Revolutionising Customer Service in Banking: The Power of AI

Agam Kohli, Director, CX Solutions Engineering at Odigo

We live in a world where generative artificial intelligence or GenAI is now a term we are hearing more and more. And for the realm of customer service, the buzzworthy scene of generative AI platforms has ushered in an era of advanced chatbot assistance, more personalised FAQs, and instant services.

However, there has been a noticeable drop in in-person customer experience, with a fall from 42.8% to 34.2% over the past four years.

With an estimated 3 million customers expected to be without a physical bank branch by year end, the continued emergence of AI will be integral in reshaping customer support and engagement. If they haven’t already, financial providers must look towards embedding this technology effectively into their services to ensure customers’ needs are being met.

Yearning for human touch in the age of AI

Considering the recent bank closures, it is no surprise that online banking platforms have become the most convenient method of interaction. Indeed, recent data shows 45% of customers prefer online banking and mobile apps. However, when it comes to financial urgency, customers are still finding themselves in need of an accessible human voice that is lacking within chatbots and support pages.

The emergence of AI-based communication channels within banking means customers are often being automatically directed to chatbot assistance and FAQ pages. Which does make sense as they not only reduce wait times, but they offer an immediate service that is available from wherever you are. However, they cannot provide the vital compassionate support that customers get through ‘real’ conversations with agents.

How video assistance is reshaping customer service

Imagine a world where customers with urgent enquiries could video call a customer service agent with as much ease as calling a friend. While this is already happening in some places, its hard to understand why this isn’t more widespread, considering the technology exists. Customers today can interact with 24/7 chatbots that provide instant help at all available times through the click of a button.

With many lacking the vital human reassurance that banking providers now require, customers find themselves looking elsewhere when their needs aren’t met. Video assistance could offer a convenient platform where customers can communicate with their provider wherever suits them. Whilst this can require a pre-booking, the video feature offers a level of personalisation that is unavailable through chatbot services.

It comes as expected that prioritising what is convenient for customers is a given in today’s business landscape. Video assistance provides a personalised face-to-face interaction, yet businesses often find a written response to a customer quicker and easier to understand. Therefore, financial providers must strive to create a blend of human and AI-based interactions that is both productive and convenient for both customers and employees.

Generative AI has transformed how we interact with customer service, especially in banking. Whilst chatbots offer convenience, the decline in in-person experiences can have a negative impact. The rise of video assistance presents a potential solution, offering face-to-face elements that add empathy to customer interactions. Finding the right balance between efficient AI and human connection is crucial. Banking providers must create a blend between the two to meet the ever-evolving needs of customers.


Explore more