Banking and Insurance
How is conversational AI impacting customer support in the BFSI industry?
Customer engagement in the banking, financial services and insurance (BFSI) industry is moving online. And conversational AI has made it easy for customers to access banking services at the tip of their fingers.
The shift has already begun.
Consumers are demanding a more flexible journey. 71% of customers now prefer multichannel interactions and 25% of them want a fully digitally-enabled private banking journey with remote human assistance available when needed (McKinsey, 2020).
To truly determine whether or not your customer support is meeting customer requirements, you first need to identify key metrics, quantify your efforts and understand how your financial institution is measuring up with the industry standards.
In our BFSI benchmark report for 2021, we discuss these and share insights from our data.
- 6 million queries
- 50+ companies
- 3 regions
To measure conversational chatbot’s influence on
- Customer Satisfaction
- First Response Time (Bot + Agent)
- Average Handling Time
- Bot Deflection
Can banking and financial services be digital-first? A reality check
The pandemic has accelerated digital transformation. A Deloitte report stated that in 2020, there was a 35% increase in customers’ use of online banking. This trend could only have grown further in 2021.
“BFSI sector is pivoting towards a model that values continuous engagement over just sporadic sales calls, listening to customers 24×7 over quarterly feedback, and customer surveys and being proactive rather than reactive. This demands providing a seamless customer experience along with focusing on building powerful financial products. And Customer Support Automation has come to play a key role in shaping these kinds of experiences for businesses and their customers.”Gaurav Singh, our Founder and CEO
Check out how banking and financial services fared in customer service in 2021.