Conversational Intelligence: The SaaS Player Disrupting the FinTech Space
Financial services in the digital age have undergone a significant transition. Technologies such as AI-powered automation and SaaS solutions are rapidly changing the way most of us conduct our financial transactions. In fact, the rise of fintech has significantly reduced the need for people to visit banking institutions in person. But despite all the technology integration, there is still a lot of dissatisfaction among customers when it comes to their experience with banks and other financial service providers. Customer service continues to be below par for even the largest and most reputable institutions, and that’s where Conversation Intelligence emerged as the growth path for business models in the SAAS space. According to statistics, the global Conversation Intelligence software market is expected to reach $43.2 billion by 2032, with a CAGR of 7.2%. The most important factor behind this growth is the growing demand for AI-powered customer support services.
Let’s take a deeper look at how Conversation Intelligence is redefining the fintech customer experience.
Automation of QA processes – Manual QA processes are repetitive and cumbersome, as well as overwhelming in large contact centers that receive thousands of calls each day. The quality analysts randomly pick and choose calls for audit, resulting in less than 5% of all calls being analyzed and used for informed decision making. Conversation Intelligence automates QA processes, so companies can listen to 100% of conversations and get to know the holistic voice of the customer. This not only exceeds the capacity offered by manual processes, but is also accurate as the AI does not get bored and remains focused on evaluating each conversation on pre-defined parameters even when it has to go through thousands of conversations every day.
Reduction of legal and compliance risk – Conversation Intelligence plays a critical role in building and maintaining data security frameworks for each customer. It enables companies to offer personalized guidance to agents on compliance processes. In addition, access control measures are integrated to ensure the secure transmission of sensitive business or customer information.
Automation of business processes– The smart AI-powered Conversation Intelligence platform provides a systematic database of parameters such as customer complaints, sentiment, competitor/brand mentions, FAQs, etc. across 100% of your conversations and using all this data, businesses can streamline processes theirs to create targeted marketing campaigns, sales journeys and customer experience.
Identification of user behavior trends– Integration of conversational intelligence enables companies to obtain quality information in real time through various conversational values. This insight relates to user interests and helps to identify behavioral patterns that are valuable in the development of new products and services, as well as in the adaptation of existing offers quickly and efficiently.
Agents with better results – The common perception of contact center agents in the financial arena has been that they are poorly informed and uninterested in helping customers. Conversation Intelligence solutions change this perception with 100% conversation evaluation. Detailed call evaluation provides visibility into all key metrics and parameters. This not only saves time, but provides a comprehensive amount of data and analysis to coach agents. The platform offers integration with the content management system to quickly extract the exact information related to a product or service that the customer can search for. This not only reduces the need for agents to be thoroughly trained on each product, but also significantly reduces “call on hold” time while the agent searches through the CMS manually. Such AI-powered assistants help reduce average processing times and improve first-call resolutions for call interactions. Agents are able to achieve better customer satisfaction and customers get a superior experience.
Superior sales conversions – By understanding a customer’s needs and expectations, the Conversation Intelligence system can quickly identify opportunities for upselling or cross-selling in real time, and can send product suggestions via signals on the agent’s screen. This has been instrumental in increasing revenue generation for the fintech sector.
Automating the backend work for sales teams – The Conversation Intelligence system can automatically create notes on live calls, identify the most important moments and create a concise summary of each conversation. They are able to segregate the calls according to predefined parameters and this automation significantly reduces the post-call work for agents. Lower workload translates directly to greater job satisfaction and motivation for them, and they become confident in handling each customer interaction in a better way.
These are some of the key transformations that Conversation Intelligence is bringing to the fintech services arena. The leading SaaS solutions are made available as scalable cloud solutions that can be deployed locally, on the cloud or in a hybrid environment. This gives full flexibility in use, making them ideal for older companies that want to undergo a digital transformation or for fintech startups and new banks. After all, this is going to be the only way to future-proof and grow the BFSI arena for years to come!
Author: Bhaskar Mishra, Product Manager, Mihup
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