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How AI driven Live Assistance as Agent Copilot Can Cover Performance Gap in Banking Communication?

The banking industry is undergoing a digital transformation, omnichannel is no more a luxury, it’s a need now, as we are delving into the most evolving technological era, technology is the fastest field that’s evolving – Thanks to AI.

Customers always loved to pamper, not only with offers but also with great personalized communication, why are we saying that?

62% agree that personalized recommendations are better than general ones.

Banking consumers have become smarter than ever,

Customer experience isn’t just limited to have conversation or getting information about their transactions or accounts, it has evolved to much crunched interactions between phone bankers and customers, let’s understand how?

Every interaction is an opportunity for the bank and so for agents – Yes, we all know that!

But real-time agent assistance may help your customer facing team on front foot! And the real time guidance tool may turn every interaction into potential business opportunities.

Combination of Conversation Analysis + Omnichannel Contact Center Platform = Secret Sauce For Personalized Customer Experience, Know how?

What is Live Agent Assistance and it can be super helpful with Contact Center as a Service(CCaaS)?

This integrated module by Elision may turn your normal contact center into  game changing AI driven platform with assured quality during live call and post call. Let’s discuss its major features,

  • Ensuring compliance with on-the-spot guidance.
  • Optimizing conversations through scripted support.
  • Early detection of potential service issues.
  • Quick-reference tools for handling complex interactions.
  • Access to accurate, AI-curated information.
  • Instant insights driven by customer data.
  • Dynamic recommendations for communication scripts.
  • Real-time transcription to overcome language barriers.

How Live Agent assistance engine works

360’ Customer Journey mapping to AI driven curated conversation could be a perfect combo which may lift the conversation bar by 10x. Let’s understand how it works.

  1. Experience heightened banking service efficiency and precision with Real-Time Agent Assistance.
  2. From the moment a client engages with a banking agent, a synchronized process is initiated.
  3. The conversation embarks on its journey, initially through an advanced automatic speech recognition system, transforming spoken words into text with remarkable speed, setting the stage for the subsequent phase.
  4. In the interim stage, a thorough analysis of the spoken and transcribed word occurs, where the speech and text are analyzed based on various factors. As the evaluation unfolds, the spoken elements concurrently integrate with the system's understanding, paving the way for the next pivotal step.
  5. Subsequently, as the words transition into actionable insights, they undergo scrutiny by a sophisticated Gen AI engine, where Agent Assist's innovative tools dissect and interpret the information platform provides insights and information in almost no time. Whether it's for immediate guidance or strategic support via battle cards.
  6. Ultimately, with these curated insights at their disposal, banking professionals are empowered with their efficiency, deepening customer trust and amplifying both client and agent fulfillment.

Yes, this entire process happens in fraction of seconds during live call.

Enhancing Customer Service with Real-Time Agent Assistance: A Game Changer for Banking & Finance Institutes,

In the fast-paced world of banking and financial services, providing top-notch customer service is paramount. The introduction of AI-driven real-time agent assistance systems, like Elision, has revolutionized how customer interactions are managed, elevating both the efficiency and quality of service provided.

Let's delve into the key features of such systems and how they're transforming customer service in the BFSI sector.

Immediate Guidance and Action Recommendations

At the core of AI-driven agent assistance is the capability to offer real-time guidance and recommend the next best actions during live customer interactions. This means that, as a conversation unfolds, the system can analyze the context and advise agents on the most effective course of action, even before the call concludes.

Integration with CRM systems further streamlines workflows by updating databases in real-time, significantly cutting down on post-call tasks.

Script-Guided Conversations

Maintaining a structured and effective conversation flow is crucial. Real-time agent assistance systems provide agents with guided scripts that keep them on track, ensuring important details are addressed and enhancing the overall call quality by reminding the customer facing team of missed critical points.

Proactive Alerts for Enhanced Interactions

Intelligent systems proactively alert phone bankers about potential missteps, such as talking over the customer or dominating the conversation. They offer real-time advice on handling various scenarios, especially when dealing with frustrated customers, ensuring a more respectful and understanding service is provided.

