Generative AI in Banking Contact Centres: How it Works

With generative AI being the center point in all industries at present, Banking services are also renewed. Generative AI has been a masterstroke to achieve the new heights in customer experience. Personal loans, CIBIL scores, transaction histories and many more customer inquiries are now quickly resolved through Generative AI.

To understand the depth of Generative AI in the Banking industry, the concept of GenAI needs to be summarized. Generative AI is an algorithm created through feeding the data and churning out the trends and customer journey through the product or a service.

In the banking industry contact centers Generative AI in integration with Chatbots like Infibot has helped agents reach new heights of customer experience.

Impact of Generative AI in Banking Contact centers on Agents

⦿ Summarizations of Transcripts – To understand the customer inquiry and provide them with the most relevant resolution and utmost clarity, one has to have a clear understanding of the issue. Hence, Generative AI gives out a gist of customer transcripts and helps the agent understand the query at ease.

With query now being clear through the agent the best resolution is provided making it an enriching customer experience.

⦿ Omni-Channel responses – The customer inquiries in today’s day and age are not just limited to mails and applications. They can reach out to you through major digital platforms like facebook, Instagram, X, WhatsApp and more. Hence, the resolution should also be expanded to these channels including our traditional mail responses.

Therefore, to help agents reduce their AHTs and increase FCRs, omnichannel solutions like CXInfinity have been a blessing for the agents. It has considerably reduced the toggle time between different customer inquiries through different channels and brought it out in a single screen.

⦿ Tagging – An agent’s resolution does not end at customer’s call. It stretches ahead where the agent fills out the gist and adds the tags related to the call to help the other agent in case of multiple inquiries by the same consumer.

Thus, Generative AI in banking contact centers has helped agents categorize the similar transcripts and issues under a broader category. It helps an agent pick one set, or in case of a supervisor to divert the relevant set of inquiries to the most relevant resource. This categorization under a set of broader inquiries has streamlined the workflow and query answers ultimately enriching the customer experience.

⦿ Integration with Chatbots – Generative AI after being integrated with chatbots has reduced the volume of inquiries the agents have to face.

Consider an example where a customer has raised an inquiry to the chatbot, it releases an automated response. To make the customer experience more personalized, chatbots now analyze the statement and share a personalized response trying to resolve the customer query without the intervention of agents, thereby reducing agents’ efforts and boosting the customer experience.

⦿ Sentimental Analysis – Gauge, analyze & understand customer interactions through Generative AI to identify areas for improvement. Identification of good and bad keywords and divergence of calls to supervisor has been an important feature where Gen AI comes in handy.

⦿ Agent Burnout Assistance – The constant call handling and assisting the customers has led the agents to experience burnout more often than anticipated. Especially in the banking industry where every query requires a little more attention to detail.

With agents working too long Gen AI can help agents by giving them updates to take desired breaks to help them become more productive.

⦿ Personalized Recommendations – Journey from a good agent to becoming people’s and managers’ favorite lies beyond the call resolutions! An agent can resolve the query in the best possible way but to go beyond is another perk Generative AI in banking can offer to the agents.

Generative AI in banking can recommend relevant products and services to the agent to pitch in while resolving a customer query. These recommendations are based on customer query trends, their requirements and are identified through the keywords and tones used by the customers.

Generative AI can go beyond regular recommendations and provide innovative ideas through combinations where products and service integrations could be pitched, hence leading to enhanced customer experience and benefits in sales for the banks.

⦿ Breaking the Language Barriers – Contact center agents although fluent in languages can still face an issue with understanding customers with different languages. Generative AI however can facilitate communication by providing real-time translation and helping in providing excellent customer experience.

⦿ Generate Automated email response – Generate personalized emails and customer response query with Generative AI and augment your customer experience with your bank. The agent can also streamline the workflow by sharing quick automated emails tailored to each customer’s query rather than individually typing and sending out the responses.

⦿ Supervisor Assistant – GenAI in banking can be the best assistant to the supervisor. It helps identify the commonly asked query, shortfalls of products & services, agent’s progress, and areas of improvement, provides better data presentability & more. Gen AI when integrated with CXI can help supervisors identify when they can barge in the call for an agent or where they can provide assistance to agent without the customer being aware about the same.

What is the future of GenAI in banking?

⦿ Automated Customer Service: Generative AI can handle routine customer inquiries which includes commonly asked questions and basic queries.

⦿ Personalized Interactions: To enhance and intensify the quality of responses and improvise customer satisfaction, personalized interactions might come in handy. Softwares like FIS, Fiserv, Infosys Finacle can analyze customer data & provide customer-oriented tailored responses and recommendations.

⦿ Enhanced Fraud Detection: With cybercrime rates skyrocketing & the security being compromised, fraud detection feature is embedded in the banking softwares in integration with Generative AI. It can find anomalies in transaction data, identify potentially fraudulent activity and alert both customers and the bank’s security.

⦿ 24/7 Support: Breaking the barriers of 10 – 5 working hours with Generative AI & providing your customers with round-the-clock support with softwares like FIS, Fiserv, Infosys Finacle.

⦿ Cost Efficiency: Invest Your human resources for more complex and value-added activities! Generative AI for banking is now being deployed to lower operational costs and replace manual assistants for better functions at reduced labor costs.

⦿ Automated ticket routing: Generative AI can analyze incoming queries and route them to the appropriate departments, ensuring a streamlined workflow and reducing response times.

Wrapping Up!

In conclusion it can be emphasized that Generative AI in banking contact centers can be the friend in need for the agents. It not only assists them to provide better customer experience but also refines their productivity, identifies customer trends, and offers improved efficiency. However, successful deployment requires careful planning, investment, and ongoing management to address potential challenges and maximize the benefits. As technology evolves, banks must remain adaptable and responsive to ensure that their AI solutions continue to provide value and meet the needs of their customers.