One of the first business domains to see widespread penetration of A.I. is customer service. A.I. powered voice assistants and chatbots have rapidly automated the front line of customer service across industries and especially in financial and wealth services.

  • Technologies like sentiment analysis can be used to identify angry customers so that they can be treated with care, following different scripts.
  • Text classification can be used to categorize the different interactions with customers for analysis without having to manually go through every interaction.
  • Voice-to-text systems, now shown to be more accurate than humans, are able to turn phone calls into written scripts that can be easily analyzed, archived and searched through.
  • Response recommendation systems can help keep operators on script and aware of what they need to say at each point in time.
  • Quality control systems can evaluate conversations to find points where an operator treated a customer well or poorly without having to review every single conversation.
  • Finally, chat-bots and machine learning are powering a new wave of fully automated contact centers. In this new era, humans are only needed for the most complex and unusual transactions, potentially automating as much as 95% of customer interactions.

The automated banking machine ushered in the first wave of automation in the interaction with the client for financial institutions. The web opened up the second wave. Now, chatbots and machine learning are opening up a third wave of automation. The open-ended nature bots mean, with sufficient investment, they can handle the vast majority of customer interactions that the web can’t handle. They can also do it in a more natural, conversational manner, able to replicate the personalized experience one might get if they came in and talked to a real person.

It’s only a matter of time before the technology gets deployed in every corner of every bank, insurance company, or wealth fund. Let’s chat about how we can help.

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