It seems the banking industry is in a very early stage of adopting automation and AI for banking services, as call centers remain a large piece of their customer engagement strategy. Forrester reports the finance industry is the biggest employer of call center jobs, representing 15% of the population.
This is a paradoxical statistic as research shows that phone call-based customer service is an outdated form of engagement, and is not only costly, but customers also do not prefer it. A Zendesk survey found that two-thirds of customers prefer self-service over speaking to a company representative, and nearly half of respondents in our Millennial Mobile Consumer survey stated that they have switched companies after waiting on hold with customer service for too long. Customers would rather handle their issues themselves instantly than to speak with a representative. Companies that will delay embracing these trends will likely lose customers and struggle for existence – just like retail businesses that ignored the rise of ecommerce.
Incumbent financial institutions need to make their leap into embracing these new tech trends before losing their customers to companies who are already adopting innovation into their customer engagement strategy.
Companies that have already begun to reach the 1.2 billion mobile banking users worldwide with automated customer engagement are using these strategies for a wide variety of successful use cases. Here are some examples: