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1、How conversational AI can significantly improve customer experience in the financial services industry03050607091415IntroductionCauses of poor customer experienceThe rise of chat as a channelFrom chat to conversational AIAdvantages of conversational AIPutting conversational AI into practiceNext step

2、s-what to considerIn todays on-demand world,customers expectations are sky-high.They assume that the companies they interact with are available 24/7 with instant,helpful and personalized service,in the appropriate language-and rightly so.This is particularly true for enterprises in the financial ser

3、vices space,where differences in products can be difficult to spot for the inexperienced consumer.If youre unable to offer a frictionless experience,you can be sure that your competitors will be waiting in the wings,happy to oblige.IntroductionThe mantra of putting customer experience first and lett

4、ing the rest follow has never been truer than it is today.Financial institutions that lead the market in providing exceptional customer experience have a higher recommendation rate,a higher share of deposits,and a greater likelihood that customers will increase their portfolio of new products and se

5、rvices from their bank.Chatbots expected to manage over 80%of customer service inquiries by 2025-The Financial Brand Bank cost savings to reach$7.3 billion by 2023 thanks to chatbots-Juniper Research 74%of users prefer chatbots when seeking answers to simple questions-PSFK3So,what can financial inst

6、itutions do in order to maximize the quality of the customer journey and,ultimately,improve their bottom line?Advances in artificial intelligence and chat technologies now make it easier than ever to reach customers where they are and-at the same time-lower the threshold for them to get in touch wit

7、h their bank or insurance company.It is well documented that Millennials and Gen Z prefer to use chat as a method of communication over traditional channels,such as email or phone,when interacting with a brand.And even 72%of Baby Boomers now report using more digital technology to accomplish tasks t

8、han prior to the pandemic.Capitalizing on this trend is crucial to meeting those sky-high expectations but it must be handled competently or you run the risk of alienating customers and negatively impacting your brand.In this guide,we will explore the methodology behind using conversational artifici

9、al intelligence(AI)to transform the customer experience and how it is already creating value for banks and other financial institutions in the Nordics and beyond.72%of Baby Boomers now report using more digital technology to accomplish tasks than prior to the pandemic.45In a study published by the J

10、ournal of Consumer Behaviour,it was established that customers who have to wait 10 minutes in line(whether its in a bank or a cafe)before being served will feel more dissatisfied than those who wait 10 minutes for their order to be fulfilled.This was true even if the total service time for both cust

11、omers was the same.Many of the leading financial institutions in the Nordics identified that online chat could be leveraged as a channel to solve the challenge of reducing long customer wait times and the likelihood of incorrect information,in turn dramatically improving brand loyalty amongst their

12、customers.Leading causes of poor customer experienceThe rise of chat as a channelJ.D.Power reports that live chat has become the leading method of contact for online customers,a staggering 42%of whom prefer live chat,compared to just 23%for email and 16%for social media.The cost of deploying chat ha

13、s also drastically decreased because of a rise in demand.Where the cost of phone and email support ranges between$5-8 per interaction,chat only costs between$3-4-an already built-in benefit to a companys bottom line.These numbers are bolstered by reports that an estimated$30 trillion in wealth will

14、transfer from Baby Boomers to Millennials and Gen Z over the next 30 years,identifying them as key demographics for financial institutions going forward.Raised on a steady diet of Facebook Messenger,WhatsApp and iMessage,these digitally-native consumers arent willing to adapt to how a company does t

15、hings.Instead,it benefits forward-thinking banks and insurance companies that want to attract this demographic to adapt to customer needs and get with the(chat)program.6From chat to conversational AIHaving established chat as the optimal channel in which to maximize customerexperience,we now have to

16、 address the elephant in the room:live chat is simplynot scalable enough.The average wait time for customers to get through to a human on chat is 2 minutes and 40 seconds;the same amount of time they would typically need to be on hold for phone support.Relying solely on humans to handle all incoming

17、 chat inquiries is not going to cut it.Instead,the human element can be extended beyond just pure customer support,leveraging product knowledge and expertise,into a new role-the AI Trainer.Employees in this position are in charge of writing the responses and conversation flows that make up a digital

18、 advisor and are as vital a part of conversational AI as the algorithms that power it.One classic example of a challenge that banks face is in dealing with unexpected periods of high volume due to system downtime.In these cases,its almost impossible to successfully scale up staff at short notice as

