How virtual assistants pay off in banking
The DXC Digital Directions series of papers provides insights into achieving new levels of innovation, productivity and investment as companies scale their digital efforts.
Read an excerpt below from the position paper, Master digital banking to succeed in financial services.
Virtual assistants and chatbots manage human interactions through voice or text chats, and they can bring immense value to financial institutions. By automating many functions for both internal employees and external customers, they also help reduce costs, increase responsiveness, and provide consistent content and service levels.
Following the old 80-20 rule, banks and capital markets providers can use virtual assistants to automate the 20 percent of their content that generates 80 percent of the request volume. This can lower costs while freeing human workers to handle complex, value-added interactions.
An optimal human-machine mix will be vital. For example, while chatbots can’t yet replace humans in the customer-support center, that doesn’t mean bankers should wait for perfection. Instead, they can start by automating the most mundane and repetitive tasks, such as initial point-of-contact interactions. Then, over time, they can apply artificial intelligence to increasingly complex tasks such as understanding the intent of interactions.
Looking ahead, virtual assistants could offer increasingly natural interactions. Thanks to advances in natural language processing, it could soon be difficult to distinguish between virtual and human conversations. This advance, handled carefully, should help financial services providers operate more effectively, improve employee interactions, and keep customers happy.
Continue reading the position paper, Master digital banking to succeed in financial services.