The increased momentum towards the digitization of financial services is not the start of a brand new endeavour, but the pandemic has rapidly expedited many institutions’ prioritization of increased utility in their digital spaces. Telephone, ATM, and In-Person banking has made way for an increased traffic towards mobile and other digital channels, leading to more banks and credit unions looking to maximize retention and satisfaction in these spaces. Institutions are seeking to make this transition as smooth and frictionless as possible: it’s easier for customers to switch banks than ever before, so ensuring customers are satisfied with the channels they’re engaged with is the key for ensuring they stay.
The ‘Experience Center’
The expectations of clients have changed: with digital experiences being so in demand, call centers may find themselves shifting the way they operate to meet customers more effectively in online spaces. This change is significant, so much that one may even see the call center as taking on an entirely new role in this decentralized future: the experience center.
An experience center is more closely integrated with digital channels, has more licensed and experienced staff, and handles longer and more complex interactions with customers. It can serve the functions of more traditional channels in the banking structure, like the physical branch or mailing services, while bringing in modern conveniences to serve customers in an updated way to suit their new expectations. Experience centers can quickly become the epicenter of a bank or credit union’s branch experience, beating out the physical branch as the main place where financial services occur.
The experience center will help customers and members who seek more personalized and complex banking service, but for those who seek simple self-service, updated digital channels will come into play. New innovations, such as a banking chatbot, will assist the experience centers in delivering top tier customer service.
How Chatbots Help Contact Centers
For a real-world example, ATB Financial came to Finn AI to employ a banking chatbot for assisting their contact center with customer inquiries. We found that nearly 80% of all customer queries to call centers were very simple, easy to process questions or requests (resetting passwords, branch hours, product info, etc.), which could be easily answered by an automated chatbot. ATB wanted their contact centers to be more free and available for that remaining 20%, where having a live agent to talk with a customer would truly matter. Therefore, they turned to an AI-powered chatbot to let customers have a place to solve simple problems in a self-serve manner.
The results were incredibly satisfying for ATB: nearly half of all customer inquiries were able to be solved with no human intervention needed. They also found that 35% of customers were seeking help from their chatbot after their contact centers were closed: 24/7 service is just one of the many perks that come from an automated chatbot. Overall, customer satisfaction with the chatbot was quite high, getting an average feedback rating of 4/5 from customers.
Having a banking chatbot work in tandem with your contact center will allow support staff to prioritize interactions with customers seeking complex help, generating lasting and personalized impressions where they’re needed the most. When call centers want to start taking on more roles and specialize into experience centers, they will rely on chatbots to handle simple customer support tasks so that their effort can be saved for where it will have the most lasting impact.
The traditional structure of most financial institutions is seeing a large amount of change: call centers are becoming more multi-purpose, front line services for important banking needs, and they are supported by robust digital solutions that help deliver a more efficient and self-serving customer experience.
In the full webinar with David Porter, Global Financial Services Director at Genesys, we discuss further about how customer expectations have changed during the pandemic. We also demonstrate how our chatbot works with call centers like Genesys to make the digital customer support experience a smoother, easier process.