How cognitive solutions help keep banking customers engaged
Remember the days of taking your passbook into the bank to get it updated with new credit and debit entries? Or going into the bank just to withdraw money? These visits not only added up in transportation costs, but also in lost time. The costs weren’t just incurred by customers, either; banks also lost time by requiring employees to provide these services.
As technology advanced, ATMs allowed customers to withdraw cash at anytime and online banking made accounts accessible to customers at home. Most recently, the introduction of mobile banking has provided banks with even more points of customer contact.
Mobile banking has since become ubiquitous with the tech-savvy and digital native generations. Banks have been rapidly adding mobile banking services to keep up with the competition of acquiring customers and satisfying and keeping current ones.
With all of these technological innovations, customer care has moved up the tech value chain. Banks have added interactive voice response to engage with customers over the phone and make the experience as convenient as possible. Gone are the days when customers needed to wait endlessly on the phone, listening to on-hold music. Customers can quickly get answers to their queries without even speaking to a banking representative. If they do need to speak to someone, they are swiftly channeled through to the correct department to get assistance.
Offsetting costs with cognitive solutions
As convenient as this enhancement to customer care and support is, it comes at huge operational costs. Cognitive solutions can help remedy these costs. With offerings such as IBM Watson, these solutions can be used effectively to increase customer engagements and keep tabs on operational expenses.
Cognitive solutions also let banks use the power of artificial intelligence to offer customer services through intelligent and self-learning chatbots. Whether it’s putting a travel notice on your credit card, requesting a new checkbook or asking about bank services, cognitive solutions can take care of customer service by intelligently and instantly answering customer queries.
There will soon be a paradigm leap in customer engagements through cognitive solutions. The right solutions can help banks provide customers with instant support and monitor operational expenses.
To learn more about cognitive solutions in retail banking, join Balagopal Ramdurai at IBM World of Watson Session No. 2147A, “Improve customer engagement in retail banking with IBM Watson,” on October 25, 2016 in Las Vegas.