19、customers hammer support asking why they cant log into their accounts.The result?The bank incurs huge financial and reputational costs while a cycle of employee frustration and bad customer experience perpetuates until the system is back up and running.The average wait time for customers to get thro

20、ugh to ahuman on chat is7Conversational AI offers an elegant solution to this dilemma.By deploying a virtual agent powered by conversational AI to act as a first responder for all incoming chat traffic,companies can more easily manage the customer experience.This advanced chatbot is tasked with taki

21、ng care of all the menial,repetitive inquiries(such as the aforementioned login errors)that would otherwise tie up support staff.Anything else sufficiently nuanced,and outside of its defined scope,is transferred directly to the right human colleague-all within the same chat window and with an accomp

22、anying chat log to get the employee quickly up to speed.This implementation of conversational AI has already proven a success amongst financial institutions in the Nordics.Norways largest bank,DNB,automated 51%of all chat conversations within four months of launch.This equates to 20%of all customer

23、service requests across all channels including phone and email Similarly,Tryg,one of Scandinavias leading insurance firms,uses 10 virtual agents across three markets to improve both customer service and internal support functions with resolution rates averaging between 85-90%.89The simple answer to

24、the question“why conversational AI?”is right there in the name.It has the power to invoke the feeling of a personalized and discursive customer experience.Gartner predicts that conversation(both voice and text)will be the next user interface that apps and services will need to support in order to re

25、ach customers.Combine this with research indicating that increasing customer retention rates by just 5%can help boost profits by as much as 95%,and you begin to see how crucial it is to get the chat channel right.With conversational AI you get the best of both worlds-comparable empathy of speaking w

26、ith a human one-on-one,coupled with automated and instantaneous responses.This dramatically increases the likelihood of customers sticking witha brand over time.Advantages of conversational AIIn a survey conducted by one of our clients over a six-week period,7 out of 8 customers answered“I completel

27、y agree”when asked if a virtual agent was“a fast and easy alternative to other contact ways sic to get an answer to my question(s)”.Similarly,6 out of 8 people said that they didnt feel the need to contact any other customer service channel after interacting with the virtual agent.And these numbers

28、are just the start.Throughout boost.ais client base we are seeing banks and other financial institutions leverage conversational AI to better understand the wants,needs and buying behavior of their customers on a level that was previously not possible,and using that data to improve customer satisfac

29、tion,cut costs and increase revenues.Conversational AI opens up a variety of use cases within banking.Thanks to machine learning and Natural Language Understanding(NLU)technologies,todays banking chatbots can be seen as scalable tools to enhance customer experience and increase operational efficienc

30、y.Use cases and case studiesWhether its opening a new account,reporting a lost card,checking account balance,processing mortgage payments or a long list of other core banking services,conversational AI makes it possible to automate what once required human interaction,giving customers agency over th

31、e process via a friendly,always-available interface without ever needing to involve a human agent unless they want to.Break down customer service and support barriers by delivering instant,accurate and consistent answers to questions related to your banks products and services.User authentication ca

32、n allow for personalized and proactive responses tailored to individual customers needs,that improve over time.Combine conversational AI with Robotic Process Automation (RPA)to automate time-intensive,back-office process,such as document management and contract review,ultimately increasing employee

33、productivity and streamlining operations.Onboard new staff with training and knowledge base content built directly into the chatbot.Chatbots present a unique opportunity to collect valuable customer feedback via a friendly,conversational interface instead of traditional static forms.Whether this is

34、built directly into the core chat experience,or presented as a dedicated survey function,the data can be used to tweak and improve the customer experience to boost engagement and brand loyalty.Automate core banking functionsInstant&personalized serviceOnboarding and internal supportGather customer f

35、eedback10Case study#1:Nordea Leading Scandinavian bank needed to scale customer and internal support to handle high volume of incoming chat traffic Deployed 12 virtual agents-4 customer-facing and 8 for internal support functions including HR and 2nd-line support-across four markets 90%+in-scope res

36、olution rates across all customer-facing virtual agents.220,000 average monthly conversations across all marketsCHALLENGE:SOLUTION:RESULT:11Case study#2:slandsbankiTop Icelandic bank wanted to make its banking experience more digital and less branch-heavy,while simultaneously improving infrastructur

