As the events in the last few months have shown, Digital Banking, specifically ‘Conversational Banking’ seems to be showing a consistent uptrend during this period.
Besides the economic, health, financial burden, and the tragedy that it has caused in its wake, the changing tide of COVID-19 has left many industries rattled, retail banking being the most visible of them.
The changed circumstances are forcing customers to place a lot of emphasis on their personal safety and wellbeing. They are preferring the safe payment alternatives offered by the digital channels to visiting banks, are accessing cash only when needed, and are expecting faster responses to their queries/requests. They want banks to offer instant access to products and services. Meanwhile, the banks’ abilities to provide in-person experiences through branches, ATMs, POS, and call centres have been severely constrained owing to the current crisis. In such an environment, where the customer expectations have changed drastically and the nature of their queries have varied greatly, the adoption of conversational banking has become imperative.
Raqmiyat in partnership with Kore.ai, brings you the solutions that can empower banks and financial institutions to leverage the power of virtual assistants. Kore.ai, is a market-leading Enterprise Conversational AI and Digital UX Platform have proven experience in implementing conversational banking among leading banks across the globe.
Raqmiyat-Kore.ai’s Banking Virtual Assistant harnesses the intelligence and power of AI and NLP to provide next-generation conversational, digital, and self-serve experiences for customers. Trained in more than 50 capabilities, it lives within your online or mobile banking applications and is fully client-configurable. The solution is fully functional, secure, domain-trained, personalised, and extremely scalable to meet bank requirements.
Let’s look at a few use cases that Banking Virtual Assistant handles:
1. Account related FAQs
Makes it easy for customers to manage the details of their accounts and do account-related queries such as balance check, mini statement, etc. in a single frictionless conversation.
2. Personalised Assistance
Notifies customers on deposit alerts, reminders on transfers, and helps them in providing information related to any banking services like credit cards, loans, etc.
3. Bill Payment
Never allows you to miss a due date to pay bills. It enables you to add a new biller, set reminders, set recurring bills, enable auto-pay, and many more.
4. Fund Transfer
Transferring funds is now a breeze, like chatting with a friend. Lets users easily transfer money from single/multiple accounts and also schedule a transfer, all from a secure environment.
5. Customer Services
Customer experience management is the litmus test for any successful bank. It efficiently handles general inquiries and product-related inquiries, assists users with statement summary, promotional offers, and application status
Apart from basic services, Raqmiyat – Kore.ai Banking Virtual Assistants can support a wide range of customer support activities such as adding/removing a payee, setting up recurring bill pay, checking account overdraft, and more that have the potential to transform how banks create personalised experiences that increase customer acquisition, conversion, retention, and loyalty.
How Raqmiyat – Kore.ai is assisting banks to manage their increased contact centre’s call volume
Since the outbreak of the coronavirus, the contact centres of banking and financial services firms have experienced huge spikes in calls leading to long wait times and delays in query resolution, fostering customer dissatisfaction, and reputational damage. Though IVRs are in place, they are not intelligent, are monotonous and rule-based. According to Velaro’s research, 60 percent of customers will abandon a call after waiting too long on a call, and 62 percent of customers are frustrated by businesses that only offer one or two ways to get in touch with them. Leveraging AI-powered digital solutions, banks can improve customer service, reduce wait times, improve AHT (Average handling time) with more customers served at a given time, and facilitate quicker issue resolution.
Deflect.ai – Call automation and digital deflection solution diverts calls to more cost-effective channels and reduces customer wait times. The solution leverages AI, UI forms, SMS, chat, or email, and provides a faster response, also assists agents to streamline the responses.
The beauty of the solution lies in the seamless integration with your existing banking IVR systems. Deflect.ai receives calls from any IVR system, including SIP Domain transfers. The solution checks for the agent availability, if not, it will transfer the calls to cost-effective channels including chat, SMS, etc. or capture the user requirement using UI forms. In the case of ambiguity, the calls are diverted to the LIVE agent for better resolution.
Embrace the power of conversational AI and low cost, highly scalable, and customisable digital solutions to bring unparalleled customer service and employee experience.