 2023, the banking industry will save 862 million hours, which is equivalent to nearly 500,000 working years.
Of course, without the rapid development of technology and the popularity of smartphones, all this will be a fantasy: people play mobile phones for an average of four hours a day.
The leading banks are the first banks to follow the trend and launch mobile apps: According to FIS’s 2019 Performance Against Customer Expectations (PACE) survey, nearly 75% of bank interactions are through online or mobile devices. ongoing.
Then they naturally extend the channel to the conversation interface: in the banking industry, Bank of America, Wells Fargo andCaptital One has been using chat bots for several years. They have the ability to perform a variety of tasks, from checking account balances to providing users with advice on how to save money.
But now, with the further adoption of conversational artificial intelligence, you can get the answers you need with just voice, and you can update them in real time.
According to Gartner’s data, by 2020, chat bots will handle no less than 85% of customer service interactions. There are now many channels to reach out to banks: from outlets to phones, from email to mobile apps, from instant messaging to ATMs.
Of course, it is difficult for banks to collect and use customer data from all of these channels. As a result, conversational solutions help banks deliver a truly holistic experience: Chatbots can be deployed across multiple channels to ensure optimal customer satisfaction, regardless of which channel the customer is using.
This is how conversational artificial intelligence helps the banking industry
Of course, artificial intelligence technology is not mature enough, and it is not enough to successfully resolve all customer inquiries by 100%. People have said many times that the key to success is to find a balance between conversational artificial intelligence and humanity.
However, the following are the best choices for conversational artificial intelligence applications:
Automation
Providing an automated service that answers questions such as recent ATMs or outlets, how to reset passwords, how to report lost credit cards, etc. can easily save time in a very important and expensive call center. Conversational artificial intelligence can handle a large number of interactions without the need to increase the size of the team. This is obviously useful because changes to the product, delivery channels, or regulations can lead to a surge in customer inquiries.
Accessible Environment
Customers want to be able to get answers anytime, anywhere, so more and more digital “always on” consumers are looking to launch 24/7 live chat. This means that banks with built-in chat bots in the bank’s official website will have a competitive advantage and are more likely to attract and retain customers.
Ergonomics
In most cases, virtual agents are labeled as “immunized against human defects”: they never call for sick leave, nor do they feel tired, and it sounds great no matter what happens.
But there are more things like Rasa, Kore.ai or Jast AIThe conversational artificial platform also enables the customer support staff to cope with more complex problems that belong to the human literature category and require human intervention. Therefore, when the chat bot and digital assistant are in place, the artificial seat has a better chance to show its human side.
Cultivate better relationships
According to recent research, compared to live chat, people find that calling is both tedious and slow. They also think that emails or online forms are unpopular, and most people don’t like it. When dealing with financial institutions, what customers are most interested in is the speed and personalization offered. Chat bots come in handy because they combine real-time conversation and speed.
Find information
Generally, banks and insurance companies offer a variety of products and services that often require a variety of policies and packages, so the websites of such companies are generally an information abyss. Robots help users quickly find the information they need from a large number of bank documents, which greatly speeds up access to services.
New Marketing Expansion
When customers visit the bank’s website, a robot will greet them politely, encourage them to ask questions about products and services, and help them find ways to get the necessary information, which is more likely to open an account or buy a new product. End.
Usage scenarios
Here are some examples of good use of conversational artificial intelligence:
Customers no longer need to wait for a call center agent
Although it is the most common use case for conversational applications, its importance cannot be overemphasized. Putting a virtual agent in the customer communication channel (or some of its channels), if handled properly, will enhance the overall brand image. For example, a top European bank began using information robots across multiple channels to increase the availability of its information services and take advantage of new channels.
Therefore, the robot takes on a large part of customer inquiries: from loan and deposit advice, to finding the nearest outlets and ATMs, and then sending customized promotional offers. Send a sample request to the chat bot. As a result, the use of robots helps to increase the overall productivity of the support station: because the robot solves common problems, the customer does not have to wait for the customer service center operator or search for answers on the Internet. As a result, customer questions can be answered quickly, while human agents can focus entirely on situations where human-computer interaction does not solve the problem.
Insurance robots help customers when they travel abroad
In some cases, conversational applications can be a perfect customer service channel when customers find themselves in a weak position. Insurance is such a business that needs to be prepared to take action in this situation.
This is the moment when virtual agents work, because they enable insurance providers to process customers immediatelyRequest. A European insurance company plans to deploy such an artificial intelligence robot to respond faster in emergencies and common problems, but as a result, it created a comprehensive assistant guide to help customers during their travel abroad. .
This robot can answer a few trivial questions about the destination country: from general information to visa rules to customs regulations. When customers are already overseas, robots can provide emergency contact based on their geographic location and consult on VAT refund policies, drugs and transportation. When the robot is unable to answer these questions, it will transfer it to the human agent, all of which will help customers feel support even in the most vulnerable moments.
Remove the stain of the merchant account recovery
Either the company or the consumer doesn’t like to focus on some aspects of business operations, and business account recovery is one of them. However, progressive companies no longer use intimidation and coercion, but use technology to achieve a customer-centric business account recovery and expansion strategy. Introducing the robot into the merchant account recovery process changes the interaction and communication between the debtor and the merchant account recovery agent. Bank chat bots are easier to use and access than traditional channels.
The debtor can interact with the robot through live chat or messaging without having to download the app, fill out the form, make a phone call, or visit a bank branch. To help debtors make informed decisions about repayments, AI Bank Chatbots can create a comprehensive debtor profile and provide recommendations in real time. More importantly, when interacting with the debtor, the robot does not show any prejudice. Unlike the human debt collectors, which have the inadvertent tone of judgment, the debt-seeking voice robots are friendly, but they will continue to pass on their messages.
Summary
Bank institutions that want to succeed in the digital economy need to make fundamental changes to how they operate; respond to opportunities for innovation, quickly roll out services, test and learn market responses, and respond to the core business needs of banks Rapid change. Using digital thinking to create additional value for customers and stakeholders helps them stay ahead of the digital age.
Original link:
https://medium.com/justaiofficial/ai-will-save-half-a-million-working-years-for-banks-in-2023-a0f7f9aa1160