Client story Digital Innovation: AI Enhances Customer Experience
By Insight UK / 14 Jun 2019 / Topics: Data and AI
A financial services enterprise transformed its customer experience, attracting a new generation of customers by leveraging the power of Artificial Intelligence (AI) to create a multichannel chatbot.
For several years, financial services firms have sought to attract the next generation of investors and recommend themselves to future profitable clients. The millennial generation, however, has confused many firms in their attempt to appeal to this demographic.
The Challenge
Millennials behave very differently from the previous generation in the ways they choose to communicate with each other and think about money and investing. As digital natives, they spend more time on social media platforms to connect with family and friends. These platforms have also become their source for news and education.
Although financial firms recognise many of these differences between generations, few companies have been successful in translating their financial services offerings into rich and engaging solutions that speak to this latest generation of investors.
Innovation team.“While technologists will embrace the bot framework for its flexibility and control, the conversational agent itself really represents a platform from which the business can support a wide variety of top and bottom-line strategies.”
Matt Bienfang, Managing Director of Industries for Insight’s Digital
The Solution
Partnering with Insight’s Digital Innovation team, the firm set out to develop a robust chatbot that would increase engagement among millennials and enhance the user experience for all customers.
To ensure it built a solution that truly served a purpose and solved the needs of its customers, the financial services company leveraged its most valuable assets: its employees. As the closest touchpoint to customers, employees had a deep understanding of customers’ questions and needs. The firm used that knowledge to inform the chatbot.
Insight helped with the launch of a multichannel conversational agent, or chatbot, with rich capabilities for buying or selling stocks, locating nearby branches, getting quotes and more. Users can ask questions around financial topics, and the chatbot is able to provide educational resources in the forms of articles and short videos.
With the chatbot, customers gained the convenience of anytime, anywhere access and quick answers to questions. On average, it takes a human customer service representative 15 to 20 minutes to answer an enquiry. The chatbot can do it in seconds.
