9 (or more) ways Microsoft Copilot can relieve your bank’s customer complaint headaches.

With heightened expectations for seamless interactions and personalized services, banks are continually challenged to address customer complaints promptly and effectively. In an ideal world, your bank wouldn’t even need to give complaint management a second thought. Unfortunately, the world we live in isn’t quite ideal, as a recent American Banker article1 points out, and managing customer complaints is, in fact, a huge challenge for financial institutions.?

The light at the end of the tunnel, at least for some, is AI. “Using AI won't eliminate people’s jobs,” Heather Hajek, director of analytics and compliance management system support at Synovus Financial, said on a panel at the Consumer Bankers Association annual conference. “It helps us do our jobs better." And handling complaints, she contends, is just one of the many operational areas that will be much improved, thanks to AI.

As you well know, complaint management is especially critical for smaller, community banks as unlike the large nationals, these institutions are built (and thrive) on customer satisfaction and trust. Is this important to the big banks of the world? Of course, but losing customers due to poor customer service neither stings as much, nor impacts the bottom line as much, as it does for a local bank. PS: Not to mention the fact that some of them continually reinforce the perception that they’re truly “untrustworthy”!

What about Microsoft Copilot when it comes to customer complaints? I’m hearing quite a bit about it these days. Supposedly, it’s the complaint management answer for which bankers have been waiting. Business Insider says, “Microsoft Copilot users complain that “it doesn’t work as well as ChatGPT,”2?while Windows Central says that Microsoft claims that “ChatGPT isn’t as good as Microsoft Copilot.”3?Which is it? I decided to do a bit of web surfing to learn more.

Okay, well let's begin by admitting that customer complaints are an inevitable aspect of any industry, banking included. Whether the complaint stems from a transactional error, service dissatisfaction, or regulatory concern, unresolved complaints can cause serious brand damage and erode customer trust. Traditionally, managing these complaints has been a labor-intensive process, characterized by manual case handling, moving data back and forth between disparate sources, and then sharing that data inefficiently between front, back and middle offices. As a result, banks often struggle to deliver timely resolutions while maintaining consistency and compliance.??

Here’s what I’ve heard about Microsoft Copilot and I must admit, I’m pretty impressed… if, of course, it actually does what they say it will do!

1. Customer Support Automation: Copilot automates responses to frequently asked questions, allowing your customer service team to handle questions and issues more efficiently. By automating responses, Copilot drastically reduces response times, which then leads to greater customer satisfaction.
2. Generating Reports on Trends and Behaviors: Need the 411 on the latest trends and behaviors? Copilot’s advanced analytics capabilities allow it to identify trends in customer behavior, providing your bank with a clear understanding of market dynamics. This understanding is crucial to strategic planning and decision-making, helping you to align your banking products and services with customer needs.
3. Email Management: Email… we all love it, right? Not exactly. Now, just leave it to Copilot, which can sort incoming customer emails, then categorize them based on content and priority. Copilot can respond automatically to common email queries, saving you time and ensuring that your customers receive timely and relevant replies.
4. Live Chat Assistance: With its real-time support in live chat scenarios, Copilot can respond instantly to customer queries, drawing from a vast knowledge base that ensures the accuracy of the information shared. This feature significantly reduces the workload on your “human” customer service personnel, allowing them to put more focus on higher-value tasks. For those busy times, Copilot can manage multiple chats simultaneously, leaving no customer ignored.
5. Tailored Interactions: Can your human reps personalize their customer interactions? Copilot can … by pulling data that provides the customer’s history and preferences. This personalized approach creates not just a more engaging customer experience, but a true relationship; one in which the customer feels not just understood, but valued. After all, a valued customer is a loyal one and relationships are the foundation of a community bank’s business.
6. Analyzing Customer Feedback for Insights: It’s crucial to your bank’s success that you know your customer better than they know themselves. But, how? Copilot is designed to analyze customer feedback and, leveraging AI and ML, turn raw data into actionable insights. The insights generated from the application of these two technologies yield an understanding of your customers’ sentiments, preferences, and expectations; primarily around your products and services. These insights are crucial to strategic decision-making, especially when working to align your products and services with your banking customer’s needs.
7. CRM Integration and Management: We all know how challenging data management, and technology integrations, can be. Copilot seamlessly integrates with various CRM platforms, providing your customer service personnel with easy access to your stored customer data stored in these systems. This integration offers a more holistic view of your customer, enhancing your ability to provide assistance promptly.
8. Social Media Management: You can’t afford to let your online brand get tarnished. Copilot can protect your online reputation by monitoring your social media channels for mentions and interactions, providing real-time alerts when necessary. It can also assist in helping you craft timely and appropriate responses, as well as quickly identify negative trends that could threaten your brand.
9. Predictive Customer Service: Copilot can predict customer needs and queries before they arise. This predictive capability is based on analyzing past interactions and customer behavior patterns. Now your bank can better anticipate customer needs – often in advance – helping you be more responsive and proactive in addressing issues. This builds stronger customer relationships, as they feel understood and valued.

Conclusion

During these challenging times of digital disruption and off-the-charts customer expectations, banks are faced with a long list of challenges. And addressing customer complaints is certainly very near the top of that list. Now, here comes Microsoft CoPilot which, from what I’ve seen, could really take a bank’s complaint handling to the next level. Is it worth a try? I think it is. Of course, as always, I welcome your thoughts.

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1American Banker. Ai's potential for handling customer complaints. March 28, 2024

2Business Insider. Microsoft customers complain that Copilot doesn't work as well as ChatGPT. March 28, 2024

3Windows Central. Microsoft says ChatGPT isn't better than Copilot AI; you're just not using it as intended. March 28, 2024