The digital landscape has changed the overall dynamics of customer behavior and necessitated banking, financial services and insurance (BFSI) industry sectors to alter their business strategies to suit the customer trends. In this journey, an enterprise voice assistant can be a game changer in transforming businesses to gain more profits by being more customer-centric than product-centric.
It is researched that 46 percent of the US citizens use voice assistants. Observing the strong presence of voice assistants, banks, financial, service and insurance (BFSI) firms have actively adopted enterprise voice assistants for both internal (employees) and external (customers) purposes. It is said that JP Morgan &Co is enabling its clients by allowing the access to research and analytics reports through voice chatbots. Also, twelve thousand field agents to be powered by voice assistant’s capabilities, states Mark Madgett, the New York Life Insurances VP.
These are some of the banks and financial firms, allowing usage of services through voice assistants:
With 6 billion smartphone users and 51 percent of the world's population being internet users, the impact of digital technologies on customers has increased significantly. The internet age is one where customers are empowered to shape their own journeys. This belief of “service delivery experiences” driving the modern industrial revolution has brought in the slogan "experience-as-a-service." Such is the disruption digital customers have brought to BSFI industries.
The BSFI space is constantly flattered by the by regulatory concerns, demand for personalized user journeys, on-demand services, competitive financial tech companies, and so on. To stand steady in this digital race, financial institutions have been getting solutions like web portal, mobile, and so on. Though these are effective, they lack closeness to human approach progressions.
With the rise in AI-powered voice-enabled conversational system’s - voice assistants - success in conducting conversational commerce in a natural voice way, gave a ray of hope for the BFSI industry to address their hard-hitting challenges due to legacy systems and practices.
Learn more how VERA 2.0 is Transforming Service With AI here
The voice assistant’s - VERA - uncluttered multi-support voice architecture, offers users natural voice experiences, and zero-touch experiences, while communicating with the enterprise systems. The AI-powered voice assistants are offering some intelligent BSFI business use cases, in strategic management by optimizing workflows between people (customers or workforce), systems, and business processes.
Data is key to business strategies, but, it is estimated that the financial companies use only 0.5 percent of data to extract intelligence information out of huge data chunks. This is due to a lack of structured mechanisms to store data in the more organized way.
Thirty-seven percent of financial services respondents said that internal data and analytics will drive their next big decision"
Big Decisions Survey, PwC
The AI-driven enterprise voice assistants being proactive and fully integrated with the enterprise systems measures the data proximity to integrate all the data sources to ensure data agility and receptiveness. This ability combined with, voice assistant’s intelligence to study the user’s interactions and develops a behavioral map of users, enables to cater content that they need.
Companies in the BFSI sector often have high on sales targets and to meet these goals, and even investments are high. But, it is difficult for the marketers and sales to extract meaning information out of a huge set of data on a timely basis. AI powered Voice chabots help easily categorize and align the sales-marketing data, thereby enabling the management to study the analytics data, customer’s persona, market trends and make real-time decisions. This way voice assistants boosts up the workforce efficiency, brings down operational costs, quickens data access and improves the traceability of the service delivery process.
In a similar way, even with customers, the voice chatbots study the customer interactions, develops behavioral map and accordingly caters content. This way voice assistants generate personalized engagement and great conversational experiences to the customers. Due to frequent changes in regulatory policies, customers are not better informed about financial offerings, policies, and plans. The push notifications feature voice assistants sends alerts to keep customers to make wise decisions on financial happenings.
Sixty-six percent of US adults use voice assistants or chatbots, and 87 percent are aware of the technologies. 21% of US adults use voice assistants or chatbots to perform e-commerce tasks like paying bills or online banking."
Catch up to the customer trend to stay live in your business. If you are still confused or willing to have more knowledge on the use cases/applicability of voice assistants in BFSI space, talk to our experts for a free consultation.