AI & Digital Transformation in the Banking Industry Tailored for KSA
Banks are now leading the charge into this new era of digital transformation (DX) by reimagining the customer experience, fostering a new culture of work, optimizing operations, and driving product innovation.
Financial services have been at the forefront of digital adoption, and the banking sector is likely to see a significant shift in demand for skills through 2030, according to the McKinsey Global Institute.
Optimum CX today means guiding customers through:
- Automated self-help processes using digital communication & sales automation
- Automated product recommendation
- Predictive analytics-based insights using AI-powered tools
Futuristic Digital Technologies to Scale Up Your CX
Alterian
IWD
Nun CIVR
BOOST CUSTOMER RETENTION THROUGH ALTERIAN REAL-TIME JOURNEY ORCHESTRATION IN THE BANKING SECTOR
Banks’ main challenge is Customer retention – retaining and growing their existing customer portfolio.
This really underscores the critical need for measuring, understanding, and re-assessing new ways of addressing evolving customer behaviors.
And this is where Alterian’s Customer Journey Orchestration comes in – allowing you to accelerate digital transformation within weeks.
How Does Alterian Work?
Ensures customer retention in real-time by listening for signals
Provides real-time personalization that
Avoids overwhelming the customer with too much info or unnecessary offers.
Understands a customer’s objectives & responds in real-time. Significantly beats next-day or next-week response.
THE ROLE OF IWD IN OPTIMIZING BACK-OFFICE PROCESSES
Using IWD Intelligent Workload Distribution by Genesys (Task Routing)
Improving Home Loan Application Operational Challenges facing Banks in the back office.
- Multiple Systems & Processes:
- Manual & Micro-Management:
- Managing the SLAs & Backlog
- Lack of Information & Visibility:
- Individual Priorities
But With Intelligent Workload Distribution, Banks can:
- Prioritize Tasks Based on Value and Staff Resources by aligning your request processing priorities with your organizational objectives, you’ll achieve greater efficiency.
- Increase efficiency, resource utilization, occupancy rate, and employee satisfaction.
- Ensure Service Delivery Levels – Increased delivery of promises kept (SLA deadlines) from 88% to 95%
- Move decision of task prioritization from individuals (employees) to management.
- Increased Work Efficiencey by Reducing in task processing time by 40% and reducing in FTE staffing costs by 15%
The Implementation of IWD helped different organizations to achieve
15 - 30% reduction in overall operational costs & efficiency gains
ROI within less then 6 months
Increase in CX, NPS, C-SAT & loyalty scores
Better employee satisfaction
TRANSFORMING CX PROCESSES AND SELF-SERVICE
Using Nun Conversational IVR
Today, an unhappy consumer expects a much faster response from companies when trying to resolve issues or find certain information.
But with Nun Conversational IVR, Banks can provide a seamless customer service experience and significantly improve the CSAT scores.
Customers gain immediate answers to their questions anytime, anywhere, without calling customer care representatives.
Covers account details, balance enquires, card activations, report lost/stolen cards and more.
Why Nun Conversational IVR?
Easier to navigate for the customer
Embedded AI Automation within the IVR experience
Replace push buttons with voice commands for IVR interaction
Flattening the IVR Tree and making services more easily available
Allows customers to state their needs in their own words, and with their own Arabic accents, including complex queries
Designed with the help of experts in the Insurance industry to thoroughly cover a wide range of insurance services which helped us to design an Intents Catalog to enhance and ease the customer experience.
E-book: AI & Digital Transformation in the Banking Industry 2022
IST created this e-book to empower Banks in the current economic climate to discover Digital Technologies that would help them manage a large number of customers without forcing employees to work on siloed work bins and multiple desktop views, causing operational issues. End disjointed loan submission journeys, causing customer churn. Eliminate DTMF push button technologies, causing poor customer experience.
Download the e-book to learn:
- Improving the Claim Submission Journey with Alterian – Customer Journey Orchestration
- Improving the Claim Management Process with Intelligent Workload Distribution (Task Routing)
- Improving the Claim Submission Process with Nun Conversational IVR
