The banking and insurance industry can leverage chatbot assistance to ensure 24x7 availability.
The resilient Indian banking and insurance industry has survived the pandemic but challenges galore on many fronts such as maintaining capital adequacy, asset quality, growth, and most importantly customer experience. As per a study by India Brand Equity Foundation, digital payment system in India has evolved the most among 25 countries, which implies that more and more people are changing how they engage with banks. In such scenario, it becomes sacrosanct for the banking and insurance industry players to evolve the ways how they engage with the customers.
The banking industry is a dynamic one where numbers rule the roost, but scrambling through and explaining those numbers to the customers just in the nick of time might not be an easy task for those who engage directly with them. Integration of a contact centre solution can, however, make it a seamless experience for both the agents as well as those reaching out to banks or insurance companies with queries.
This was at the crux of the development of our unified agent desktop for banks, which was designed completely in accordance with the specific needs and operational complexities of the banking sector. The unified agent desktop for banking can be connected with core banking applications for glitch-free flow of information pertaining to all banking activities like opening account, raising clam, ordering cards, loan disbursement, capital exchange, EMIs etc. What happens here is that when customers call, the agents get a unified view on their screen of all the information related to their account. Hence, they are able to resolve the issues in the quickest possible time.
Moreover, integration of contact centre solution allows bank executives/agents to connect with customers when and where it matters the most with omni-channel engagement. In other words it means that the customer would have an option to reach out through whichever mode is most comfortable to them and the agents would be equipped with all logistics to respond across different channels like call, chat, email, WhatsApp or social media platforms. This results in growing trust for the banking partner, as the easy approachability is nothing short of a boon for them.
In addition to this, the banking and insurance industry can leverage chatbot assistance to ensure 24x7 availability. With nearly 70% banking happening online, an advanced AI-powered chatbot is a must have for any industry player. Services one can avail with an advanced bot include opening an account, making a payment, checking an application status, applying for a loan, checking balance or freezing a debit card. These bots can also be integrated across different platforms and channels, including the likes of Facebook and Twitter. With contact centre solutions, the information is end-to-end encrypted and there’s seamless integration with third parties as well.
Doing KYC, which is very critical for both banking and insurance purposes, can also be done digitally with contact centre solutions by implementing Video KYC. A few banks and insurance companies have of late, especially since the outbreak of the pandemic, implemented video KYC, it is most dependent on third party apps or hosts, leading to concerns about safety and security. But that is not the case with contact centre solutions, as there is no possibility of any kind of data loss or security breach as there’s zero dependency on third parties.
Studies suggest that while bank deposits surged by almost 14% between FY16-FY 20, India’s insurance industry is likely to grow up to 15% near future. If the growth pattern is not complemented with the right technology and latest solutions, we may be uncertain about the pace of growth in the long run unless the customers are offered the desired service that suits their needs amid the new normal.
(The article is authored by Mr. Amit Gandhi Founder of NovelVox. It does not necessarily reflect the views and opinions of India TV)
