Page 40 - Banking Finance May 2023

ARTICLE

manner. This interaction is conducted securely and offers a
Support in Real-time through Video
range of transactions like account overview, funds transfer,
Tools
policy renewal, refund processing, and similar simple tasks.
One step ahead of support through chat is extending the
Banks Customers same through video-based tools. In situations where the
customer is unable to visit physically, this type of interaction
Cost-saving: Using chatbots Always avqailable:
would be a blessing that will help build an effective
to handle common 24x7x365 availability
relationship. The video interaction can also be used for
customer requests can with zero wait time to
product demos for seamless onboarding as visual
save huge operational costs. handle general queries.
communication is always better. The round-the-clock service
Fewer errors: Manual work Service quality: Fewer
offers customers to converse with a video banker through a
is more prone to errors errors in interaction
smartphone, tablet, or computer at a time and place
and customer dissatisfaction lead to faster and more
convenient to them.
eventuality. AI alded digital effective resolution.
interaction delivers error-
Experience Design
free service.
To create a great conversational banking platform, thereby,
Scalability: Sudden increase Customer engagement:
creating an appealing experience to the customer, the flow
in volume to service will Customers can also be
of the financial services offered have to be streamlined.
not be affected. reached proactively to
The steps to be followed are
improve satisfaction and
1. Identify all the customer interaction touchpoints and
brand loyalty.
deliver a consistent omnichannel experience.
Bank of America deployed a virtual financial assistant named 2. Divide the customer journey based on their category
Erica, a bot that has efficiently handled customer service like established, new and prospective customers.
queries in various ways like sending notifications and
3. Identify common queries and automate the same using
providing balance information, sharing money-saving tips,
a bot. Repetitive and general questions can be handled
providing credit report updates, facilitating bill payments,
by the automated system more efficiently.
etc.Closer home, State Bank of India has deployed virtual
4. Make sure that a human agent is available to take
assistants in all its apps and websites like SIA, SBI Voice Assist,
overcomplex queries where the bot cannot handle,and
ILA, etc that guide and engage the customers for their basic
the switch must be seamless.
banking needs.
5. Engage the customer in real-time chat, voice or video
Support in Real-time through co-
browsing
Co-browsing is a live engagement tool, which is collaborative
where both parties can browse together and interact in real-
time. This scenario allows agents to see what the customer
sees making the interaction successful. The security aspect
is taken care of by blocking other information on the device
and by masking certain fields with sensitive information.

Co-browsing benefits
Personalized service delivery

Faster resolution rate
Customer education

BANKING FINANCE | MAY | 2023 | 37