In recent times, artificial intelligence (AI) has emerged as a formidable technology, often called the fourth industrial revolution, that enables machines to think and act like humans. With its ability to push the limits of machine-enabled capabilities, AI is expected to continue making complex decisions and enhancing efficiency in our lives.
It is projected that by 2023, AI, self-service, and machine learning will completely automate 40% of banking interactions. In the highly competitive banking sector, AI-powered contact centers have gained significance as they provide an edge and create a positive impact on customers by delivering an outstanding experience.
In this article, we will explore the various benefits of AI-powered contact centers in the banking industry.
Banking Industry Use Cases for AI-Driven Contact Centers
There are several use cases for AI-powered contact centers in the banking industry, including :
- Automating Query Resolution: Use AI to streamline inbound and outbound banking processes such as loan or credit qualification, customer onboarding, document processing, and phone banking queries like account updates, offers, and credit/debit card services. This can result in faster turnaround times and greater accuracy.
- Automated Quality Checks: Employ AI to assess agent performance and customer satisfaction with real-time and post-call/voice analysis across email, voice, and other channels.
- Automating Customer Verification: Use AI to verify and identify customers and gather multiple documents in real-time.
- Automating Reminders/Notifications: Automate the process of multiple customer calls before payments are due. Send outbound notifications and alerts to ensure proactive engagement and reach.
- Automating Customer Feedback: Use AI to collect feedback and customer experience scores based on the services provided by your bank.
Future Of Banking With AI-Powered Contact Centers
AI-powered contact centers have already become a reality and are transforming the banking sector. It is only a matter of time before banking executives adopt this technology to address the industry’s inefficiencies.
Banks are no longer just custodians of clients’ funds; AI-powered contact centers enable them to provide customers with personalized experiences across multiple channels and drive innovation to remain competitive. By incorporating AI into their operations, banks can improve working capital management and reduce capital costs. The possibilities for AI are limitless, and it can be applied to any process or business that requires human intelligence.