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Digital leaders on maximizing efficiency through AI chat and messaging

Financial services companies share digital transformation tools and tactics

LivePerson Team

February 02, 20234 minutes

AI bot + human hand illustrate the digital transformation tools and business processes used by leaders

In our latest roundtable discussion, digital leaders from the financial sector came together to discuss the transformative impact of leveraging AI to message with customers in-app and beyond. Ranging from the powerful benefits (call reduction, increased sales, improved agent efficiency) to the common concerns (scalability, technical complexity, integration), discover how today’s banking leaders are embracing AI-powered solutions for deeper, more personalized engagement.

Browse the infographic below to uncover digital transformation tools and tactics

Peer exchange infographic visual, discussing benefits of the digital transformation process and things to add to your digital transformation strategy

Implement AI-powered assistance and inbound call reduction

  • Automate repetitive tasks such as answering FAQs, providing product information, and processing simple transactions so that agents can handle more complex or urgent issues. This helps reduce the number of inbound calls to your contact center, while eliminating the common pain points associated with traditional phone support.
  • An AI chatbot should be constantly tested and improved to ensure they’re providing the best possible customer experience. A/B testing, sentiment analysis, and other metrics empower businesses to continually improve their chatbots’ performance.

Integrate across channels and give customers their choice of digital tools

  • With a focus on self-serve options and channel preference, digital leaders are empowering customers to take control of their support journey while also remaining operationally efficient. This allows customers to get assistance when they need it — in the channels of their choice — which can increase sales and satisfaction, even customer retention.
  • Deliver a more personalized customer experience by integrating AI across various contact points, from text, voice, and email to in-app messaging in popular communication tools like Facebook Messenger and WhatsApp Business. Brands are tracking customer interactions across these channels and gaining a comprehensive understanding of their needs and preferences, leading to deeper personalization.
  • A leading financial services brand saw a 70% increase in engagement after opening up support via digital channels, highlighting a clear customer preference for messaging over calling.

Include agent staffing and capacity planning among your digital transformation tools

  • Use a hybrid approach for team members with multiple responsibilities between traditional and innovative digital tools. To maximize efficiency, team members can take on additional tasks such as messaging, chatbot management, QA, and phone support. Dynamic staffing can be challenging to manage, but it allows for a more diverse skill set and can help keep team members engaged.
  • Make sure you’re getting the most out of AI-powered data collection with the right analytics team. Collaborate with workforce management to determine the ideal number of analysts to support that data, and understand if they’re working correctly as they team continues to evolve.
  • Analyze call data to help identify patterns and trends, such as the most common issues customers are facing, or the times of day when call volume is highest. This conversational intelligence can then be used to improve service in the future by proactively addressing common issues or providing enough coverage during peak call times.

Digital technology leaders in their own words

On empowering customers with the choice to self-serve…

“In 2023, it’s about letting the customer choose how they want to communicate with us while we provide that seamless experience for them. As our customer base changes, we’ve got different segments of customers that love digital… We see them pick and choose they they want to communicate with us.”

~ A leading financial services company

On continually refining chatbots and listening to customer feedback…

“At the start, our customers would just mess with [our chatbot] and get very colorful. Now that we have [her] dialed-in, it’s amazing. The customer actually thinks she’s real. When we’re doing it well, they don’t really know we exist. Customers are vocal enough to give us feedback along the way if a chatbot is working incorrectly.”

~ A leading auto-finance provider

On the importance of better intent routing…

“Intents can mean different things to different groups in our company. ‘Make a payment’ can mean something totally different to our various departments. So we’re starting to get a lot smarter about intent-based routing and really trying to leverage the LivePerson tools.”

~ A leading digital bank

Interested in what leaders discussed in other peer exchanges, beyond digital transformation tools? Check our our discussion with CX leaders on how to streamline operations for better outcomes.

Participate in our peer exchange series and keep the conversation going