While artificial intelligence (AI) will soon have its place at the table in just about every industry worldwide, it’s already having a huge impact on how financial services enterprises conduct business, particularly in contact centers, by shifting calls to self-service or to a chatbot to lower costs.
However, there’s a lot of potential to use AI for higher-value conversations too. This is especially true when you combine AI with another hot technology — video. How much is this trend impacting the financial services landscape? Vidyo’s latest annual video banking report shows that 82% of financial institutions already offer or plan to offer video banking services.
Combining AI and video can deliver tremendous value to your institution. Here are some scenarios that are available today or will be soon. Vidyo already offers the first three features with our integration with Genesys.
AI-powered predictive routing engines use historical performance data and match customer and employee attributes to predict which contact center agent is most likely to achieve targeted business goals. With video banking, it’s now possible to identify the most valuable inquiries and route them to video-enabled agents who have the right profiles to address them.
Real-time next-best-action suggestions by AI to your contact center agents are based on analyzing the customer profile, the type of inquiry being made, and keywords from the conversation. The next best action in a video-enabled contact center might be to offer a particular product and escalate the interaction to video, where a more engaged and effective conversation is more likely to facilitate closing a deal.
Chatbot-to-human escalation can identify pivotal moments between your agents and customers, such as when customers’ emotions are running high or advanced expertise is required. The conversation can then be escalated to a video-enabled agent who can handle the request with face-to-face engagement that builds confidence and drives customers to invest more.
Biometric identification is a fast, reliable, and compliant way to identify a customer when closing a financial transaction remotely. Today, customers present an ID to agents who take a snapshot of it. But AI-based facial recognition software can analyze the video stream to verify that the photo of the ID matches the face of the individual and check that the document has not been forged, digitally tampered with, or reported lost or stolen.
Real-time sentiment analysis of video and audio streams analyzes facial expressions, body language, tone of voice, and keywords, all of which reflect underlying states of mind. Identifying them in real time feeds more informed suggestions to your agents, who can then act more effectively.
Simultaneous interpreting allows video transaction participants to speak in their native language and see on screen or hear a translation of what other participants are saying. This allows your institution to always have the best expertise available to your customers around the world, regardless of location or language differences.
Analytics coupled with speech recognition allows the audio content of a video conversation to be transcribed into text, stored, and analyzed like that of any other text-based interaction channel, benefiting those looking for better ways to collect and analyze the content of interactions. This improves the quality and effectiveness of your services, provides more value to your customers, and identifies relevant post-contact actions.
AI and video can and will improve the financial services experience for your customers and institution — especially for inquiries that really need a human touch.