New Report Unveils the Transformative Power of Conversational AI for Banking Customers

Artificial Intelligence
08.11.2023 10:10 am

A new report from Kore.ai, a provider of conversational and generative AI platforms and solutions, reveals a growing acceptance of AI-powered intelligent virtual assistants (IVAs) that meet customer quality expectations unfulfilled by legacy chatbots. The findings also depict a significant shift in sentiment for AI, with only a 7% difference between total ratings for IVA (70%) and all Live Agent modes (77%), for both simple and complex interactions.

When it comes to customer service in the financial services industry, consumers prioritise accuracy, speed, and personalisation. Top financial services use cases customers want IVAs to help with, include:

76% to check balances of all their accounts (checking, savings, CDs, IRAs, credit card loans, mortgages, investments) including affordability queries
75% bank branch and ATM information (location-based, national/international, directions)
69% bill payment (set up, scheduling, recurring, auto-pay if desired)
68% alert set up (like balance/withdrawals, overdraft, payment due, card not present, card purchase greater than X)

“Our findings showcase a clear message: there is growing demand for IVAs and they are reshaping customer interactions,” said Raj Koneru, CEO of Kore.ai. “For enterprises, this data isn't just insight – it's a roadmap to recalibrate modern customer engagement strategies, adapt to new expectations, and position IVAs as transformative tools that redefine how technology and humans come together in the customer journey."

Customers traditionally value the efficiency of self-service but prefer not to sacrifice a quality experience for the sake of convenience. Their expectations for legacy chatbots mirror those for live agents: they demand accuracy, speed, and expertise. This consistent desire for excellence is why the consumer experience often was initiated with the familiar phrase "speak to a representative" to ensure their needs were met effectively. However, with the evolving technological landscape, IVAs are now capable of fulfilling these requirements.