Contextual Support with Dynamic Battlecards

Dynamic battlecards offer real-time, context-sensitive support, triggered by specific customer phrases or concerns, helping agents navigate complex situations with ease. These cards are invaluable, especially for new agents, ensuring they're prepared to handle calls confidently and effectively.

Comprehensive Knowledge Base

A readily accessible knowledge base, integrated with advanced generative AI, empowers agents to quickly find accurate and detailed answers to customer queries. This resource is essential for providing factual and timely information, directly impacting customer satisfaction positively.

Real-Time Transcripts and Live Captions

To overcome language barriers and ensure clear communication, real-time agent assistance systems offer live captions and complete transcripts of conversations. This feature is especially beneficial in managing calls with customers speaking in mixed languages (like Hinglish), facilitating better understanding and resolution of issues.

Streamlined Queries with ASK AI

The 'ASK AI' function harnesses generative AI to provide agents with immediate answers to an array of questions, saving significant time and enhancing efficiency. This feature allows for quick retrieval of information, crucial for fast-paced service environments.

BFSI decision-makers keen on driving their customer service standards and operational efficiencies forward should consider the strategic implementation of real-time agent assistance systems. These systems not only empower agents to provide exceptional service but also enhance customer trust and satisfaction, ultimately contributing to the organization's success.

Real-time agent assistance systems can be a powerful tool for collections agencies, 

This can prove pivotal in reducing Non-Performing Assets (NPA) by succeeding in critical moments. Additionally, it creates opportunities for upselling and cross-selling with real-time battle cards and on-point suggestions.

Let's discuss how financial institutions can leverage this futuristic AI module to achieve their most significant KPI, which is increased collections:

Improved Negotiation with debtors

Collection agencies can benefit from real-time guidance during sensitive conversations with debtors. AI-driven suggestions provide agents with the best negotiation tactics and payment options tailored to the customer's profile, ensuring a higher probability of securing a payment agreement. This is directly connected with higher ratio of PTP (Promise to Pay)

Enhanced Script Compliance and Risk Management

In the highly regulated collections industry, adhering to compliance standards is crucial. Real-time agent assistance can alert agents to potential compliance violations during a call, which helps avoid costly legal risks and maintain a professional standard of service.

Identification of Cross-Selling and Upselling Opportunities

While the primary goal of a collection agency may not be sales, there are instances where an agent can identify opportunities to offer additional services that could benefit the customer. For instance, when a customer has settled a debt, the agent may suggest other financial services or products that the parent company offers. There are certain chances where customers switch over for their further finance needs, this may help in customer retention as well.

Personalized Customer Experience

By understanding customer history and preferences through integration with CRM systems, agents can personalize the collections process. This establishes a more trusting relationship and opens up a line of communication where customers might be more receptive to additional offers.

Streamlined Follow-Up Process

The knowledge base and AI-driven prompts can provide agents with automated reminders or steps for follow-ups, ensuring that no opportunity for payment arrangements or related financial services is missed.

Dynamic Scripting for Retention

Agent assistance systems can provide dynamic scripting, which adjusts based on customer responses. This enables agents to handle objections more tactfully and can pivot to retaining the customer's business or even offering other products when appropriate.

Data into actionable insights and feedback

With speech analytics and real-time feedback, agents can continuously improve their communication strategies, become more persuasive, and effectively handle calls, which is crucial for off line training of customer facing team as well as to achieve other contact center KPIs.

By integrating real-time agent assist features, collections agencies can ensure more effective collections calls, maintain compliance, and even identify additional revenue generation opportunities through cross-selling and upselling where suitable. Decision-makers in the BFSI sector should contemplate incorporating such technologies to maximize their collection efforts while also fostering additional business growth.

Conclusion:

AI going to be main stay, it’s just a tip of how Generative AI and integrated Conversation Analysis. From banking to collection agencies, their main stop is Omnichannel contact center platform integrated with AI driven Conversation analysis platform. It’s not their need of time but certainly their end customers’ need! 

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