Banks Adding AI, Analytics to Boost CX

Banks Adding AI, Analytics to Boost CX

With many digital transformations underway, we expect to see banks drastically step up their adoption of artificial intelligence and analytics in the next year as they compete to deliver differentiated, digital-friendly customer experiences.

Banks are focusing on several areas to improve Digital Customer Experience (DCX), including:

  • New channels – They are adding mobile, web chat and self-service capabilities, for example, in some cases, integrated through omnichannel
  • Personalized service – They are adding video to deliver a more personal touch in a digital world, and relying upon sentiment analysis and Natural Language Processing (NLP) to react swiftly to any issues. They’re also connecting their contact center and workplace collaboration platforms to more easily bring in company experts to address specialized questions or concerns.
  • Agent assistance – They are using agent analytics to provide agents both performance data and contextual data they can use to improve each interaction.
  • Customer analytics – Beyond the agent analytics, they’re tracking and responding to social media interactions. Banks also are using customer health scores and analyzing customer feedback delivered via surveys, as well as external web ratings.
  • Staffing changes – To keep everything operating smoothly in CX, many are hiring a Chief Customer Officer to help reduce turnover in the contact center and leverage customer data to improve sales, marketing, and product design. What’s more, HR is using technology to onboard new employees more efficiently—using video for interviews, interactive web portals for training, and AI chatbots to assist with benefits training.

Clearly, technology plays a big part in any transformation, and banking is no exception. Banks are slightly ahead of all industries in adopting omnichannel, with 33% using today. What’s more, they expect their self-service portals will handle 38.3% of transactions by the end of 2021 and 66% by the end of 2025, according to Nemertes’ 2019-20 Intelligent Customer Engagement research study of 518 organizations.

Artificial intelligence also will play a role. Although today, only 44% are using AI, another 39% are planning to use it, for a total of 83% using or planning to use—significantly higher than all industries, which stand at 60.8%. Banks are using sentiment analysis, NLP, facial recognition, real-time voice transcription, and customer-facing chatbots most frequently today.

It’s clear that banks are leading the charge when it comes to integrating their contact centers with their workplace collaboration platforms, with 91% of the research participants planning to do this by year’s end (compared to 61.8% of all organizations). This helps them extend the expertise of the contact center staff to all employees—available to field questions to help serve a customer or close a deal.

Though banks are slightly behind today in employing a Chief Customer Officer (27.8%), they are aggressively looking to hire one within the next year. Half of the research participants said they plan to do so in the coming year.