The Banking, Financial Services, and Insurance (BFSI) industry continues to set its sights on accelerating digital transformation. Many companies in the industry have focused on meeting the changing demands of their customers through the help of technology-driven solutions such as AI and AI-driven apps—driving positive and impactful experiences for their customers.
As technology becomes powerful, the avenue for harnessing its capabilities and exploring opportunities becomes greater. “Transformation” continues to be seen as a major keyword—according to a report by Allied Market Research, the global digital transformation market size in the BFSI industry was valued at $52.44 billion back in 2019. This number is projected to exponentially grow to a staggering $164.08 billion by 2027. Furthermore, as a digital environment is here to stay, the need to adopt digital technologies becomes greater as customer expectations shift and change. A Harvard Business Review Analytics Services white paper touched on the importance of digital technologies such as natural language processing and AI as they are key to enabling efficient, fast, and accurate customer engagement.
Truly Simpler, Faster, and Safer
Today’s latest technologies are reshaping the current BFSI landscape. Here’s a breakdown of how AI and natural language processing continue to be beneficial in elevating the customer experience and enhancing security in the BFSI industry:
- Keeping it Safe through AI Fraud Detection: In a report by Forbes, financial fraud results in $5.1 trillion in losses for the global economy. However, companies are pushing back, thanks to the help of conventional machine learning technique such as Generative Adversarial Networks (GANS). In a nutshell, GANS are AI-powered, machine learning models that can generate realistic videos, images, and voice outputs. These AI models can also be used to detect patterns of legitimate and fraudulent transactions based on historical data points. Flagged transactions can then be reviewed by human Trust and Safety officers, leading to early detection, reduced fraud risk, and cost savings in the long run. From a customer’s perspective, it helps promote an enhanced level of trust.
- A Back Office’s Best Friend: Documents are plenty in the BFSI industry, and any BFSI company’s back office can be a witness to this. Compared to most industries, processes in the BFSI require extensive document processing, which is time consuming, expensive, and exhausting. To combat these, AI-based Intelligent Document Processing (IDP) solutions are implemented to accurately screen and filter documents for review by human employees. IDP automates the process by validating unstructured data and extracting information. This technology uses Optical Character Recognition (OCR) and Computer Vision to accurately pre-process documents for review by human officers such as mortgage underwriters and account executives. Utilizing this technology can lead to faster document processing as well as cost savings and productivity.
- Conversational AI Improving Customer Experience: The BFSI industry continues to see a major surge in call volume and transactions—both through traditional and digital—bringing a need to consistently deliver outstanding customer service. Thanks to conversational AI technologies such as intelligent virtual agents (IVA), automatic speech recognition, (ASR) and chatbots, interactions between customers can be made more efficient, quicker, and accurate. Basic customer service requests can be handled by conversational AI technologies while complex issues can be handled by human agents who are more equipped to find solutions to queries. The result? Improved customer experience.
Let Teleperformance help you navigate the digital transformation landscape. Learn more about our AI operations solutions that can deliver simpler, faster, and safer interactions to your customers in the BFSI industry.