The recent pandemic has fast-tracked the already rapid digital transformation of the financial services industry. In doing so, it has created a conundrum for many mid-to-small sized financial institutions (FI) – how to maintain a high level of customer service and increase customer engagement while also creating operational efficiencies (i.e. reducing costs, relieving over-burdened contact centers, etc.).

For FIs, having effective online and mobile banking platforms is no longer a “nice to have,” but a “must have.”  The recent pandemic has only further heightened the importance of offering consumers digital options when managing their finances. As a result, the digital banking experience has never been more important…and will only continue to rise in importance thanks to today’s “always on” environment. 

Conversational AI Can Provide the Best of Both Worlds

So, is it possible to overcome this challenge? Thanks to the power of artificial intelligence (AI),  the answer is a resounding “yes.” Adoption of Conversational AI by consumers has taken off. Whether via their favorite app, web site, smart speaker or other digital platform, consumers are increasingly becoming accustomed to interacting with virtual assistants and other forms of AI. Bank and credit union customers/members are no different. 

Human-like Conversational Banking experiences made possible via a Virtual Financial Assistant (VFA), are allowing FIs and their customers to engage in ways never before possible and enhancing the overall digital banking experience. Best of all, this technology is providing operational efficiencies that can immediately impact the bottom line. While there are a variety of use cases that provide measurable ROI, an obvious starting point for the power of AI for FIs is cost savings thanks to decreases in inbound contact center phone calls and live chats. 

The ability of a VFA to resolve non-complex requests creates immediate savings by reducing volume to live agent support centers – reducing staffing needs.  These non-complex requests,  like asking for the routing number or your last five transactions, are not only simple for an integrated VFA to deflect from the call center, but in doing so, free up agents to handle more complex requests. As the VFA operates 24/7, these reductions can dramatically impact the  cost of after-hours support when some FIs either offer no support or pay higher live agent fees. 

Still Skeptical? Check Out the Numbers

Below are just some of the average efficiencies positively impacting contact centers (and the income statement) that we are seeing with our clients.

  • Reduction in call queue abandonment – 60%
  • Improved first contact resolution – 20%
  • Reduction in total call volumes – 30%
  • Contact center savings – 30%

A Case Study in Immediate Impact

Still need more proof? How does 87% chat deflection sound? Download the case study below to learn how a top U.S.-based Community Financial Institution deployed’s Virtual Financial Assistant to increase customer engagement, reduce contact center costs and deliver on their promise of the evolution of digital banking. 

*Not all financial institutions (FI) will experience or accomplish the metrics shared in this blog or the attached case study. Please contact us to request a no-obligation demo and to discuss your FI’s specific needs.