Let’s take a closer look at how automation helps BFSI players deliver the ultimate customer experience.
Reimagined customer onboarding
As part of the KYC process, identifying a client’s main business countries, from its annual report, involves reading line-by-line documents that run hundreds of pages long, as well as pinpointing the paragraph and page number where the countries are found. By combining RPA with NLP (Natural Language Processing) and Machine Learning, robots can not only read and extract the data, but also classify it in order to reveal those countries where business operations are conducted.
Improve key processes to empower employees to better service customers
With automation, one of the largest Japanese financial services companies, automated the daily transactions of large business customers which allowed them to close their branches 2 hours early every day. This results in increased productivity of employees, allowing them to focus on the customer. In addition, shortening these customer engagement transactions and timelines means companies can not only put more emphasis on the individual customer, but also allows companies to interact with a larger volume of customers, thus increasing the company’s outreach and footprint.
Customer-facing automation and customer engagement
In the contact center of a leading US bank, customer service agents were required to perform several calculations including, average daily balance, interest charge estimates and payoff amounts while on a call with the customer. These manual processes were prone to several errors resulting in inaccurate estimates, poor first call resolution rates and bad customer experience. By bringing in RPA and automating the calculations, the organisation increased compliance and reduced the average handle time by 20%.