In the world of finance, customer data and insights drive financial Institutions to a new level of innovation, engagement, and profit. Banks are sitting on a gold mine of customer data, and quality is key to enabling a great customer experience and unlocking efficiency gains. In this scenario, cognitive conversation is playing a vital role to deliver customer response in a more conversational, relevant, and personal manner.
The evolution of customer service is at a tipping point. According to a recent survey, 55% of banking customers consider customer support/problem resolution as the top driver of satisfaction. The adoption of AI for customer service in financial services currently stands at 41% - the highest among different industries. In all, 85% of service decision-makers believe that AI is an essential component of their agent training strategy. Unnervingly, businesses lost as much as $75 billion a year in terms of lost sales due to poor customer service. This is because of the fact that organizations always focus on reducing costs, as a result of which, their customer experience is sub-standard, leading to loss of both clients as well as reputation.