How can RPA and AI Virtual Assistants help customer service in banking?
The digitalization of the Banking industry has increased competition drastically. Companies in the Banking sector are continually looking for ways to boost their profit margins and optimize efficiency by streamlining their procedures. As a result, robotic process automation (RPA) and AI virtual assistants have become popular in banking. Banks are now able to use the smart system to automate a variety of customer service-related tasks, allowing customer care specialists to respond to client inquiries and requests quickly.
Processing of Credit Cards and Loans
Consumers may now apply for loans and credit cards from the comfort of their own homes thanks to the widespread availability of low-cost internet and advances in technology. With AI virtual assistants, banks may rapidly reduce the time it takes to process these applications from weeks to days, if not hours. The technology enables banks to obtain information quickly, efficiently, and easy to execute the necessary checks.
KYC processing and account closures are two further areas where RPA might assist banks in offering better services. In the banking industry, client demands are rising, and financial institutions are constantly altering their operations to assure customer pleasure. RPA is a cost-effective technique that can help banks stay up with rising customer expectations.
Registering Consumer Inquiries and Requests
Every day, banks get numerous consumer inquiries ranging from lost cards to scams, and bank workers are frequently under enormous pressure to swiftly resolve requests to maintain excellent customer service standards. Furthermore, individually handling each inquiry might significantly obstruct other high-priority processes and result in major errors.
Banks can readily automate the processing of repeated queries and operations such as account information, bank balance requests, and loan status applications using AI virtual assistants and RPA. By automating these procedures, bank workers may devote more time to higher-priority customer inquiries that demand quick attention. As a result, bots assist banks in drastically reducing the time it takes to respond to client inquiries and improving their overall experience.
Legacy Systems Aiding in Quick Resolution
To acquire information about their customers, bank managers typically use a variety of outdated systems. Managing outdated systems when responding to a customer service call can significantly lengthen the time it takes to resolve the issue. RPA solutions can interface with these legacy systems and store all the necessary data in one place. Automation also improves the accuracy of these systems by removing the possibility of errors arising from manual data processing across platforms. These solutions can assist banks in rapidly and efficiently resolving the most complex consumer inquiries.
Robotic Process Automation and AI virtual assistants can be truly disruptive for the banking sector if correctly implemented. It can easily automate manual, repetitive, and time-consuming processes and speed up customer service . The effect of automating such routine processes would be increased productivity, a significant reduction in error rate, and a quick turnaround time. In the banking industry, client demands are rising, and financial institutions are constantly altering their operations to assure customer satisfaction. The bots are a cost-effective technique that can help banks stay up with rising customer expectations.
Applicability of the robots and virtual assistants
Our software robots and AI virtual assistants can work with websites, web-based, or desktop applications and they perfectly cope with MS Office products (Word, Excel), ERPs, and other core systems.
DigiTech’s team provides you with help to identify the processes that are the best fit for the automation and will bring to your company the fastest return (ROI).
Do you want to explore more? Call us
Banking, Financial Services and Insurance (BFSI)
We aim at bringing value-added solutions at almost no efforts by You – our Customer.
Our power is in listening to you and understanding your processes.