While most banking and finance institutions have started to embrace the technological revolution, there are still challenges that need to be overcome.
As McKinsey forecasts, a second wave of automation and AI is on its way the next couple of years, where machines and bots will execute 10% to 25% of bank functions, expanding the overall capacity and giving the workforce an opportunity to focus on higher-value projects.
The radical shift that the banking industry is undergoing is driven by changing business models, new competition from FinTechs, the evolution of cybercrime, the changing of customer demand as consumers seek round-the-clock personalized service, mounting regulations regarding fraud, and disruptive technologies.
When customers visit a bank’s ATM to draw cash, but their transaction is canceled due to multiple wrong password attempts, Routee’s Cloud IVR comes to the rescue by performing automatic calls in real-time, without making customers wait for a long time for identity verification. By asking personal information questions generated by Routee’s platform, which is linked to the bank’s database, Routee's Cloud IVR enables the transaction to be promptly and successfully completed.
Customers that wish to perform an online transaction using an e-banking platform via the web or mobile app (i.e., transfer money, pay a bill, change their mailing address), they must go through a 2-step verification process for safety reasons. Routee's two-factor authentication process (2FA) enables the bank to automatically send a PIN to the customers' mobile phones to verify their identity in the bank’s app and successfully complete their desired transaction.
A banking institution deals with enormous paperwork on a daily basis. Integrating environmental and social considerations into a bank’s core business, such as the automation of standard processes for approving and sending the finalized contract of a bank loan, or any other form of a bank petition, via electronic means, such as SMS or email, saves time on human resources and builds a sustainable and environmentally-friendly image for the bank.
A conversational AI bot, built-in with NLP capabilities, can simultaneously handle most customer support queries from different customers. A bank can integrate a chatbot AI into customer touchpoints (i.e., Viber, Facebook, native app), so when customers request via direct message information about their account balance for a specific range period, the bank's chatbot will efficiently handle this routine query with no need to take time from a live agent.
Process automation combined with customer segmentation and personalization can improve the customer acquisition process, drive sales, and strengthen customer retention. Banks and financial institutions can create new business lines and improve targeting by using triggers to offer relevant products or services (i.e., reward regular customers at risk of switching to a competitor).
Accenture estimates that workflow automation reduces the time to perform tasks by up to 90%. Automation allows the efficient streamline of validation processes and several repetitive tasks normally tended to by humans. Work routines can be easily labeled as simple and complex and accordingly allocated. Process re-work and errors are reduced by eliminating human touchpoints, resulting in speeding up innovation and the time to market.
Marketing automation empowers risk management as it removes subjective interpretation, capitalizing on the technological innovation to boost the effectiveness of anti-money laundering checks and fraud detection practices. As data breaches become prevalent and privacy concerns intensify, verification services such as a Cloud IVR service for handling customer issues (i.e., credit card loss, fraud, declined payments, or other related problems) that require quick responses from a trusted source, come to the rescue.
Banking and financial institutions can capitalize on WayMore's comprehensive automation platform to automatically segment their customer database and create personalized products, services, and offers, that will be delivered at the right time to customers through their preferred communication channel. Proactively providing customers with relevant information enhances their experience and satisfaction, builds trust, and creates long-lasting relationships.
WayMore Marketing Automation Platform for banking & financial institutions leverages technological advancements, such as artificial intelligence and powerful analytics, that enables the easy, secure design and delivery of customized workflows and services. Financial executives free up valuable time, and can make better-informed decisions, powering up their productivity levels.
WayMore is an intelligent omnichannel communications platform powered by Routee that enables a business to gather insightful customer data for developing business growth tactics, to deliver personalized marketing messages. WayMore carries a powerful functionality such as: