Have you ever felt frustrated trying to navigate endless phone menus when calling your bank or insurance company? Or wish you could get quick answers to basic questions without waiting on hold for a customer service agent?
You’re not alone. BFSI firms today realize that customer experience is more important than ever. But how can they provide 24/7 personalized support across channels in an efficient way?
The answer is – via AI-powered voice bots that customers can speak with, conversationally. Major players in the banking, financial services, and insurance (BFSI) sector have started to adopt voice bots, and for good reason. These intelligent voice bots create value across the customer journey, the benefits of which we’ll be exploring in this blog.
So what exactly can voice bots do for BFSI firms? Let’s count down the 5 main ways voice AI supports business performance.
Benefits of Voice Bot for the BFSI Sector
#1 Enhanced Customer Experiences:
Seamless customer experience is crucial for BFSI companies looking to distinguish themselves, especially amongst digitally savvy millennials. Voice bots enable conversational self-service, available anytime. No more waiting on hold or navigating confusing phone trees.
Have a question on your bank account or need help with an insurance claim? Voice bots powered by VoiceGenie provide solutions to your customer’s problem in a natural tone. Their advanced AI generates human-like responses tailored to customers' unique needs. This prevents frustration and builds brand affinity as satisfied customers equal more referrals and loyalty, a win-win all around.
#2 Hyper-Personalization:
Here’s an eye-opening stat: 91% of customers are more likely to shop with brands who recognize and provide them with relevant offers and recommendations. Voice bots allow BFSI firms to capture rich customer data and respond with tailored interactions.
For example, large wealth management groups can leverage voice AI to analyze clients' goals and risk tolerance. Then they can provide personalized investment portfolio advice and product suggestions. Likewise, insurance providers can access policy information and other relevant data via detailed analytics to address customer queries and recommend additional coverage as and when needed.
#3 Cost Savings and Efficiency:
Call center and customer support costs have long strained BFSI firms. Can voice bots help trim expenses while maintaining quality service? Absolutely!
Voice AI handles high-volume routine inquiries, freeing up human agents for complex issues. Some banks have reduced call volume by over 50% post-implementing conversational voice bots. These virtual assistants can scale seamlessly, handling spikes in call and chat inquiries without added overhead. Plus, they provide consistency 24/7.
For many BFSI use cases, voice bots generate more in savings than the initial sum invested. Not bad, right? It’s a chance to boost CSAT scores and cut costs simultaneously.
#4 Security and Fraud Prevention:
In an increasingly digital world, security is paramount - especially for BFSI companies trusted with sensitive personal and financial data.
Voice biometrics add another authentication factor, verifying identities through voice pattern analysis. Additionally, conversational AI helps with real-time fraud detection through behavioral analysis for unusual activity across customer interactions. This protects firms and customers alike.
#5 Compliance and Regulation Adherence:
Regulation is extensive for banking, lending, investments, and insurance. Consistent compliance is challenging but critical. This is another area where voice bots shine.
Voice AI provides up-to-date responses aligned with the latest policies and regulations. Conversations get recorded for quality assurance. And voice bots easily capture consent or document disclosures as needed. This aids in risk management and audits. In a nutshell, intelligent voice assistants check all the boxes for governance and compliance capabilities that BFSI companies require.
The Bottom Line
It’s clear that voice-powered AI has graduated from novelty to necessity for forward-thinking firms in banking, financial services, and insurance. Conversational voice bots create value across the customer journey - from acquisition to support and beyond.
So if you’re a firm in the BFSI sector and looking for seamless omni-channel personalization, improved CX, security, and efficiency gains? Voice AI delivers. Ready to explore AI voice bots for your firm? Book a risk-free demo with VoiceGenie today so that we can showcase our human-like AI specifically trained for BFSI needs.
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