More than half of bank consumers interact on mobile apps post COVID, shows Verloop.io study

33
  • Verloop.io conducted the research by analyzing two million queries across 20 brands across the Middle East, India and Southeast Asia (Malaysia, Indonesia, Singapore, and Philippines). 
  • 74% of customers say they’ve used multiple channels to start and complete a transaction. 
  • Conversational AI / NLP can help customers satisfaction improved by 65%
Gaurav Singh, Founder & CEO of Verloop.io

Dubai: Conversational Artificial Intelligence has helped banks and financial institutions automate and help service increased customer queries during and after the pandemic. Verloop.io finds in a research report, the quality of customer service has also improved magnificently.

“Conversational AI, which leverages natural language processing (NLP) and natural language understanding (NLU) technology, is engaging customers and encouraging self-service. This improves customer satisfaction as 65% of customers said they prefer self-service for simple issues,” the report said. 

The bots have turned extraordinarily interactive and responsive since they can understand natural languages as much as a human. This ability, coupled with a bot’s efficiency, delivers comparatively error-free customer service without human biases.

This change in customer service quality is seen across the three verticals within the broad financial services industry: banking, finance, and insurance. They are under pressure to increase marketing and service delivery efforts due to the pandemic, and automation can remove a lot of stress from their operations. 

“The BFSI industry would benefit if their customers transitioned to digital-only, self-service interfaces as it results in significant cost savings. Today, operational costs take up 15-20% of a bank’s annual budget. Making innovations in these functions will lead to a significant improvement in profitability and boost revenues,” said Gaurav Singh, Founder & CEO of Verloop.io.  

Due to the wide variety of languages that bots can speak and specialize in, banks can diversify their customer service offerings without making heavy capital investments. These services can also be offered across various messaging services and options dynamically in a world where a new messenger crops up every week. 

“We help BFSI companies to run automated 24×7 support across channels such as WhatsApp, web, in-app, and Facebook Messenger, in the language of their choice. What sets us apart is the ability to integrate any tool and service with the chatbot,” says Verloop.io. 

These efforts, bots and AI helped improve customer support across three key parameters — First Response Time (FRT); Bot Deflection Rate and Customer Satisfaction Score (CSAT). 

According to our detailed research, the CSAT is 2.6 across the BFSI industry.

CategoryPre-COVID ScorePost-COVID Score
Banking1.42.1
Finance2.32.8
Insurance1.63

While the median ranges from 2.25 – 3; post-COVID, the top 10% show a marked difference, highlighting how bot workflows are developed and lead to higher customer satisfaction.

CategoryMedianTop 10%
Banking2.253.4
Finance2.83.6
Insurance34.2

—-

According to our research, the FRT is 2.8 minutes across the BFSI industry.

CategoryPre-COVID (in minutes)Post-COVID (in minutes)
Banking5.12.4
Finance5.43.2
Insurance4.33.6

While the median ranges from 3.4 – 4.3; post-COVID, the top 10% show adapting to automation and making changes to how FAQs were answered made this possible.

CategoryMedianTop 10%
Banking4.21.5
Finance4.31.1
Insurance3.41

The average bot deflection rate is 75.6% across the BFSI industry. 

CategoryPre-COVID %Post-COVID %
Banking6781
Finance7070
Insurance7384

While the median ranges from 59-68, post-COVID, the top 10% make it clear that automation triumphed over manual agent intervention.

CategoryMedianTop 10%
Banking6884
Finance5982
Insurance6589

About Verloop.io:

Verloop.io is the world’s leading customer support automation platform that enables businesses to deliver delightful support experiences to their customers across channels. Verloop.io helps brands securely, effortlessly, and accurately scale up their customer support and is used by over 5,000 brands globally, including Decathlon, Cleartrip, Dar Al Arkan, Fetchr, Livpure, Adani Capital, DSP Mutual Fund, Rentomojo, Scripbox, and many more.