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Digitally Transform Your Bank With New-age Voice Banking

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Digitally Transform Your Bank With New-age Voice Banking

Voice banking is the new way to bank digitally in 2022 and beyond. Here’s why YOUR bank needs voice AI for phone banking.

“Press 1 for debit card services, press 2 to report a fraud, press three to go to the main menu” 

Sounds familiar? It sounds outdated to your users. Many companies today have already switched to newer and faster technology to help them connect and engage with their users better. 

In 2022, we have the technology to power natural personalised voice conversations that take the clunkiness of IVR systems and replace it with simplicity. Users can simply talk to the Voice AI and get information or connect with a live agent. 

In a Cognizant survey of 1400 respondents, 80% of people felt voice AI has a game-changing impact on how the banking sector operates. Let’s take a look at how Conversational voice AI will get there and where voice banking stands today. 

IVR systems are a slow, inefficient relic of the past

The current IVR system that most banks have in place are sluggish, complicated and a hassle to use. To understand why these systems are a poor choice, we’ll have to put ourselves in the shoes of a distressed customer: 

The user calls the phone banking helpline in a state of panic realising that there’s been fraudulent activity on his account. However, even in this state of distress, he still has to go through the entire carousel of options before being able to connect with a live agent who can assist him.

It’s clear how inefficient this system truly is for the times we’re living in.

This is why we set out to find the best way to improve phone banking and after much deliberation, banking voicebots seem to take the cake.

Here are the top 10 functions a strong conversational AI can solve for your bank.

What can voice banking do today? Here are the different use cases

Everybody is familiar with voice AI, we use it on our phones, in our cars and in homes as well. We’ve gotten comfortable using voice AI so quickly because of how simple it is to use – as it should be. 

This is exactly what phone banking is lacking – simplicity. 

Let’s take a look at the different use cases of Voice banking:

1. Resolve frequently asked questions right away

In the banking industry, customers usually across similar types of queries. 

What is my bank balance?

Where is the nearest ATM?

How to change the registered address with my bank account?

These are some of the most commonly asked questions every customer support team in a bank receives. 

A voice AI can smoothly guide your users through these questions from A to Z. A smart voice banking bot can talk to your users like a live representative does, and lead them to apt resolutions. This is exactly something a basic IVR lacks. While an IVR can merely collect information and transfer it to an agent, a banking voicebot can alone resolve most level 1 questions. This frees up room and time for your agents to focus on more complex questions.

2. Suggest intelligently 

Banks are always coming up with new financial products that cater to different target audiences. When suggesting new products and offers to customers, it’s important to make sure that the products are actually what your users are looking for. 

A traditional IVR system does nothing but deliver generic product suggestions, but Voice AI can make it smarter. It can suggest products based on the account information (demographic, account type, etc.) and interaction history. Intuitive, smart suggestions that are personalised can make all the difference.

3. Detect fraudulent activities right away

As technology advances, so do new ways of cybercrime. People place a lot of trust in banks and it’s important for banks to keep funds protected in every way they can. Fraudulent activities can be detected and flagged by voice AI’s state-of-the-art fraud detection algorithms.

A quick-witted voice banking chatbot can pick up on various verbal and behavioural cues in the speaker’s vocal input to detect fraud before it occurs. How can you train your banking voicebot to do this?

  • Review and analyse past fraudulent calls 
  • Use a dataset of common phrases and keywords scammers use
  • Use a performance sheet to flag calls based on these trigger phrases 

You can train a voice AI to identify conventionally fraudulent behaviours. This way you can mitigate risks as and when they come.

4. Stay ahead on customer info with tech integrations

No two customers can be alike. And so, one of the biggest drawbacks IVR systems today have is the lack of personalisation. Every user will have different questions to be answered and varying expectations to be fulfilled.

A smart voice banking bot will know your customer’s details (through your CRM) and even your customer’s preferences (through your marketing automation tool) before it can give an educated, well-thought-out response. Your tech integrations will let you gather data as and when needed.

5. Detect urgency and nature of calls

Another great advantage of voice AI over traditional IVR is its ability to map emotions and urgency in the user’s speech. You can train your voice banking chatbot with emotion and sentiment analysis to identify the right user context and reactions.

A sturdy banking voicebot can thus identify the nature of calls and how satisfied your users are with its responses. Voice recognition technology can even prioritise and transfer calls to live agents.

What’s new in fintech: Cryptocurrency, conversational AI, customer support

Refining and getting your voice AI ready for the future

Voice AI was built with simplicity in mind. 

Inefficient IVR systems have alienated customers from phone banking. But Voice AI will change that with quick, efficient responses that save time, money and a lot of worries. A research study by Strategy& at PWC shows that banks can become efficient by up to 35% by deploying voice AI across their front and back end processes. 

However, one of the top concerns for the banking industry in the coming years will be safeguarding their clientele’s financial information. Security reigns supreme for financial institutions. To ensure this, more voice banking products will build AI using enterprise-grade security systems.

As of now, most voice banking assistants are equipped to handle simple queries – but that’s not how a bank can truly scale and accommodate changing customer behaviours. Banks will need to redefine user journeys across products and services backed by strong tech integrations to fulfil the dynamic expectations customers have today.

At Verloop.io, we want to help empower banking with the power of conversational intelligence to improve CX. You can reach out to us for a free demo here.

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