Deliver quicker, more accurate, totally personalized responses
At least for now, banks are going to have to continue to cope with increased levels of customer contact. Customers are unlikely or unable to return to branches in large numbers. So, this contact is going to come by telephone, online, or mobile services. But just hiring more contact center employees isn't enough, and it's only a temporary solution. To cope both now and in the future, banks will need to make use of advanced technologies, such as artificial intelligence (AI).
AI enables banks to process customer contact more efficiently and in a more sophisticated way. For example, when banks embed natural language understanding (NLU) in their interactive voice response systems, they can 'listen' not only for customers' primary concerns, but also for their secondary and tertiary concerns, such as their liquidity or underlying financial well-being. This helps banks understand their customers' financial situations end to end and accurately assess and rate their risk levels.
NLU can also listen for distress signals, giving relationship managers a heads-up about customers in serious financial pain and allowing them to respond more empathetically. Even automated responses can be more empathetic if the algorithms have been trained that way.
Ultimately, AI that uses a greater breadth and depth of sources to get information about bank customers can triage queries more efficiently and help the bank recommend more useful, personalized solutions. This is crucial at a time when customers' financial situations are in rapid flux and can go downhill fast if banks miss important details.