37、e Implemented virtual agent named Fri to increase support outside of business hours 24/750%of all online chat automated in 6 months with a 97%conversation resolution rate.85-90%of customer feedback is positive CHALLENGE:SOLUTION:RESULT:12Case study#3:MSUFCUMajor US credit union needed to scale up di

38、gital member service as its live chat channel saw a 130%increase in volume in spring 2020.Launched a member-facing virtual agent to provide 24/7 support.No-code nature of the boost.ai platform meant that no additional developers were hired.Virtual agent can answer questions on over 1,100 topics spec

39、ific to the credit union with a 96%resolution rate.CHALLENGE:SOLUTION:RESULT:13Putting conversational AI into practiceAs we have seen,improving customer experience has a direct,positive correlation with increases in customer satisfaction,market share and revenue.Make human support as accessible as p

40、ossible.Resolution to human support is very important and,with the right conversational AI platform,your virtual agent should be smart enough to know when it doesnt know something.This distinction allows it to elegantly guide customers to the most suitable advisor for their query without having to l

41、eave the chat window.State the virtual agents purpose at the beginning of the conversation.For example.“I am your concierge.My job is to assist you as efficiently as possible by either answering your questions or connecting you with the appropriate advisor.How can I help?”This eliminates any potenti

42、al for confusion while letting the customer know precisely the scope of the conversation.Conversational AI is constantly improving.However,starting with pre-trained content for your industry means your virtual agent is smart from day one.Our solution offers pre-trained industry modules with thousand

43、s of banking-ready topics.Boost.ai offers these pre-made solutions tailored specifically for the banking,insurance and credit union sectors.To make an immediate impact on customer experience with conversational AI,we need to look for opportunities to improve the critical interactions customers have

44、today.Here are some key recommendations on what to focus on:Identify your KPIs.Whether they are based around resolution time,successful automation or CSAT,its important to establish what metrics are important to your organization and monitor them regularly.Design your KPIs around measuring how you p

45、rovide the best customer experience and the rest will follow.Be proactive.SpareBank 1 SR-bank enabled its digital advisor to proactively guide customers through errors in logging into its online bank.This empowered customers to solve problems on their own and helped the Norwegian bank reduce custome

46、r interactions on error handling by 24%overnight.14When looking at a potential conversational AI vendor,there are some key points to consider:What percentage of interactions can be resolved at the first point of contact?What percentage of interactions do customers receive incorrect answers to?(i.e.f

47、alse positives)At boost.ai,our proprietary NLU algorithms are fine-tuned to enable our conversational AI to truly understand the meaning behind the questions it fields.That way customers are almost never confronted with the dreaded“I dont understand”response.We are able to reduce the likelihood of f

48、alse positives that score as bad in our algorithms by up to 90%and offer a powerful enterprise toolset that,using chat data analytics and AI Trainers,can help close the remaining 10%gap.Financial institutions should seek out solutions that can manage 100%of their customer interactions,and do so inte

49、lligently-identifying what to automate and which inquiries to hand-off to human support staff.Only in this way can they expect to successfully maximize their customers digital chat experience at scale.The common misconception that artificial intelligence can handle all incoming inquiries without the

50、 need for human support is a slippery slope to a subpar customer experience.Next steps-what to consider15About boost.aiCommitted to delivering outstanding customer experiences,boost.ai stands at the forefront of enterprise-grade conversational AI.Driven to enable unparalleled interactions between pe

51、ople and organizations,boost.ai harnesses cutting-edge technology to push the boundaries of AI responsibly.Its proprietary self-learning AI platform empowers businesses to automate interactions at scale,enhancing efficiency and driving positive outcomes.Trusted by enterprises across various industri

52、es,boost.ais virtual agents consistently maintain resolution rates above 90 percent,automating thousands of interactions daily.Founded in 2016,boost.ai is backed by Nordic Capital and operates from its headquarters in Sandnes,Norway,with global offices in cities including Los Angeles,Copenhagen,and

53、London.Transform your customer experience with AIAre you ready to revolutionize your customer experience with cutting-edge conversational AI?At boost.ai,we offer innovative solutions that can transform your customer service into a more efficient,engaging and responsive experience.Request a demo today and witness firsthand how conversational AI can elevate your customer experience to new heights.Join the ranksof businesses embracing the future of customer engagement.2024 by boost.ai.All rights reserved Book a demoContact us:www.boost.aicontactboost.ai