Aug 08, 2017

How AI-Powered Interaction Analytics Can Transform The Banking Industry

Artificial Intelligence (AI) is no longer a new jargon in the banking industry. However, what is new is that AI is moving beyond back-end processes to front-end interactions. According to Accenture’s ‘Banking Technology Vision 2017’ study, the banking industry will revolutionize the way it gathers information and interacts with customers. Banks will move towards simpler user interfaces that will help create a more personalized customer experience. According to the report within the next three years, banks will deploy AI as their primary source for interacting with their customers.

In recent years, the availability of information is booming. Every day there are millions of consumers interacting with their banks. It can be related to a savings account, insurance, mortgage, or even credit card. The data generated during these interactions is immense. With the availability of meaningful information, banks need to capitalize and be serious about adopting Interaction Analytics.

Many banks are also under enormous economic pressure. While most banks have tried severe cost cutting methods and adopted digitization, they are far from seeing daylight. They need something new. Now is the time right for banks to adopt interaction analytics. They have to exploit data for authentic business insights and improved decision making.

The word ‘analytics’ in the contact center domain has expanded from being related only to speech to now include a variety of interactions, such as text, social media, chat, IVR, desktop etc. Interaction Analytics is the analysis of all the interactions that occur between the customer and the contact center. This interaction can take place through any channel such as telephone, email, web chat, or even through the social media. These conversations are raw and unstructured which makes analysis much more difficult. Interaction Analytics collects the unstructured data and converts them into structured data that can be searched and analyzed. Besides reducing call times and raise agent productivity, Interaction Analytics help to optimize the customer journey across all contact channels and touchpoints and provide a targeted customer experience.

Advantages of using Interaction Analytics in Banking

• Accelerates growth - Offers deeper and detailed profiling of customers helps better assess a customer’s long-term growth potential. This information can be used to provide customers with the right offerings and solutions. It can also be helpful to cross sell/up sell and provide targeted campaign according to their needs.
• Increases efficiency and productivity – Enables agents to provide faster and more accurate responses. It can help identify long hours of silence during a call and provide insights on the root cause. It can help reduce average handle time leading to increase in productivity.
• Provides visibility on agent performance – Provides overall visibility of the entire contact center operation and individual agent performance. This enables a bank to evaluate its agent’s productivity and pitfalls. They can provide additional training to agents who need coaching.
• Establishes trust with customers – By embracing newer technological innovations, banks can gain their trust with their customers. They can enhance their capabilities, improve productivity, workflow capabilities and provide better customer experience.
• Mitigates compliance risk – Since Interaction Analytics monitors every call, it can track violations or abusive language that calls for immediate action.
• Enhances customer experience – Delivers customer experience at a fraction of the incurring cost as they can understand the customer needs better and build the proper journey view.

As the banking industry becomes extremely conscientious on differentiating their brands by improving the experience their customers have across all sales and non-sales touchpoints, Interaction Analytics will be a game-changer making it possible to develop and deliver personalized service treatments that significantly enhance customer experience.