The Financial Brand Insights - Fall 2022

Matt Luhn

Ginger Hardage

Omar Johnson

Duncan Wardle

Daymond John

Magic Johnson

A chatbot can handle the conversation with a customer up to a certain point, and then hand it over to a human agent once the content of the interaction becomes better suited to a conversation. The assistance of a chatbot in the initial interaction — as an interactive FAQ-style system or as a “concierge” that qualifies the customer request — is enormously helpful for administering customer support. Customers will likely be content to resolve basic requests through a powerful AI chatbot that is fit for purpose. Fundamentally, a hybrid conversational banking strategy will ensure that agents are spending valuable time on qualified interactions. Not only does this limit the volume of requests, but it also ensures that every conversation between an agent and customer is meaningful. In the long run, supporting customers with human-led advice should give them more substantive knowledge on personal banking, helping to avoid repeat calls. By freeing up agents’ time and satisfying customer queries with a conversation, banks and credit unions can expect to boost their bottom line. Conversation: At the Heart of Customer Experience In our rush towards technological transformation, the miscalculation made by many has been attempting to mechanize elements of customer service that used to be innately human. It’s time that banks and credit unions dropped the idea that this will save them time and money, and flipped this approach on its head. Automation should be a considered, justifiable decision — and financial institutions should look to humanize their digital offerings as much as possible. For that, conversational banking might be the missing piece of a revenue-boosting digital strategy. ▪

their customers’ best interests at heart. Hybrid banking experiences are the clear way to bridge this gap, notes Ernst & Young, and customers are specifically seeking services of this kind. Conversational banking is a key feature of a hybrid customer experience, unifying the digital dimension with the human element of natural, real-time conversation. Equally, a conversational offering taps into the popular appetite for personalized services. By first leveraging the power of data and AI to generate tailored insights for every banking customer, banks and credit unions can then deliver individualized offers in their exchanges with customers — be it via video, messenger or phone call. This represents the customer-centric evolution of the age-old blast email tactic. While a generalized communication is unlikely to get much engagement, a personalized message delivered on the customer’s terms simulates the everyday experience of picking up the phone when a text or call comes through. Needless to say, the outcome will be a more fulfilling client experience that lends itself to long-term value. Optimizing Advisor and Agent Efficiencies So, what about those who have client-facing roles? On the surface, it might seem that conversational banking creates more work for agents and advisors by raising the bar for customer interactions. This is where the value of a hybrid approach to conversational banking comes into its own. Keep in Mind: Without a human-led component of the banking experience, today’s customers are unlikely to grant banks their trust.

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