Banks and insurance have innovation in their DNA. The digitalization of the sector is accelerating and the global pandemic of Covid-19 accentuates this phenomenon. What technologies would allow banks and insurance companies to become even more agile in this very uncertain global context?
Customers and members of banking and insurance companies are increasingly demanding in terms of responsiveness, access to information, personalization of services, and increasing user experience. The global Coronavirus crisis accentuates this phenomenon and complicates the task of the sector. To achieve ambitious customer and member satisfaction objectives, banks and insurance companies must constantly innovate.
In addition to this need to offer premium services, banks and insurance companies are facing major internal management problems. Indeed, how to permanently train employees in a period when teleworking is becoming the norm? How to update constantly evolving documentation? To solve these complex problems, more and more banks and insurance companies are choosing large-scale technological projects.
An innovation stands out and makes it possible to respond to all of these issues at the same time: conversational agents capable of reading documentation and therefore updating themselves automatically. But how can intelligent chatbots provide relevant answers to each of these issues?
On the client side: a high-end user experience
First of all, from a customer and member perspective, conversational agent solutions offer numerous advantages by considerably improving the user experience. Indeed, chatbots doped with artificial intelligence facilitate the search for information by a deep understanding of natural language.
In addition, the availability of the service is permanent. This point is particularly important since nearly 70% of customers prefer smart chatbots to human exchange for speed and immediate availability, according to a study by Natixis.
This type of solution can also provide extremely relevant responses to each client or member by analyzing the behavior of users of the service. They then feel better listened to.
The issue is also economical for banks and insurance companies. By reducing the number of requests per agent and reducing response times by almost half, conversational agents with artificial intelligence can save up to 30% in customer services, according to Natixis.
A conversational agent boosted with artificial intelligence can also more easily offer relevant financial or insurance products for each user. How? ‘Or’ What ? Thanks to data analysis performed by artificial intelligence.
A chatbot can also notify an advisor during high value-added contacts. Thus, each employee focuses only on business questions with significant transformation potential, where the intelligent chatbot responds to a first level of requests, even complex ones.
Internally: a booster for establishments and employees
From an internal point of view this time, chatbot solutions again answer many problems. The Covid-19 pandemic demonstrates the importance for banks and insurance companies to be even more agile than they already are. With legislation that evolves on a daily basis (loans guaranteed by the State, aid to companies, internal employee security processes, specific support, etc.), the difficulties in accessing information are considerable. How can you update your documentation on a daily basis and send it back to all employees?
The challenge seems immense! However, there is a technology, “machine reading”, which makes it possible to automatically read documentation and update all of the data in real time. Thus, each employee has access to the latest updates thanks to this type of conversational agent.
The chatbot can also be a real daily companion for employees. How to increase skills and retain employees in the company, even remotely? And how can we respond efficiently to the many (legitimate) questions from employees?
Again, a companion chatbot may be the solution. The machine reading technology allows the chatbot, for example, to answer recurring questions from employees of a company and which evolve over time. Examples: should I wear a mask in my department? Where to find the report of the last CE? What is the procedure to follow on a particular subject? A chatbot with a machine reading therefore offers more autonomy to each employee and therefore more agility to the entire establishment.
A vision for tomorrow
Banks and insurance companies, like all businesses and more generally like everyone else, are worried about the future in this context of a global pandemic. By deploying innovative technologies such as chatbots with this type of artificial intelligence, establishments are offering themselves a global vision to approach this uncertain future with much more serenity.
By Patrick Seguela – CEO at Synapse Development