Automation driven tools to enhance Customer Experience in Banking
July 23, 2023
Customers can choose from a wide range of goods and services in today’s environment of rapid digital development. Organizations can achieve this competitive advantage and differentiate itself from the competition by improving the customer experience (CX) using intelligent automation (IA). Companies that use customer service centres (CSCs) as their main point of contact now have the chance to innovate with intelligent automation to change the customer experience. Additionally, businesses must concentrate on customer happiness and loyalty in addition to customer acquisition in order to have a strong customer experience plan.
In a recent survey, 90% of participants said they felt comfortable using technology, such as chatbots and virtual agents, to hasten the processing of their inquiries. Companies are recognising this trend and rapidly expanding the use of intelligent automation; in their customer support operations, 80% already use or plan to use virtual agents.[1] According to a Gartner report from 2018, 66% of marketers believe that the “new marketing battlefront” is CX. Despite this, Gartner found that more than 70% of CX leaders still have trouble creating initiatives that boost client loyalty and produce outcomes. In the future, organisations and customers will depend more on automation to manage the onslaught of digital data and services.[2]
Intelligent Process Automation (IPA) solution harnesses Artificial Intelligence (AI), Robotic Process Automation (RPA) and Virtual agents as chatbots. Defining the strategy that enables the integration of an intelligent automation system and the implementation of the necessary technology to deliver a fundamental transformation of a company’s operational model.
Automation Tools for Customer Services
The banking sector has experienced a sharp rise in competition as a result of digitization. Businesses in the banking industry are constantly looking for methods to improve efficiency and profit margins by streamlining their processes. Robotic process automation (RPA) and artificial intelligence (AI) virtual assistants have so gained popularity in banking. Banks may now automate several customer service-related processes using the smart system.
Artificial Intelligence & Machine Learning: Artificial intelligence, sometimes known as AI, is the most crucial element of intelligent automation. Companies can create a knowledge base and make predictions based on that data by analysing structured and unstructured data using machine learning and advanced algorithms.
Business Process Management (BPM): Workflows are automated by business process management to increase the consistency and flexibility of corporate processes. Banks use business process management to streamline operations and enhance communication.
Robotic Process Automation (RPA): Robotic process automation uses software robots or bots to conduct a variety of background tasks, including data collection and form completion. These robots work in conjunction with artificial intelligence, and robotic process automation (RPA) can leverage AI analysis to drive more difficult tasks and use cases.
Intelligent Automation Enhances Customer Services
Provide Omnichannel Customer Support: Eliminate time-consuming processes where customers send mail, complete out forms, and then follow up with customer care calls to gather the same information. Your business will be able to track and update all client requests and inquiries from various channels in real time with an omnichannel presence, enabled by IA tools.
Quicker Query Resolution: Customers may get dissatisfied and look for alternative businesses that offer quicker question resolution due to longer wait times and slower response times. You can use an IA chatbot that operates around-the-clock to give customers faster resolutions. According to a report, the use of intelligent chatbots increased inquiry resolution speed for 90% of the organisations.
Enable Customer Self-Service: 90% of customers, according to a 2015 survey, expect businesses to have a self-service customer care portal. Along with chatbots, self-service technologies can assist in giving your consumers the pertinent information they need to manage problems on their own.
Enhancing Customer Experience with Customer 360°
Benefits of Automation driven tools in enhancing customer experience
Automation-driven tools offers several advantages to enhance customer experience in banking. Here are some key benefits:
Increased Efficiency: Automation eliminates the need for manual processes, reducing the time and effort required to complete banking transactions. It enables faster processing of customer requests, leading to improved efficiency and reduced wait times. Customers can perform various banking activities swiftly, such as account inquiries, fund transfers, and bill payments.
24/7 Support: Automated tools provide continuous customer support. Tools like Virtual assistants and chatbots can answer common questions and offer round-the-clock real-time support. Instant responses to customer inquiries can shorten wait times and increase customer satisfaction. Customers can access and use financial services more easily by using automated solutions that can guide them through various processes.
Speedy onboarding and account management: Automation speeds up and makes more convenient for customers, the account opening and verification procedures. Customers can open accounts remotely, submit required documents (KYC) online, and finish the process swiftly with the help of digital onboarding and automatic verification tools. Automated systems also make it easier to manage beneficiaries, set up direct deposits, and update personal information for accounts.
Personalization and Customization: Banks can gather and analyse a lot of customer data due to automation-driven solutions. Banks may learn more about each customer’s preferences, behaviour, and financial demands by using artificial intelligence and machine learning algorithms. This data-driven strategy makes it possible to provide personalised banking experiences, such as specialised product suggestions, unique offers, and focused communication, which increases customer satisfaction and loyalty.
