6 Top Benefits of Voice Bot for the BFSI Sector

Machine learning (ML) and Artificial intelligence (AI) have gradually made their way into several conventional industry verticals. One of the most common areas where this advanced digital technology is thriving is the customer service center. Among all the industries that are using AI and ML to enhance their customer experience, the BFSI industry is perhaps the most notable verticals.

In recent years, companies in the BFSI sector have become more customer centric than they ever were in the past. But still, some are lagging behind in terms of technology. AI-powered Voice Bot is capable of fueling the requirement of the customer experience paradigm effectively.

And since customers have become more tech-savvy, banks, finance, and insurance companies are catching up fast with the help of voice AI or voice bot. Today, the smart AI powered virtual assistants have enabled better customer experience by being available round the clock to answer queries just like a human agent would. Its high degree of accuracy in responding to customer queries have enabled the sector to elevate customer support’s efficacy without costly overheads of live agents serving these interactions.

How does voice bot work? 

Voice Bots use artificial intelligence and national language processing (NLP) to comprehend a question or a request to structure a befitting audio response. It converts human voice into text using STT or speech-to-text features. The AI technology then assists in identifying key markers or intents in the speech to generate a suitable response. The TTS of the text-to-speech feature then converts the text response into audio or voice to complete the interaction.

These bots are instructed to comprehend the entire speech and offer responses in an almost human-like manner. This is the reason they are referred to as voice assistants or virtual assistants.

How does voice bot boost a customer experience?

By shifting their focus towards Voice Bots, companies in the BFSI segment can offer the best customer support and engagement to experience benefits like:

1. Customer engagement and satisfaction

In almost every sector, customer satisfaction is directly proportional to loyalty-building and customer retention. In fact, it is found that many people switch banks or other service providers due to poor customer service.

Customer availability doesn’t always sync with the finance companies’ working schedule.  However, with AI-driven Voice Bots, banks can offer round the clock services irrespective of time and geographical location.

2. Cost reduction and efficiency management

Voice AI technology can significantly eliminate the burden of answering repetitive queries from employees. This way, they can focus on tasks that actually require human expertise. Plus, bots are capable of engaging customers into self-service on certain to-dos and basic enquirers. This, in turn, reduces the number of calls/emails, and even the ticket resolution time is decreased significantly.

3. Hyper personalisation

With the implementation of bots, customers gain the opportunity to lead conversations with bots as per their needs. In this process the company has access to important customer details, feedback, requirements for the historical dates to reach the customers with hyper-personalized support and offerings down the line.

4. Privacy & Security

Money laundering and frauds do huge reputation damage and losses to the business. With smart voice assistants, it is possible to do future automation and even bring more intelligence to the process, which is overlooked by security or regulatory requirements.

Using conversational AI technology, banks can take a proactive approach to detect and prevent risks of employee failures.

5. Outbound services

Voice Bots can be used to perform various outbound services, too. For instance, they can trigger outbound calls to engage with the customers. They can remind customers about the due dates of certain bills or prequalify them for specific products. With the help of an account bot, the customers can gain information related to their accounts and even make account-related requests more efficiently and privately with friction-less conversation. The best thing is that all the details are readily available whenever required and in an almost instantaneous manner.

Plus, Voice Bots tend to have more human-like conversations, meaning they can share information without spamming customers or sounding robotic at all. They can create trust and increase product usage by answering common queries.

6. Enhanced productivity of brand’s personnel

It isn’t necessary that every customer problem needs to be tackled by the staff members. With AI taking the lead on tackling the repetitive problems for you, you can easily allow your staff to successfully deal with major issues that require their attention.

And with extra freed-up time, your staff can focus on the betterment of the business. They can even hone their existing skills, learn new trends, obtain a specialty in certain aspects that directly impact the overall profits of the company and its customers in various ways.  

Signing off

COVID-19 pandemic has completely shifted the working culture and customer behavior across the globe. Banks, finance, and insurance companies have limited in-brand customer interactions. Similarly, customers have reduced visiting ATMs, banks’ branches and are dependent on online services. This has led to increased call volumes at enterprises’ customer centers. And without proper resources, the customer support centers are facing backlogs.

Wherein Voice Bots can easily assist in overcoming such crises. So, get the advantage in your corner with these Voice AI technologies. Meet the experts at Engagely.ai today. We can deploy customized Voice Bots, capable of offering seamless, on-demand customer service with zero bottlenecks and waiting time.