The SaaS player reviving the Fintech industry is conversational intelligence.
In the age of digital technology, financial services have undergone a significant transformation. Most of us are rapidly changing the way we conduct our financial transactions thanks to technologies such as AI-powered automation and SaaS solutions. In reality, there are now fewer individuals who need to physically visit banks as a result of the development of fintech.
Customers are still generally dissatisfied with their interactions with banks and other financial service providers, despite all technological advances. Even the largest and most reputable organizations still struggle with poor customer service, which is why conversational intelligence has emerged as the growth path for SAAS business models.
According to data, the global conversation intelligence software market is expected to grow at a CAGR of 7.2% to reach $43.2 billion by 2032. The need for AI-powered customer support services is the main driver for this expansion. Let’s examine Conversation Intelligence’s impact on the fintech customer experience in more detail.
Automating QA Procedures In large contact centers that receive thousands of calls every day, manual QA procedures are tedious, repetitive and overwhelming. Less than 5% of all calls are randomly audited by quality analysts, and the rest go unanalyzed and useless for decision making.
By automating QA procedures, Conversation Intelligence enables companies to listen to 100% of conversations and understand the voice of the customer as a whole. Since the AI is not distracted and is focused on analyzing each call on predefined parameters even when it needs to process thousands of calls every day, this not only exceeds the capacity provided by manual procedures but is also accurate.
Mitigating Legal and Compliance Risk – Conversational intelligence is critical to creating and maintaining data security policies for each client. It enables businesses to teach agents in a customized way about compliance procedures. To guarantee the secure transmission of critical customer or company information, access control mechanisms are also implemented.
Automating business processes Using all this information, companies can streamline their operations to develop targeted marketing campaigns, sales journeys and customer experiences. The intelligent AI-powered Conversation Intelligence platform offers a systematic database of parameters such as customer complaints, sentiment, competitor/brand mentions, FAQs, etc., across 100% of your conversations.
Trends in user behavior can be identified by integrating Conversation Intelligence, which enables companies to collect high-quality data in real-time from a variety of conversational values. These user interest-related insights help to identify behavioral patterns that are useful for quick and efficient adaptation of current offers as well as development of new products and services.
More efficient agents In the financial industry, contact center employees have historically been seen as uninformed and uninterested in customer needs. At 100% conversation assessment, Conversation Intelligence solutions change this perspective. All important data and characteristics are visible thanks to a detailed call assessment.
This not only saves time, but also provides extensive data and analysis for agents to be coached on. The platform provides connectivity to the content management system so that users can quickly get the exact information they need about a product or service they may be interested in. This not only reduces the need for agents to have extensive training on each product, but also significantly minimizes the time time agents must wait while performing a manual search in the CMS.
Such AI-powered assistants help improve first-call resolutions and reduce the average processing time of call interactions. Customers have a better experience and agents can achieve higher customer satisfaction.
Higher sales conversion rates. The Conversation Intelligence system can immediately spot up-sell or cross-sell opportunities since they are aware of the requirements and expectations of a consumer. They can also convey product recommendations via signals on the agent’s screen. This has significantly increased the fintech sector’s ability to generate revenue.
Automating back-end tasks for sales teams: Conversation intelligence technology can automatically take notes on live calls, pinpoint critical points, and produce a concise summary of each session. They can segregate the calls based on predetermined criteria, and this automation greatly minimizes the agents’ post-call work. Their job satisfaction and motivation increase as a direct result of their reduced burden, and they gain the confidence to handle each customer engagement more effectively.
These are some of the key adjustments that Conversation Intelligence is making in the fintech services sector. The best SaaS products can be used on-premise, in the cloud or in a hybrid environment and are offered as scalable cloud solutions. Due to their total flexibility of use, they are perfect for new banks and fintech startups, as well as legacy businesses looking to undergo a digital transformation. In the years to come, this will be the only way to expand and future-proof the BFSI industry.
How can SaaS platforms contribute to the overall expansion of the fintech sector?
- Financial savings
Financial institutions can reduce their infrastructure costs by using SaaS platforms because they do not need to spend money on on-premises software and hardware. It enables fintech startups to launch their businesses without having to make a significant initial investment. It also helps avoid the burden of conventional licensing.
- There is no demand for internal team management.
Service providers maintain SaaS systems and take care of software upgrades, security updates and other technical details. This makes it easier for financial companies to concentrate on their core activities. The SaaS provider is responsible for ensuring that the platform is operational at all times. Financial companies can also contact the SaaS provider’s customer service department for help with any technical issues.
- Easy access to services that add value
SaaS platforms offer a wide range of value-added services, such as customer management, analytics tools, fraud protection, link issuance and acquisition, and fraud prevention and detection. These services can enable fintech firms to improve their business operations. These services give fintech companies an edge over their rivals.
- Flexibility to cope with unpredictable business cycles
Due to elements such as economic recession, fluctuations in interest rates, etc., the financial industry is exposed to unstable business cycles. SaaS systems support the agility and rapid response of financial businesses to changing market conditions. SaaS’s scalability enables financial firms to easily expand their customer base.
- Highly automated security measures
SaaS platform service providers make significant investments in the security of their systems. They have a group of security specialists who continuously scan the platform for bugs. In addition, the service providers have put in place automated security controls that help quickly identify and resolve any security issues.
- Cut down on time to market
Every firm must consider time to market, but fintech companies must pay particular attention to this element. This is due to the fierce competition in the fintech industry, where entrepreneurs must react quickly to changing market conditions. SaaS systems allow fintech companies to quickly launch their business without worrying about purchasing, installing or maintaining software, thereby reducing time to market.
- Simply comply with the regulations
Fintech firms must comply with a wide range of restrictions due to the financial industry’s intense regulation. SaaS platforms make it easy for fintech companies to comply with the law because the service providers handle the relevant compliance obligations. This includes ensuring that customer data is stored securely and providing frequent updates on any changes in the regulatory environment.
SaaS-based fintech solutions allow both existing financial institutions and start-ups to easily scale up their operations in response to changing customer demands. They no longer need to make significant expenditures in technological infrastructure to quickly create and launch new digital goods and services.
The nation’s fintech market is expected to expand at a CAGR of 31% from 2021 to 2025 and has the potential to generate over US$1 trillion in value. Startups and modern fintech companies are expected to contribute significantly to this expansion. These businesses can quickly scale up their business and enter new markets using SaaS platforms. We can expect an increase in the movement of traditional financial services away from conventional systems and towards SaaS-based fintech solutions in the near future.
Edited by Prakriti Arora
