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How AI-powered conversation intelligence transforms CX for financial services companies
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Global Banking and Finance Review
Company
By Rich Wang, VP, Customer Success, Observe.AI
Rich Wang, VP, Customer Success, Observe.AI
As was the case for many industries, the pandemic accelerated the need for financial services companies to rethink their approach to customer service and support. Live phone support remains the go-to channel for critical and high-value customer interactions, and businesses are therefore looking to harness next-generation technologies like AI and natural language processing (NLP) to deliver a superior customer experience.
Here are three ways that AI-powered conversation intelligence can transform the customer experience.
Increase customer satisfaction using an empathetic approach
Conversation intelligence provides context around the “why” and “how” to improve critical metrics like CSAT and NPS. It provides a deeper understanding of the customer journey from end-to-end, providing opportunities for companies to proactively address real customer needs and provide a more personalized customer experience.
As counterintuitive as it may sound, AI can actually promote greater empathy and a more human touch to agent-customer interactions. It allows agents to zero in on how the customer is feeling using tonality-based sentiment analysis, and dig deeper into what is making the experience positive or negative. It also enables supervisors to validate whether their teams are using effective empathy statements to connect with customers, and discover why certain calls are being escalated so they can better train their team on de-escalation tactics.
Improve conversion and retention rates
The average financial services company is only able to monitor 0.05% of contact center calls using traditional manual methods. AI, however, empowers them to automatically transcribe and analyze 100% of customer interactions, and take immediate action on a range of insights to increase conversion and retention.
Using this kind of conversation intelligence, companies can better understand exactly where customers churn, which type of dialogue creates the most positive experience, and what specific factors impact agent effectiveness. For example, AI can identify opportunities for the agent to quickly identify negative customer sentiment and provide recommendations for course-correction. This rapid and specific feedback also provides personalized coaching opportunities for agents that motivate them to improve their performance.
Give customers what they need — and what they want
Last but certainly not least, conversation intelligence allows companies to make smarter, data-driven decisions across the entire organization that include, but are not limited to, better support and service.
The insights gleaned from customer interactions can help marketing teams deliver more targeted, relevant campaigns based on customer response and feedback to new offerings. It also uncovers major pain points and unmet needs for the product team to ideate around and address. It further provides sales teams with the insights they need to close more business. In short, every customer interaction becomes an opportunity to delight customers and keep them coming back while also uncovering business-improving insights that impact every function of the company.
Empowering human workers with AI
Financial services companies can hone their competitive edge by addressing customer support proactively, increasing customer satisfaction and retention, and creating products and services that continue to set the bar. AI-powered conversation intelligence empowers companies to augment the work of human agents to create a memorable, empathetic, and impactful customer experience.
AI-powered conversation intelligence refers to the use of artificial intelligence and natural language processing to analyze customer interactions, providing insights that help improve customer service and satisfaction.
Customer satisfaction measures how products or services meet or exceed customer expectations. It is often assessed through surveys and feedback, impacting customer loyalty and retention.
Conversion rate is the percentage of users who take a desired action, such as making a purchase or signing up for a service, relative to the total number of visitors.
Data-driven decision making involves using data analysis and interpretation to guide business decisions, ensuring strategies are based on factual evidence rather than intuition.
Empathy in customer service is the ability to understand and share the feelings of customers, allowing service agents to connect on a personal level and enhance the customer experience.
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