Finn AI’s listing on the Zendesk Marketplace and integration with Zendesk Chat serendipitously coincided with the release of Zendesk’s State of Messaging 2020. In this short blog post, we examine some of Zendesk’s findings on the biggest trends in conversational business and the rapidly evolving messaging industry. 

Zendesk’s State of Messaging 2020 report channels Ernest Hemingway in its opening sentence, stating that the messaging era came slowly, then all at once.

This is certainly true. Messaging first changed how people interact with one another. Now it’s changing how they interact with brands — especially digital-first brands like challenger banks. Gartner predicts that by 2022, 70% of all customer interactions will involve chatbots and mobile messaging — up from 15% in 2018.

Zendesk found that a growing number of businesses, including banks and credit unions, plan to add these engagement channels in 2020. So, while phone and email are still top of the list, businesses are slowly shifting track to give modern consumers what they want — faster, better, more personalized experiences via messaging.

 

Channels companies offer or are planning to add in the next 12 months.Source: Zendesk Benchmark

 

The financial services industry is leading the race in adopting these customer-centric messaging channels via conversational AI — nearly half of all financial services businesses have already embraced chatbots for everything from lead generation to customer support.

 

Industries embracing chatbots.Source: CapGemini

Chat is Good for Customers and Good for Business

In Finn AI’s predictions for 2020, we shared how customers don’t want to run through an IVR or sit on hold for all eternity anymore. They want to chat by text, not by phone. That’s why in 2019, the number of messages exchanged between businesses and customers on Zendesk’s conversational platform increased by 500%.

Customers are happier when they’re messaging — 69% of consumers feel more confident about brands they can reach via messaging. Zendesk also found that messaging apps actually have the highest customer satisfaction rating of any channel, with a CSAT of 98%.

 

Median CSAT score per channel. Source: Zendesk Benchmark

 

Businesses are adopting chatbots, machine learning, and mobile messaging for the same reasons consumers love them — they are fast, personal, convenient, and secure. So, as well as delivering better customer experiences, businesses that adopt these new channels can see a real difference in their top and bottom lines. 

Reasons Companies Offer Messaging. Source: Zendesk Benchmark

 

Finn AI’s bank and credit union customers can affirm these benefits, in particular new digital banks who are using AI powered banking chatbots to scale a quality, 24/7 support experience without building an army of agents. They are using our AI powered banking chatbot to resolve customer queries faster, provide 24/7 support and drive They’re resolving their customers’ problems at a higher rate than other chatbot solutions and gaining up to 10X return on investment as a result of faster problem resolution, chat containment, and accuracy.  

AI & Human Agents for Seamless Omnichannel Engagements

Today’s consumers are not patient:

35% of people

prefer an instant response from a chatbot than a delayed reply from a person

68% are annoyed

when their call is transferred between departments

85% will use a different contact method

if they don’t get a response from their initial request

 

Digital natives expect more from the brands they interact with. As a result, Zendesk found that companies offering omnichannel support resolve tickets more than 3X faster, and their customers spend 75% less time waiting for agents to respond.

 

Zendesk blog

 

Successful businesses are deploying bots across marketing, sales, and support with a distinctly human touch since 60% of people want to be able to speak to a human at any point during an engagement with an AI. Customers also expect that the human agents have the context from their chat with the AI — 71% of customers expect companies to collaborate internally so they don’t have to repeat themselves.

 

Overcoming “Chatbot Fatigue” with Domain-Specific Technology

According to Zendesk, chatbots have been through the hype cycle so many times that seven out of 10 people have chatbot fatigue

That’s because most chatbots fail to meet the objectives for which they were designed. According to Finextra, the success of a chatbot program depends almost entirely on whether the humans developing it have the appropriate specialized experience and skills to tackle some very important questions. That’s why generic chatbot platforms can only get you so far in banking. When you have complex intent and dialogue structures, you need a more focused, industry-specific solution. 

Finn AI is built differently. Our intent structures are built for banking and pre-trained on one of the largest banking specific language datasets in the industry. Our managed service approach enables banks to offer a chatbot without having to build, manage or maintain a costly and complex language understanding model and associated data science team. This means we can deploy a fully functioning and configured chatbot that delivers real business value (average containment for banks is >75%) within a week, not months or years. 

 

Banks Are Ready For the Messaging Era with Finn AI and Zendesk

As Zendesk’s State of Messaging 2020 report explains, customers are demanding messaging and chat-driven customer service experiences more than ever before — particularly from digital-first organizations like challenger banks.

By introducing Finn AI’s conversational AI-powered virtual assistant into its ecosystem, Zendesk can help financial service customers deflect significant volume from its support agents while still providing a seamless customer experience. In this way, banks and credit unions can benefit from the combined power of two customer experience leaders — Finn AI and Zendesk. 

 

To learn more, Contact us.