Enhanced Security: Banking system security can be strengthened by automation. Customer data and transactions are protected from unauthorised access and fraudulent activities by adopting strong authentication procedures and encryption solutions. Advanced authentication methods, such as biometric recognition and multi-factor authentication, can be implemented seamlessly. Automated fraud detection systems can quickly identify suspicious activities and prevent unauthorized transactions. Automated systems can secure consumer assets by quickly identifying suspicious activity, setting off alarms, and implementing innovative security procedures. This builds customer confidence and trust.
Self-Service: Self-service banking offers customers more flexibility and control over their banking experience while reducing reliance on bank staff. Customers can access account balances, transaction history, and statements online or through mobile apps, avoiding the need to visit a physical bank branch. Automated systems can manage routine inquiries, such as password resets or fund transfers, enabling customers to resolve issues independently and conveniently.
Quick Issue Resolution: Automated tools, such as chatbots or virtual assistants, can provide instant customer support and resolve common queries and issues. These tools use natural language processing and AI algorithms to understand customer inquiries and offer appropriate solutions. By resolving problems in real-time, customers experience quicker issue resolution, reducing frustration and enhancing overall satisfaction.
Cost Efficiency: Automation helps banks reduce operational costs. By automating routine tasks, banks can allocate their resources more efficiently and optimize their workforce. This cost-saving can be passed on to customers in the form of lower fees, better interest rates, and improved service quality.
Challenges of Automation driven tools in enhancing customer experience:
Automation-driven tools have the potential to significantly enhance customer experience in the banking industry. However, they also come with several challenges that need to be addressed. Here are some of the key challenges:
Customer Education and Adoption: Introducing new automation-driven tools requires educating customers about their benefits, functionality, and proper usage. Some customers may be resistant to change or unfamiliar with technology, leading to a slower adoption rate. Adequate training and support mechanisms should be in place to ensure customers can navigate and use the tools effectively.
Limited Scope of Automation: Not all banking processes and customer interactions can be fully automated. Certain transactions or situations may require human intervention or expertise. Finding the right balance between automation and human involvement is crucial to ensure a seamless customer experience. Identifying the limitations of automation and providing clear guidelines for when human support is available can help mitigate this challenge.
Technical Glitches and Errors: Automation tools rely on technology infrastructure, and any technical glitches or errors can negatively impact the customer experience. System downtimes, software bugs, or integration issues can result in disrupted services and frustrate customers who rely on these tools for their banking needs.
Limited Problem-Solving Abilities: Automated tools are designed to follow predefined rules and workflows. They may not be equipped to manage unique or complex customer problems that require creative thinking or exception handling. It is important to ensure that automated systems can recognize such situations and seamlessly transfer customers to human agents who can provide personalized solutions.
Balancing Automation and Human Touch: While automation can streamline processes and improve efficiency, it is important to maintain a balance between automation and the human touch. Many customers still prefer interacting with a human representative for certain banking services, especially during complex financial transactions or when seeking personalized advice. Banks need to find the right balance between automation and human interaction to provide optimal customer experiences.
Integration Challenges: Banks typically have complex legacy systems that may not be easily integrated with new automation tools. Ensuring seamless integration between automation tools and existing infrastructure can be a significant challenge. Incomplete or inefficient integrations can lead to fragmented customer experiences, data inconsistencies, and delays in providing services.
How Brickendon can help?
Brickendon can conduct a thorough analysis of the bank’s existing customer experience processes. Identify bottlenecks, pain points and areas that can be improved through automation.
We can identify specific processes which can be automated within the bank to enhance its customer journey. This could include account opening, loan applications processing, customer support, fraud detection, or personalized recommendations.
Brickendon can identify automation solutions that can address the pain points which would include tools as chatbots, robotic process automation (RPA), natural language processing (NLP), machine learning algorithms, etc.
We can work closely with the bank’s IT and Operations teams to customize the automation tools according to their specific requirements such as integrating automation tools with existing systems, designing user interfaces.
Brickendon can assist banks in creating self-service portals with links to online forums where customers can easily initiate service requests or send any informationwhich can then be automatically routed to the appropriate departments or personnel for approval, or to customer helping in eliminating manual effort of routing data and reducing turnaround time (TAT) thereby creating a 24/7 access to services for customers.
Brickendon can help to auto-file customer information into a standardised folder structure using a centralised repository and process automation tools.Automating processes related to customers’ data eliminates error-prone manual tasks, improving accuracy of information, along with supporting information governance and compliance with regulatory requirements.
Brickendon can help in Integrating to connect the different applications, systems, and sites where customer data is stored, enabling banking institutions to create more holistic automated solutions and a complete digital experience for customers and the employees. Integration solutions like connectors and APIs for integration platforms as a service (iPaaS) can serve organisations increasingly complex integration requirements, improving information flow and reducing rework.
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