How Financial Services Firms Can Use AI to Improve Customer Experience

Financial services companies need to expand the use of artificial intelligence to earn customer trust with quality, fast service and security.

“From 2010 to 2020, the amount of data created, ingested, copied and consumed around the world increased from 1.2 trillion gigabytes to 59 trillion gigabytes,” according to a Smartstream white paper.

“A 2020 Statista forecast indicated that global data creation is likely to grow to more than 180 zettabytes by 2025. Yet despite this wealth of data, the financial services industry remains surprisingly information poor.”

According to a report by The Economist, four in five senior bank executives agree that unlocking value from AI will separate winners from losers in the financial services space. “But companies are treading cautiously, weighing business benefits against regulatory complexity and the need to maintain customer trust. Most banks (62%) agree that the complexities and risks associated with handling personal data for AI projects often outweigh the benefits to customer experience.”

Financial services companies have been using basic AI for targeted marketing and other basic applications for a number of years. But to better serve customers and make intelligent use of the vast amount of data they collect, financial services firms are turning to AI for more and more applications.

Below are four examples of how financial services companies are using AI to take CX to the next level:

1. Improved sentiment analysis

Turkey-based DenizBank turned to speech analytics to better understand customer moods and needs during the pandemic. With agents working remotely, the solution and associated technology were critical to improving customer service, said Altug Merhap, senior vice president of DenizBank.

The AI-based language analysis program enabled the bank to achieve a 95% accuracy rating for customer queries, meaning bank employees were able to more accurately understand the root causes of problems, resulting in faster responses to customer needs, Merhap added. The analytics solution helped identify needs more effectively and enabled agents to take immediate action to advance the customer journey. “As the pace of change accelerates, we continue to work to maximize agent performance and create happy customers,” Merhap said.

Related article: 4 Ways to Boost Hype Personalization for Financial Services

2. Quality Assurance

Banks are using AI for the quality assurance (QA) process and verification in the contact center, said Bill Staikos, senior vice president, evangelist and head of community engagement at Medallia, though he noted the efforts aren’t getting the attention they deserve. Typically, financial services contact centers only screen 2% to 4% of all calls per day.

The more advanced financial services contact centers automate the QA interception and review process, so all calls are analyzed and scored in real time, Staikos said. “This has benefits for the customer, the agent and the company as a whole. The agent’s supervisor can use this information for up-to-date coaching; Platforms also provide QA insights directly to the agent so they can make changes in real-time as well. The consumer benefits because the quality of calls improves over time.”

The financial institution also benefits, Staikos said. “Because individuals don’t screen the calls, these teams can be redeployed within the organization. Because all calls are analyzed and scored by the AI, business risk is reduced because the AI ​​can be trained to look out for rudeness, fraudulent behavior, or other customer-distracting agent behavior.

3. Improved response times

Research by Mitto, a provider of omnichannel communications solutions, found that a third of respondents with negative banking experiences would rather go to the dentist than interact with their financial institution, said Andrea Giacomini, Mitto’s CEO.