Automated Processes, Human Touch: Striking the Balance in AI-Powered Customer Service

Optimizing processes in digital banking is inevitably linked to automating them. From customer onboarding through loan decisioning to fraud detection, reporting, and customer service – all of these fields can be improved with the use of innovative technologies. Why don’t we look at this together and see how LiveBank can help you make your digital banking processes more efficient?

Automated processes in digital banking

The Role of Automated Processes in Digital Banking

The role of automated processes in digital banking is most visible when we look at the challenges that financial institutions currently face, many of which can be solved by automating certain tasks. Let’s see them now.

1. Lengthy, Inconvenient Customer Onboarding

With more and more customers joining the mobile-only group, customer onboarding becomes a strenuous task. It takes time, involves numerous rigorous procedures, and might discourage many potential customers. The answer to that is simplification, one of the ways to boost online sales in banking in general.

With automation, you can make the whole onboarding process much simpler for the customer. Automated biometric identification will let customers go through this step quickly, and systems working on performing repetitive tasks will reduce delays, making the customer happier and more likely to go through the whole process without abandoning it.

2. Lack of Personalization

Customer-centricity is the principle of business right now, and banks cannot avoid it. Yet, with so many clients, it often becomes difficult to personalize the offer or sales proposals to each customer, making them feel less cared for.

Automation, combined with AI, might also be of help in this case. Automated data analytics processes can provide your agents with detailed info about each customer, summarized in a nutshell, or even generate product recommendations tailored to the needs of each of your clients.

3. Rising Operational Costs

Renting space, purchasing properties, paying salaries to numerous low-skilled agents – all these operational costs grow rapidly, decreasing the profitability of banking institutions. Optimizing processes in digital banking and automating them might help cut those costs down.

Take, for instance, an AI assistant – a set of solutions helping customer agents solve queries more quickly, like AI Helper and AI Prompter. The former helps cut down the time spent by the agent on preparing the message and searching for information, while the latter lets experienced agents navigate through bank regulations, fee tables, and promotional offers more quickly. In the end, both of these functions improve the productivity of your agents, letting them handle more queries, reducing the demand for agents in your banks, and all the costs associated with hiring more of them (energy, water, space rental, etc.).

4. Security Threats

Security in online banking is one of the main challenges that financial institutions face nowadays, with the number of threats and access points constantly increasing. How can automation help with that?

Machine-learning-based automated processes may be introduced to monitor the security of the network. Such systems can be taught based on historical data and send alerts when they find indicators of malicious activity.

What Processes in Digital Banking Can Be Automated?

Processes can be automated in almost any area of digital banking, though they might take different forms or require additional technology (e.g., AI). Here’s a brief overview of where you can implement automation.

  • Customer support – Through chatbots and AI assistants, to improve the speed and accessibility of support.
  • Loan decisioning – Automated systems may analyze the data to make loan approvals more quickly.
  • Account servicing – If certain processes (like opening/closing an account) are automated, customers don’t have to visit a physical branch to manage their account, and the employees don’t have to bother with the simple tasks (e.g., activating credit cards) manually.
  • Fraud detection – Automated data analytics based on AI is an excellent eKYC solution that helps detect fraud based on patterns and historical data.
  • Security – As mentioned before, automated processes might be implemented into security monitoring for threat detection.

How LiveBank Helps in Optimizing Processes in Digital Banking Customer Service?

So, what about our digital banking solutions? How can you use them to automate processes in your bank? Here’s a short list of the possibilities:

  • AI assistant – Our AI assistant for banking is a tool that will let you automate your customer service. It can be fed with all your regulations and procedures and solve queries without involving the customer service agents. It will also suggest products for the particular customer and help you adjust the tone of voice in chat to deliver the best possible customer experience.
  • eKYC – LiveBank’s eKYC solution, on the other hand, offers you the option to leave the customer verification manual or automate it (partially or fully), making this customer service element more satisfying for the customer and quicker for the agent.
  • Opti- and omnichannel approach – Finally, our omnichannel banking platform will help you automate data processing across channels to deliver consistent customer experience across all channels and pick the preferred medium of communication for each customer.

Optimizing Processes in Digital Banking: Conclusions

Banks are facing numerous challenges that can be solved with automated processes, the technologies for which are widely available. Investing in digital banking process optimization and automation is crucial since it pays off in higher customer satisfaction, quicker customer service, and lower operational costs. However, we mustn’t forget about the human touch. Contact with an agent is, in many cases, the best solution available, so the key is to balance between automation and manual processes.

You may also read: The Impact of Mobile Apps on Customer Service in Digital Banking