Traditionally, the benefits of customer engagement technologies have been talked about in terms of “deflection.” Deflecting calls. Deflecting costs. Deflecting customers.
Early on, financial service institutions, like many other businesses, employed the dreaded Interactive Voice Response (IVR) systems that we are all too familiar with. These systems were designed specifically for customer deflection and not at all with customer experience (CX) in mind. These early technologies are not sophisticated enough to interact with us in a humanlike way, and the result is often frustration, impatience, and a poor customer experience.
But that is all changing now, thanks to artificial intelligence (AI) and machine learning. Modern technologies enable us to interact with machines just like we would interact with a human being – using natural language through speech and text. With new technologies like AI-powered chatbots and voice assistants, banks and credit unions have a brand-new opportunity to combine the cost-saving benefits of technological intervention with the humanlike experience that today’s customers (or members) demand.
Shifting Perspective
It’s not about deflection. It’s about self-service.
When it comes to customer support and member services, self-service is stealing the show. So much so that the Harvard Business Review reports that 81% of consumers try to self-serve before calling a contact center. Your customers WANT modern, intelligent self-service. Yet, many banks and credit unions still make it extremely difficult for customers to solve problems on their own, all while still not having the resources to take care of every request in a timely manner. Something’s got to give.
As CX is moving to the top of the priority list for nearly all banks and credit unions, keeping customers at bay with an IVR will no longer suffice. According to TSIA, customers prefer self-service to phone and email. So how can your organization rise above antiquated IVRs and deliver the intelligent self-service members really want? By bringing AI into your customer engagement strategy.
Self-Service is Here to Stay
Today’s AI is intelligent, conversational and intent-oriented, rather than task-oriented. A modern chatbot is smart enough to understand the question the customer has and either answer that question or route them to the best resource to get that question answered. These bots are self-learning, meaning they get smarter and more effective with every interaction – and are smart enough to know when they aren’t smart enough to handle the query and seamlessly escalate it to a human agent with the full context of the conversation.
Today’s AI solutions have completely changed the face of self-service. AI-powered chatbots are helping financial service institutions of all sizes provide frictionless, scalable, and effective support without putting additional burdens on the call center. And more importantly, they give customers the tools they need to self-serve the way they want to – 24/7 with instant answers delivered in a humanlike way.
Distinguished VP of Research at TSIA, John Ragsdale, summed this up perfectly saying: “I sometimes hear companies worrying that “deflection” strategies send a message that they don’t want to talk to customers. According to my data, this isn’t a valid concern—customers would prefer to help themselves if they can. Therefore, investing in self-service is a win-win strategy for both the support organization and customer.”
While offering your customers or members an automated alternative to human support used to amount to avoiding them, modern technologies have created an opportunity for banks and credit unions to deliver the experience that today’s customers require, all while positively impacting the company’s bottom line. Learn more with our whitepaper.