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Banking and Insurance, Conversational AI

How Conversational AI Can Help Grow and Retain Customers in Retail Banking

Improving the responsiveness of customer support and providing frictionless & convenient digital services have been two long-standing challenges for the retail banking segment. Since the banking and financial services industry (BFSI) relies heavily on trust and consumer goodwill, innovations like conversational AI and voicebots in banking find rapid adoption. Most banks know how applications of AI or a voicebot in retail banking can provide significant benefits for the industry and make it more interactive, faster, and customer-centric.

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Business Hacks, Conversational AI

Conversational AI In Insurance: The Future of Customer Service & Customer Journey

According to a Deloitte article, “conversational AIs currently represent the top use of AI in enterprises, and their adoption rates are expected to almost double over the next two to five years.”

This is because AI-powered virtual assistants can not only answer FAQ queries but also handle complex requests with a personal touch that mirrors that of a human agent.

Moreover, they can promptly perform tasks such as giving personalized recommendations, providing specific information, assisting in payment processing, and much more.

Let’s look at the advanced functions offered by conversational AI in insurance.

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Voice Biometrics

Voice Biometrics: How this Secure Authentication Method Work

The COVID-19 outbreak has triggered a world of innovation across various verticals. Whether it is automation through AI-powered chatbots or setting up remote offices – technology is facilitating such changes. Widespread digitization has also increased the scope for accommodating augmented technologies that branch out into different areas. Voice biometrics is emerging as one such avenue.

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Contact Center Automation, Conversational AI

How Can Conversational AI Boost ROI in Insurance

The insurance sector is today at crossroads between digital transformation and customer retention. There is an urgent need to address customer needs, develop new customer acquisition/retention models, and most importantly ensure a great CX.

Managing business operations manually and following traditional methods may be overwhelming for the companies to meet the needs of customers.

According to the Insurance Information Institute (III), the insurance sector is often seen as the late adopter latest technology.

The use of advanced algorithms and Artificial Intelligence can help insurance companies provide a better customer experience at a very low operating expense. Customer Analytics and automation solutions can help insurers reach customers 3X faster at less than 70% of the operating costs and maintain a high degree of customer-centricity.

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