What do computational intelligence platforms, Wolfram Alpha, and Apple’s Siri have in common? They are prime examples of Web 3 – a new revolution that will enable the future of the world wide web to become more autonomous, intelligent and open through the power of data, AI and ML.
This web redesign will transform the way the finance industry works, learns, transact, and interacts. During this pandemic, we have seen an increase in demand for contactless payments and digital banking in chatbots and frictionless banking capabilities.
Customers want fast responses and advice for managing their accounts, investments, funds, retirement and debt. More people have turned to mobile-first technologies to seek near-instant solutions— and provide convenient, personalised. Secure customer experiences have become crucial to the survival and growth of businesses.
Financial institutions increasingly realise that long-term adjustments are needed to meet this sharp shift in customer demand.
Enter Voice AI. Conversational technology offers the possibility of interactions that are more valuable, simple, intuitive and personalised for the customer, thanks to the data collection and analysis required for conversations.
A well-designed Voice AI solution can transform the customer experience (CX) for the better while also improving operational speed and productivity. We found organisations that use Voice AI in their contact centres reduced their processing time by 63 per cent.
And as fintech continues to boom (startups in this industry raised a record US$100 million in just the second quarter of 2020 alone), organisations should seriously consider Voice AI as a means to optimise CX and reduce the reliance on call centres to keep customers happy.
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Voice technology: the new frontier of customer experience
Therefore, a key differentiator for fintech companies has been the CX– answering the demands for high quality, efficient and personalised service while still retaining that all-important human touch.
As consumers become more familiar with voice assistants across other aspects of their lives (think Amazon’s Alexa and Google Assistant), conversational banking has additional possibilities.
The technology has become so sophisticated that AI-enabled voice assistants can even interpret specific behaviours and preferences of each customer and provide personalised recommendations. The possibilities are truly limitless with the ability to supercharge the future of customer engagement.
Thankfully, businesses are starting to recognise the importance of automation. Our study with Ecosystem revealed that 45 per cent of fintech organisations expect CX to become the top focus for tech use in the coming year, ahead of other priorities like product development.
Additionally, two in three (67 per cent) organisations that use Voice AI also experienced higher customer satisfaction and retention.
As a result, it’s fair to say the status of both digital assistants and Voice AI in fintech and banking has shifted from a “nice-to-have” to a “must-have” for both businesses and customers.
This is precisely why we have been helping fintech companies supercharge their business with Voice AI to increase CX’s scale, speed, and quality.
Finding the balance for fast-growing fintech
As banks compete for customers and top customer service delivery, they can tap on Voice AI to perform various functions — from payment collection and customer signups to verifying information for loan approvals or purchases. On the other hand, Voice AI has multiple critical benefits that can help fintech companies scale while still delivering top-notch customer service.
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Our research found organisations that use Voice AI reported a 47 per cent increase in revenue. This is a vital part of what makes this technology such a promising growth area, on top of several other benefits that allow fintech companies to push the boundaries:
- Maintain quality as you grow and reduce costs: The main benefit of using Voice AI is the ability to concurrently reach and engage multiple users, which keeps operating costs to a minimum while improving services and increasing user engagement simultaneously.
- Delivers a better customer experience: The use of voice technology has a knock-on effect from the agent side to the customers, as employees are freed up and able to deliver a better experience and positive interactions.
- More data at your fingertips: Automation means efficiency and consistency, allowing for more robust data to be analysed and actioned to grow your business. It’s fair to say that the real power of Voice AI lies in the data generated at customer touchpoints, which enables companies to tailor the best financial products and services for customers.
An excellent example of this is the work we’ve done with JULO, a digital lending company in Indonesia, to perform quality assurance (QA) and detect any anomaly in the customer call logs. To date, about 5,000 call logs are being uploaded daily in real-time for our voice AI to process simultaneously.
Of the 5,000 recordings processed, about 50 (daily average) will be brought to the QA manager’s attention for further investigation. This translates into an accuracy rate of more than 99 per cent, which vastly improved QA efficiency by more than 100 times.
These are just two of many on how Voice AI can drive tangible benefits in finance and payments. As we move well into the digital age, Voice AI will become an indispensable method of customer interaction.
As entrepreneur Matt Mullenweg put it: “Technology is best when it brings people together” – and this is true across fintech, where improving CX relies on concurrently enhancing the employee experience through innovative technologies.
And as AI-fueled voice technology becomes more prevalent in everyday life, we will see this become more common across financial services. After all, it’s about finding the perfect balance between human and machine to meet evolving customer demands.
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