Why Voice AI Will Power The Future Of The Finance Industry

When Voice AI first emerged about a decade ago, no one could have predicted how this technology would integrate with our daily lives.?

From smart devices to customer service calls, numerous services and touchpoints in our day-to-day lives are now enabled by voice-powered technology that it feels second nature. Over the years, Voice AI has become a highly sophisticated technology that can speak and hold conversations that make our lives easier.?

Technology developments and our growing ease with Voice AI has accelerated its adoption across many different industries. Its implementation in business creates better customer experiences and benefits companies by optimising performance and reducing reliance on human resources. This is particularly true within the finance industry, where rapidly evolving customer expectations have made Voice AI a powerful tool to leverage to keep up engagement and retention.

Banking on Voice AI to Keep Customers Happy

The pandemic has transformed consumers behaviours, which has fundamentally impacted how brands traditionally engage with and create value for customers. With customer demands multiplying and constantly evolving in the new normal, businesses are under immense pressure to meet the growing expectations.?

This is true within the banking and finance sector, where customers want fast responses and advice for managing their accounts, investments, funds, retirement and debt. More people have turned to mobile-first technologies to seek near-instant solutions — and providing convenient, personalized, and secure customer experiences have become crucial to the survival and growth of businesses.

As banks compete for customers and top customer service delivery, many are tapping on Voice AI to perform various functions — from payment collection and customer signups, to verifying information for loan approvals or purchases. The main benefit of using Voice AI is the ability to concurrently reach and engage multiple users, which keeps operating costs to a minimum while improving services and increasing user engagement at the same time.?

The technology has become so sophisticated that AI-enabled voice assistants can even interpret specific behaviours and preferences of each customer and provide personalized recommendations. The possibilities are truly limitless, and we’re glad to play an essential part in supercharging the future of customer engagement.

Driving Business Results & Increased Efficiency

Our recent study with research agency Ecosystm found that organisations using Voice AI in their contact centres saw a 63% reduction in processing time and a 58% reduction in operating costs while maintaining customer satisfaction and retention at 67%. These numbers speak volumes and show the visible impact companies like ours have on each client’s business.

For instance, we recently started working with Toyota Astra Finance (TAF), a leading automobile financing service provider in Indonesia, to help them automate their debt collection process. Up until a few months ago, TAF’s customer contact centre was made up entirely of human agents, and the company often struggled with the challenge of not having enough manpower to cover the call volume.

Today, they have seamlessly integrated the use of our Voice AI in their contact centres, alongside human agents. The Voice AI handles high-volume repetitive calls, leaving the agents to handle more complex conversations that require a human touch. As a result, the team has been able to improve the call centre’s contact rate and extend operating hours without incurring additional costs from overtime. Further, this is expected to maintain low operational costs while driving improved call performance. Unsurprisingly, the company plans to continue tapping on Voice AI technology, with the goal of automating more calls tasks to help scale call centre operations.

This is just one example of how Voice AI can drive tangible benefits in the finance and payments industry. As we move well into the digital age, Voice AI will become an indispensable method of customer interaction, and companies who don’t want to be left behind must take proactive steps now in order to continue engaging their users more efficiently in the long run.

If you found this article interesting and would like to learn more about Voice AI and how to supercharge your customer experiences, contact our consultants at [email protected] or schedule a product demonstration today.

For more information, visit www.airudder.com.

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