Customer relations in banking - The Callbot is the solution

The role of the banker is changing with digitalization. Find out how the Callbot is simplifying the daily role of bankers.

31 August 2022
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A banking Callbot giving new meaning to customer relations

 

In this digital age, the banking business is undergoing major changes such as downsizing, budget cuts and the closure of some physical branches. However, customers still have the same expectations when it comes to receiving advice, services, and personalization. The question is how to combine both the human element with digital transformation, which is proving to be a major challenge for the banking sector!

 

Banks – forget the Chatbot and make way for the Callbot!

 

While the chatbot has long been used by major players in the banking world to answer customer requests, it has also demonstrated its limitations.

It has a short-lived capacity for interaction and a formulation of written answers for a limited number of requests. The efficiency in terms of quantity is there, but the customer’s needs are left out of the equation.

Fortunately, there is a revolution taking place and it is the callbot. The callbot, also known as a conversational voice agent, is an ideal solution for banking customer service. It can be a great source of customer experience improvement and human capital development, which in turn helps the banker to focus on the most complex tasks which are more interesting and with commercial added value and entrusts the bots with the simplest recurring requests.

Customer relations – new challenges for the banking sector

 

Although it already started a number of years ago, the process of digitalization usage has significantly escalated since the Covid-19 crisis. The Marqueta 2020 study has documented the challenges faced by 200 banks during the epidemic:

  • 75% said that coronavirus forced them to rethink their business models
  • 88% said they were overwhelmed by the demand for online and mobile banking
  • 66% said they plan to increase their investment in digital banking.

With physical bank branches increasingly shutting down partly due to the virus, the job of the advisor has been called into question. Although they are often criticized by management for their high costs, they are still an asset for banks.

Customer relations and digitalization

 

If the digitalization of customer relations is seen as a must for the years to come, it is still the customer experience that makes the difference more than ever when it comes to attracting and retaining customers. Even online banks are not all 100% digital and “dehumanized” as the phone plays an important role. This is because voice is part of customer satisfaction, and so it must be at the heart of the bank’s digitalization. Contrary to what one might think, digitalization is by no means synonymous with the end of direct communication with customers over the phone. Given this, bank advisors are the backbone of any bank’s business. As this Deloitte study points out, 7 out of 10 users say that a seamless customer experience across all online and offline channels is extremely important or very important in choosing their primary bank. In other words, an omnichannel strategy makes all the difference in the eyes of the customers.

 

How will the Callbot make the banking profession more meaningful?

 

It is in the banker’s best interest to use real-time communication tools such as the phone and e-mails to enhance the customer experience. However, it is equally important to use chat and the Callbot, which is a fast-developing solution. The latter is instrumental in helping the banking sector to fully succeed in its digital transformation because it is capable of meeting the fundamental needs of banks with regard to their customers – to win them over, support them, keep them happy and retain them as customers. Let’s see how through four key points.

Customer experience improvement

 

In practice, the Callbot is a conversational voice agent fully capable of answering when someone calls a customer service line. It is there to greet the customer, identify them and understand their request. If it can be automated, it processes the request autonomously. If not, it transfers it to a human banking advisor. The Callbot is very useful for managing large volumes of phone calls and increasing the availability of bankers to their customers. It saves everyone’s time because it answers calls instantly with no waiting time. In addition, it is available 24/7 and in several languages. Last but not least, there is no need to re-brief the bank advisor every time, as the communication is always logged and traceable. These are just some of the advantages for the customer experience.

Human capital development

 

The Callbot is an excellent way to optimize the productivity of advisors not only in banking, but also in many other sectors where customer service is key. By processing high-volume and automatable requests, the bot frees the advisor from repetitive and time-consuming tasks. They can save their time and energy to manage higher value-added requests with ease. This is a crucial point in terms of satisfaction and well-being at work for advisors, which is currently a major human resource challenge for banks. Whether you are seeking a bank loan, consumer credit, or insurance, these are just some of the value-added tasks that are carried out by online and offline bankers. The advisors who feel more fulfilled and are more readily available make better sales representatives because they have more time and energy to devote to the sale of additional products and services, which is their core business. This is a real competitive advantage for banks, as it allows them to increase their commercial effectiveness. The Callbot is truly an asset for the business performance of today’s banks.

Customer journey digitalization

 

By digitalizing the “human” channel that is the phone, the bank offers a multichannel management of the customer process. Information is collected and centralized efficiently using digital tools like IS connections and databases. The Callbot streamlines the transfer of customer information. It also feeds the bank’s digital applications. The digitalization of the customer journey does not mean dehumanized communication. On the contrary, the most powerful bots are capable of detecting emotions over the phone. They are able to extract emotional information during a phone conversation with a customer and then classify it into specific emotional categories. This is a revolution in terms of outreach and understanding customer needs.

Cost reduction

 

Another important benefit of this conversational AI-enhanced customer relationship strategy is cost reduction. By automating the processing of phone calls, eliminating post-calls and reducing callbacks, a bank can reduce its operational costs. All of this means being able to manage more interactions with the same number of resources. By improving the productivity of bank advisors, the bank improves its NBI, reduces its response times and aligns itself with its customers’ requirements. With this in mind, Zaion is striving to offer ever more efficient Callbots with a corpus adapted to the problems of the banking sector. We have created an offer devoted to banking that meets the specific use cases of this sector.

Ma French Bank – an inspiring example

Ma French Bank is the online bank of La Banque Postale, which is part of the French postal service group, La Poste. Since the creation of this subsidiary, the aspiration was to be 100% digital, all whilst maintaining the human dimension in the customer relationship. After all, some customers want to talk to a human being.

Having chosen to implement a Callbot with Zaion, Ma French Bank went against the classic business model of online banking, which often implies the loss of a direct link with a human advisor due to digitalization. The process of automating the customer relationship with Zaion has put the human element back at the heart of communication. It has also enabled the company to keep its customer service in France, thus offering a high value-added quality of service. In short, Ma French Bank has given new meaning to the banking profession through the use of the Zaion callbot. With its ability to easily understand and respond to customer requests, this bot makes everyday life easier for everyone, both customers and bank advisors alike.