Conversational AI and analytics platforms have become increasingly popular tools for the banking sector as they strive to improve customer engagement and streamline operations. With the rise of AI chatbots and voicebots, banks are using conversational AI to offer a seamless and personalized customer experience.
According to a study by Analytics Insight, the global artificial intelligence market for the banking sector is expected to generate $48.3 billion in sales by 2025, directly indicating an increase in the Conversational AI adoption rate in the banking sector.
By integrating with conversational AI platforms and analytics tools, banks can gain valuable insights into customer behavior and preferences, allowing them to tailor their products and services better to meet their customers’ needs. Rezo’s conversational AI and analytics platform offers a range of features that enable banks to provide personalized and efficient customer service. In this blog post, we will explore the key features of Rezo’s conversational AI and analytics platform and how it can help banks transform their customer experience.
Feature 1: Analyze every call and interaction
Emotion and Sentiment Analysis-
Rezo’s conversational AI and analytics platform includes a powerful engine for emotion and sentiment analysis, allowing it to easily detect churn signals and negative emotions while identifying patterns in customer behavior and sentiment. By leveraging this information, Rezo’s Conversational AI and Analytics platform enables banks to offer more empathetic customer service and can even provide signals for up-sell and cross-sell opportunities when sentiment is positive. For instance, offering a customer to upgrade to a premium credit card with additional benefits after successfully addressing the customer’s initial query. This not only increases customer retention but also drives business growth.
The Reserve Bank of India (RBI) sets guidelines and regulations that banks are required to follow to ensure fair practices and protect customer interests. Compliance monitoring helps banks ensure that they adhere to these regulations and treat their customers fairly. Rezo’s conversational AI platform enables banks to share their compliance parameters and monitor compliance to meet requirements. It helps in compliance monitoring by providing a powerful tool for tracking and analyzing real-time interactions between businesses and their customers, identifying potential compliance issues such as non-compliant language or policy violations.
Empathy and Tone Analysis-
For a long time, debt recovery agents have threatened and caused the mental anguish to the borrowers who owe payments to a bank leading to increased borrower harassment. In view of this, the RBI has tightened the guidelines to be followed by loan recovery agents. Rezo’s platform helps banks in analyzing language patterns used in conversations to determine the overall tone of the conversation.
In case proper tone and empathy are not adhered to, Rezo flags such interactions on score cards of the agents. Based on this analysis, the platform offers recommendations to debt recovery agents on how to respond more empathetically, leading to a decline in borrower or customer harassment.
Feature 2: Intelligent Conversational Enabler
The context of a conversation is altered frequently. While humans naturally understand when the context gets changed, it can be challenging for machines to do the same. A bank’s customer might initially reach out to register a complaint and then change the context of the conversation by inquiring about various loans offered by the bank, such as personal loans, home loans, car loans, or credit cards. Rezo’s AI-powered chatbots assist banks in having conversations that sound human and are built to comprehend all human discussions while also recognizing when the context changes.
Multiple Intent Identification-
Messages and emails from customers at times carry multiple intents, which makes it extremely important to understand the multiple intents in the ask of the customer before a revert happens. A customer might inquire about his/her account balance and, at the same time, request to initiate a payment. In such cases, Rezo’s NLP engine effortlessly identifies and categorizes multiple intents that are present in a single message and responds.
No Code Bot Building-
Rezo’s platform stack feature enables banks to create AI-powered chatbots and voicebots without the need for coding or technical expertise. This feature allows businesses to make their DIY (do it yourself) platform and to easily build, deploy and manage chatbots using drag-and-drop tools and pre-built templates. The fact that it does not require any technical know-how makes this a significant feature of our platform.
Feature 3: Agent Performance Evaluator
Identifying Training Needs-
With Artificial Intelligence (AI) and Machine learning (ML), Rezo’s Conversational AI and Analytics platform helps enterprises to identify agent training needs by analyzing conversations between customers and agents to identify areas where the agent may be struggling or areas where certain improvements are required. The platform will carry out the most appropriate assessment of agent performance and chart a plan for training.
Agent performance is integral to every business to retain customers and sustain itself, for instance, an agent’s performance towards debt collection. Since debt collection is an essential function in the banking industry, and it plays a critical role in maintaining the financial health of a bank, banks need to understand how the debt collection agents have performed.
By analyzing customer-agent interactions, Rezo’s Conversational AI and Analytics platform helps in getting an agent scorecard and providing feedback on agent performance. The platform can track important metrics such as Average Handle Time (AHT), Response Time, and first contact resolution rates, which are used to create a scorecard, offering an overview of an agent’s performance to identify areas of improvement.
Feature 4: Enhance Customer Satisfaction
Customer complaints are crucial to maintaining a successful business, and the banking industry is no exception. Banks often receive complaints regarding excessive fees, bounced checks/funds, loan issues, and long response times. To address these concerns efficiently, Rezo’s conversational AI platform offers a complaint analysis feature. Using advanced AI tools, the platform monitors and identifies negative customer comments and automatically directs them to the appropriate department for prompt resolution. By leveraging Conversational AI and Analytics, banks can proactively address customer issues, improve their response times, and enhance customer satisfaction levels.
Customer Satisfaction Score-
Customer service is the single most important factor in deciding whether a customer will stay with a bank or switch to another. Research by Marketingwebbetter.com suggests that up to 83% of customers could switch banking service providers after a bad experience. Rezo’s AI-Powered Contact Center identifies key metrics that are associated with customer satisfaction and collects information from multiple channels. Through this, the platform is able to collate their scores and offer insights to help banks make better decisions.
Feature 5: Multilingual Conversation Enabler
In a country like India, where different states speak different tongues and considering a bank’s diverse customer base, it is important for banks to effectively communicate with their customers in their preferred language in order to make them feel understood and valued. As per a report by the Reserve Bank of India (RBI), the total banking outlets in villages had grown by 52 percent in the previous calendar year, indicating more access to banks for the rural population as well.
Rezo’s multilingual chatbot and voicebot make it easier for banks to communicate with their customers and help them get the information and support they need without facing any language barriers. This not only helps customers residing in tier-1 or tier-2 cities but also provides support to the growing rural population availing banking services.
To conclude, a conversational AI and analytics platform provides a wide range of services that can help banks enhance the client experience. It can assist banks in providing individualized, effective, and responsive customer care by utilizing the power of natural language processing, sentiment analysis, and machine learning. Stronger relationships with consumers and higher levels of satisfaction can be achieved by banks if they can provide real-time insights into client interactions, pinpoint customer needs, and deliver proactive solutions. Rezo’s Conversational AI platform can assist banks in addressing problems such as low debt collection rates and long response time, improving its collection success rates by effectively reaching out to borrowers timely and remaining competitive in a market that is constantly changing.
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