How companies use AI to deliver better customer service in the financial sector

Today’s customers demand a higher level of service than before. As businesses have adjusted their services, expectations have risen. For organizations, this represents a balancing act: how can you improve customer service, increase productivity and efficiency, without adversely affecting workloads?

Technology is at the center of this puzzle.

HSBC and AI: A Use-Case

In early 2019, HSBC UK Commercial Bank released Volume A. I., a Microsoft AI partner specializing in conversational AI and natural language processing (NLP) technologies. The use-case focused on improving the productivity of relationship managers, relationship directors, and other customer-facing team members. The aim was to reduce the time spent on essential tasks, allowing employees to focus more of their time on providing a better customer experience.

One of the main requirements was to eliminate the need to write contact reports and reduce manual tasks assigned to employees so that they could focus on more strategic tasks. The volume was keen to leverage his experience in conversational AI and NLP and use the latest Microsoft technologies in text, language comprehension, machine reading comprehension, and custom speech for neural voice. They were also keen to improve workflow and productivity by integrating with productivity tools such as Microsoft Teams and Planner.

Volume came with an innovative app called Memo. The original proof-of-concept has now evolved into a ‘personal assistant’, allowing relationship managers and relationship directors to easily prepare for meetings with customers and to help their discussions with clients about important Receive information quickly.

How AI helps you to help your customers

Your employees’ time can often be spent writing reports and other manual tasks that add to the workload. This, in turn, affects customer service, with your team spending more time on administrative tasks than providing personalized and efficient service.

In the case of memos, a relationship manager has about four to five client meetings per week to handle – and each post-meeting meeting takes about 30-45 minutes – which is about a month’s time to save per relationship each year. Is equal. The Manager. Using Microsoft custom speech technology, the app converts a client meeting summary, which is fixed by the user into text and audio files, so it can be stored and posted in Microsoft teams, and later referenced can go.

All tasks will be assigned to the right employee with the correct time frame.

If the user indicates that a task is of high priority, the task is identified as a planner. Due to the sensitive nature of the data, especially in the financial sector, memos include a confidential mode. By activating this, any recorded meeting will be kept private, and will not be posted on teams in the usual way.

Future of customer service

As the app develops, historical notes, as well as external data sources, can be used to engage customers to anticipate customer needs and to provide useful suggestions to please users. It also means that customers will not have to repeat the same information repeatedly, to different departments; Information is always at hand.

AI-driven technology makes it easy to visualize industry trends, allowing users to enter meetings equipped with the latest information affecting their customers.

The so-called ‘team awareness’ is another factor. If no one is available on a particular day, an action will be assigned to another person in the team. This eases workload and service flow, ensuring that organizations can provide exceptional customer service at all times.

About the Author

Simi Avokoya is a cloud solution architect in the Microsoft UK ISV recruitment team and is involved in the financial services and insurance industry. He works on the recruitment and technical competence of solution-building partners on Azure. Since Simi started her career as a software developer and technical analyst in investment banking, innovation in the FSI sector has been on the top since day one.

Leave a Comment