3 ways AI agents improve contact center operations in financial services

Strategy

3 ways AI agents improve contact center operations in financial services

Between legacy systems, shifting markets, and regulatory requirements, the financial services industry faces challenges in adopting new technology.

But evolving attitudes toward digital adoption, the proliferation of AI, and recent surges in tech investments have influenced traditional financial institutions to look critically at their contact center operations. Time is money, as they say, and every dollar counts. In an age of deft disruption, financial institutions, especially at the enterprise level, urgently need to embrace the new era of customer experience.

And while AI is at the heart of this transformation, one trend is exceedingly leading the way: AI agents

In today’s evolving CX environment, where legacy chatbots fail consumers' insatiable need for personalized experiences, banks and financial firms are sustaining success with AI agents. Below we highlight how three different financial institutions are revolutionizing their contact center operations with voice assistants.

1. Remove complexity from customer calls

When it comes to financial-related matters, customer calls contain a high level of variability and complexity. Not only is money woven into every single aspect of life, it is also a subject that many people feel uncomfortable discussing. These two aspects bring a layer of emotionality and urgency to customer requests, especially when queries involve fraud, card theft, or unrecognizable charges.

This level of nuance makes it crucial to have a dynamic AI agent that is both understanding and helpful. The agent needs to give callers the freedom to speak in their own words, including non-technical language, tell stories, and interject when they want.

Legacy voice technologies typically sound robotic, offering keyword-driven experiences that make customers feel restricted in how they explain their queries. When a bank’s customers trust that a voice assistant understands them and provides a genuinely helpful response, they engage in the conversation further rather than insist on speaking to a human agent. With an AI agent handling repetitive calls, contact centers can reduce high call volumes and use the time gained back to strengthen agents’ skills.

2. Improve NPS scores through reduced call volume

Even in the age of AI, many contact centers in the financial services space still utilize outdated IVR systems . Not only do these antiquated systems fail to handle high call volumes, they negatively impact the overall customer experience.

As customer preferences evolve, so do their expectations for problem resolution. If a bank or financial firm is still working with decades-old or simpler technology, they are likely unable to handle complex and difficult to manage queries. If the information provided falls outside of the IVR system’s set of identified keywords and pre-defined, rigid workflows, a customer could spend minutes attempting to navigate a call menu. Further, if a frustrated customer says anything in an attempt to get to a human agent, the IVR could misroute their call .

3. Empower agents for revenue generating activities

As much as the financial services industry has nuanced customer issues to handle, call centers are also regularly inundated with simple requests. The time agents spend on low-value calls (such as password resets, order tracking, or FAQs) varies. In our whitepaper, How to calculate the ROI of a customer-led voice assistant , we found that 30-60% of agent time is spent answering queries that could easily be resolved online or through other, cheaper channels.

Growth

Contact centers drive growth with voice assistants

The potential for an AI agent to improve contact center operations and efficiency through low-level task automation is not an empty promise or passing trend. As the quantifiable results and relevant use cases continue to roll in, this groundbreaking technology is sparking a fundamental shift in how financial services contact centers operate.

When financial institutions like the ones mentioned above embrace AI agents, they move closer to driving cost reductions, improving customer experiences through personalization, and achieving operational excellence.

In an industry that is all about the bottomline, reporting tangible results ensures the C-Suite sees how impactful the contact center is in driving business decisions and growth. PolyAI can help resolve over 50% of customer service transactions and consistently deliver the best brand experience— get a personalized demo today .