Why it’s worth watching: A series of technological breakthroughs over the past several years continues to expand the number of use cases for conversational AI beyond the most well-known call center and chatbot applications. Innovation around speech data and voice synthesis is transforming the way voice assistants and chatbots behave, according to Nvidia’s recent developments.

This feature provides users with flexible human assistance and allows them to avoid the tedium of waiting in call center queues. This feature was rated “extremely valuable” by 26.9% of all respondents. Authenticating through the mobile banking app when contacting customer service via phone can remove a potential point of friction in the customer journey.

In-app PIN changes simplify a delicate request and allow customers to avoid traveling to a branch or waiting in a call center queue. This feature is rare among the seven Canadian FIs, and 21.1% of all respondents deemed it “extremely valuable.”. Allowing customers to customize their interface increases personalization and engagement.

Authentication for customer service calls. By verifying customers from the app, this feature eliminates time-consuming steps such as entering a debit card or Social Security number. Search bar. This capability saves customers time and energy by instantly locating relevant tools or information. It was the most in-demand feature that is entirely self-service. Checking call center wait times.

Today, digital means taking transactions out of the call center and branch and digitizing them. But our goal is connecting analog and digital so that people can't see where one ends and the other begins. If we have a 360-degree view of the customer and we are wherever the customer is, then we'll be successful. II: You talked about turnover as a potential issue.

During the pandemic, some UK bank customers reported waiting as long as several hours to speak to a call center agent. Text capabilities let customers bypass that line, while also enabling service representatives to address multiple inquiries at once.

Enabling users to request a PIN change saves an unnecessary trip to a branch or a wait in a call center line. Only one of the seven FIs support this capability, and 21.1% of respondents ranked it as “extremely valuable.”. No. 4: Alerts. TD’s lack of alerts features calls for rolling out in-demand tools.

Displaying the real-time call center wait sets customers’ expectations. It’s frustrating to wait on hold without knowing how long it will take to reach a representative. This feature lets callers decide if they want to wait and could make them less likely to abandon customer service in frustration. Requesting a call from a banker can ease wait times.

Texting a human agent via chat provides users with convenient and on-demand assistance—avoiding the tedium of waiting in call center lines. This feature is the most valued in this category and the third-most in-demand that BMO could add, with 26.9% scoring it as “extremely valuable.”.

Ordering a replacement card online saves users the tedium of waiting in call center queues. Accordingly, 29.4% of respondents ranked this feature as “extremely valuable.”. Filing a card transaction dispute allows users to take immediate action at a stressful time.

Today, digital means taking transactions out of the call center and branch and digitizing them. But our goal is connecting analog and digital so that people can't see where one ends and the other begins. If we have a 360-degree view of the customer and we are wherever the customer is, then we'll be successful. II: What has surprised you about the job? MN: Not much surprises me at this point.

Other points of friction that digital challengers bypass include diverting online applicants to a call center. Granting customers access to their accounts as soon as their applications have been approved and cutting the jargon from their aesthetically designed communications are some of the other ways that digital challengers are disrupting the incumbent players.

Marketers in the healthcare and consumer packed goods industries are also making inroads on messaging apps in addition to or as a replacement for live chat and call center support. How large is the messaging commerce opportunity? In markets with more nascent ecommerce habits and strong adoption of mobile messaging apps, like India and Latin America, many consumers already make purchases via messaging.

These channels proved their worth when branches temporarily shuttered, call centers were overwhelmed, and FIs and their contractors scrambled to adjust to remote work. However, the category makes up 10.6% of total possible points, ranking it the least valuable of the six.

Data points in this category include call center interactions and bank chat logs. Respondents’ relative ease indicates minimal risk of creating friction with customers—as long as banks clearly communicate that they’re using the data points for marketing efforts.