Digital transformation is changing the way banks talk to customers, but financial institutions in the region are looking at how they can deploy AI and automation to transform the customer experience, says DANNY DREW, Avaya’s MD.
When was the last time you actually visited your bank branch? For most people, the answer is likely to be somewhere in between the last time you had to do a major financial transaction, such as applying for a loan or a mortgage, and… you just can’t remember. The way consumers interact with banks has fundamentally changed over the past few years as trends like mobile and online banking have become increasingly important.
If anything, these trends are accelerating. A recent study conducted by Avaya and BT shows that the number of consumers using mobile apps for financial services over the last few years has more than trebled, while web chat has also significantly increased in popularity.
This has been triggered by an ‘anytime, anywhere’ digital culture as consumers and businesses demand financial management on their own terms. Of course, this is creating its own challenges – banks are having to invest considerable resources to meet their customers’ increased demands. With 89% of organisations today expecting to compete primarily on customer experience – up from 36% just five years ago – meeting those enhanced expectations isn’t really optional any more.
One area banks and other financial institutions are increasingly exploring here in the region is increased use of automation and artificial intelligence (AI) – not so much to replace human agents but to help free up their time to allow them to provide the personalized service customers still like and want.
Automation in customer experience is all about making things faster, easier and more streamlined for customers – so we don’t have to repeat ourselves multiple times, and explain our problems to different agents every time we contact an organization.
Accordingly, banks are increasingly “employing” chatbots to help take some of the stain. Chatbots funnel and streamline conversations, making contact centres more efficient and responsive. They can provide standard replies that are appropriate and informative, and once the conversation becomes more complex, or a more in-depth solution is required, a human agent can step in and help.
When it comes to tapping the full potential of chatbots and AI, however, we’ve really only just begun. Visitors to the Avaya stand at the recent GITEX Technology Week event in Dubai were able to see the future of customer experience in the banking sector, with a showcase of the potential benefits of an AI solution. Our “Noor” virtual assistant demonstrated how banks can combine a range of technologies, including biometrics for identification and analytics to predict behaviour patterns, to go beyond basic service.
More than just answering basic queries, the Noor solution helps to anticipate and articulate customer desires – so if a customer has been talking on social media about liking a new model of sports car, then the bank could approach them about financing purchasing one.
And how about the bank takes it a stage further and co-operates with the car dealership to arrange a test drive for them? Banks today are re-engineering themselves as next-generation service providers, extending their relationship with customers beyond basic financial transactions to help in every area of their customers’ lives. By cross-selling services and offerings from other companies, banks can provide real value to consumers, making interactions more engaging and personal – and more lucrative for the bank as well. After all, if your customer is going to be these services from somebody, why not ensure you are involved?
With a young tech-savvy population and some of the highest smartphone penetration rates in the world, then it’s hardly surprising banks are keen to deploy mobile banking applications. Some banks are exploring taking this further and providing their customers with a platform for a wider range of transactions. So for instance, a bank could have one mobile application that can be used for whatever the customer chooses— booking show tickets, hiring a car, or any number of other, similar transactions. This way, instead of going through 10 different apps, a customer only needs to go to one and channel out from there – which means the bank keeps their attention for longer.
The business benefits are clear. Companies that can keep customers satisfied, engaged and coming back have a competitive advantage. And by taking data the company already has and putting it into the decision-making process, they can make smarter decisions that enhance the customer journey in terms of speed and quality of service.
Achieving this with yesterday’s technologies is extremely difficult, which is why the banking industry should not rely on old processes to achieve new results, as outdated contact centres and communications platforms weren’t built to support modern interactions. While the data surrounding these interactions may be stored and possibly be relevant at some further point, it can’t be qualified to inform intelligent decision-making. This is why digital transformation has become a critical differentiator.
Using Omni channel customer experience technology, banks can track a customer’s activity on any channel and register it as part of the customer journey. Based on insights contained in this data, contact centre teams can proactively anticipate a customer’s intentions and instead of greeting them with a generic recorded IVR message, can generate a personalised opener, for example: “I see your recent transaction was not successful, would you like me to connect you with an advisor to discuss this?” Smart apps can reach out while the customer is active online or on their banking app, using proactive chat or even offering video interaction.
Banks that fail to extend their service offerings in this way are likely to find themselves struggling in future. It all goes back to meeting the customer’s expectations – and exceeding them. Banking and financial-services providers have more data than any other industry at their disposal – it’s time to make the most of this, for the benefit of customers themselves.
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.