Using AI to Take Control of the Customer Experience

Now is the time for banks to take steps to make it easier, more intuitive, and trustworthy for every generation and type of user to do business digitally.

The duration of the pandemic, as well as its long-term impacts on digital banking, remain unknown. For this reason, there has been a surge in demand from banks across that nation that are now ready to upgrade their communications technology to help their users feel more confident using their apps. Without the tailored teller experience, retail banks must keep consumer confidence in the financial institution high now more than ever.

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Consumer switching costs will skyrocket for those financial institutions that don’t acknowledge the new expectation for digital lending and banking.  This problem has been solved at the level of the consumer by using a simplified, easy-to-navigate artificial intelligence (AI) application with step-by-step progression during transactions to offer digital “hand-holding” to less confident users. Simply automating responses to common questions with AI frees up more time for contact center agents to calm the nerves of hesitant users. 

More Customers vs. Loyal Customers

With banking executives narrowly focused on customer acquisition, contact centers can score loyalty points by implementing inclusive solutions that give people confidence in using digital solutions. For example, incorporating one-touch, easily understood technologies such as customer service video chat can make it easier for less tech-savvy users to get help when they need it - all while providing the comfort of a personalized, human interaction from home.  The opportunities are endless with AI.  By collecting experience data at every meaningful touchpoint, artificial intelligence-activated chatbots can help financial institutions understand how their customers perceive their business and find ways to deliver better, more customized experiences. 

‘But it’s not existing customers we’re worried about, it’s attracting new ones’

Despite the perceived loyalty of an existing customer base, it is critical not to underestimate the competition. From single location banks to multinational institutions, customer retention is dropping as technology-first solutions come to market. Success comes from working closely with every customer and an organization's contact center should treat every interaction as though the customer relationship depends on it - because it does. 

Banking on IBM Watson

Integrating artificial intelligence into a contact center is a significant commitment and can be daunting. However, timing has never been more critical as the COVID-19 pandemic has quickly introduced a new, digital-first retail banking customer. Artificial intelligence not only better contextualizes conversations and reduces inbound call volume, but also ensures a financial institution takes full responsibility for creating a better customer experience.

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While chatbots can be launched with simple, keyword-oriented tasks, complex configurations can be set up todo things like assist supervisors and track tone for instant feedback on contact center agents’ demeanor. AI is helping banks take customer experience to the next level  - compounding the credibility and customer service with high fidelity financial planning, lender/loan origination services, and traditional digital teller interactions such as deposits, withdrawals, and transfers. With AI, banks can create a banking ecosystem that supports consumers and help bridge the technical divide while reducing operating costs at the branch level.

Too many financial services institutions are delivering experiences that fail to match user expectations and needs. Even without artificial intelligence, most consumer banking app experiences are confusing and difficult to use. 

Customer Experience Enablement

LinkLive is the leading customer experience platform for Contact Centers and Customer Experience leaders. LinkLive helps organizations deliver personalized customer experiences with a complete suite of services that power enterprise-scale applications, including analytics, voice tone analysis, conversational automation and productivity solutions - including knowledge base management.

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