This website uses cookies. By continuing to browse the site, you are agreeing to our use of cookies
Business Process Services
September 21, 2021
While Financial Institutions, over the last few decades have gradually added self-service digital channels, many institutions even today face challenges in those being adopted by their end customers.
Barring certain exceptions, such interfaces have not been able to deliver value to its true potential. The reasons attributed for this conundrum would lead to aspects, including the following:
Recent times have seen upsurge of Conversational channels which started off more on the personal and social side of consumers but now are being enabled for businesses. Channels starting from WhatsApp, FB Messenger to IOT devices like Alexa and Google Home enables Businesses to connect with their end users completely friction free. With extendibility to multitude of other conversational channels, the variability of region level adoption of such channels is as well taken care of.
Additionally, the conversational interface can enhance engagement on the existing digital assets of Financial institutions as well and complement them.
Mobile Banking: Conventional Interface v/s Conversational Interface
Conversational interfaces have instantly given a lot of power to Financial Institutions to be available to its customers where they are. Advancements in AI have enabled this connect to happen in customer’s language, words, tone and dialects. It can’t get more customer centric than this. As a result, many institutions have seen huge adoption of such interfaces amongst its customers.
The complete conversation data moreover enables the Financial institution to be much more aware of their customers and be more insightful and personalised when they interact with the customer next. The future, in the conversational AI space will unfold many more use cases around Automated IVR, Automated email, content summarisation and Emotive AI, all of which will start with the base implementation of conversational AI.
The big tech players are known to WoW the end users when it comes to experience and hence, here lies an opportunity for the Financial Institutions to ride on experience delivery of such players and use that to power their Product and Service delivery. This intersection of domain and tech, powered by AI, is certainly inclined to go long haul and deliver value to the real potential of self-service digital channels and beyond.
What’s in a Name! Digital Banking Channel by any other name would only serve to enhance Customer Experience! After all what matters is not the name, whether its Multi-channel, Omni-channel or Opti-channel, what really matters is whether ‘Are the Financial Institutions available to their customers where they are and how they want it to be’ !
About the Author
Ashutosh Nautiyal
Read more
Every outcome starts with a conversation