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Financial Services

AI set to impact customer experience in financial services

 960 640 Stuart O'Brien
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New research reveals that the majority (52%) of financial services employees feel positive or very positive about the growth of AI, and 62% say learning to use new technologies increases their motivation at work and improves customer experience. More than half (56%) are also confident they have the necessary skills to work with more AI tools.

The research, which polled 500 financial services employees (banking and insurance) in the UK and Ireland, was commissioned by payroll and HR software provider Zellis and suggests most employees are set to embrace new technologies as adoption increases across the banking and insurance industries.

Other notable findings show that 42% of respondents believe AI will help them to learn new skills, a figure that rises to 60% amongst those who work for larger financial services organisations (+1,000 employees). Thirty-eight percent also believe new technologies will increase their productivity and efficiency at work.

Financial services employees are also more comfortable with the idea of using AI for certain tasks over others. Across the board, respondents are most confident using it to recommend products and services (60%), perform admin tasks such as note taking (58%), and review documents and applications (57%). Confidence drops notably when it comes to using AI for higher risk activities, however: those who work in banking would be least confident in using AI to make investment decisions or inform lending agreements (36% and 28% respectively), and insurance workers are least comfortable in using it to inform underwriting decisions (41%) or handle customer queries (38%).

Overall, the research presents a positive outlook for financial services companies looking to increase their adoption and application of new technologies, though some concerns remain: one in ten feels very negative about the growth of AI, 22% believe the adoption of AI will create difficulties and challenges, and nearly a quarter (23%) are not confident they have the necessary skills to work with new technologies.

Commenting on the findings, Rebecca Mullins, Director of HCM Solutions at Zellis, said: “This research confirms that the majority of financial services employees are primed to embrace new technologies, and that spells good news for the industry’s future success. AI is creating opportunities for banks and building societies to enhance customer experiences through personalisation, while insurance companies are leveraging AI to gather and assess data more quickly for use in decision making and underwriting.”

Mullins continued: “The opportunities are immense but to thrive in this shifting landscape, employers must now focus on identifying how and where to optimise outcomes as new tools and platforms are introduced.”

The research also asked about respondents’ use of current technologies, and while the majority say their existing tools are easy to understand and use (67%), and make their work easier (66%), a smaller number were less positive: two in ten respondents feel frustrated because their current technology is not reliable, does not improve the customer experience, and fails to increase customer spend.

“By leveraging these critical insights to better understand employees’ needs, wants, and concerns, financial services providers will be much better positioned to tackle issues of employee motivation and confidence – and crucially, build technology skills where they are most needed,” concluded Mullins.

Photo by Markus Winkler on Unsplash

WEBINAR: Hyper-personalisation in financial services

 960 640 Stuart O'Brien
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21.05.2021

12:00 – 13:00 BST / 13:00 – 14:00 CET

Click Here To Register

Technology is changing the way people manage their money. Fintechs are disrupting the market with innovative new services that have raised the bar for seamless digital banking, accounting and insurance. But incumbent firms are now keeping pace, undergoing ambitious digital transformations in a rapid bid to retain customers.

In this highly competitive market, customer service has become the key differentiator. Customers are choosing the firms that can put their needs front and centre, who understand what they want and can tailor their products and support to match.

In Puzzel’s upcoming webinar, discover how you can transform your customer service and deliver hyper-personalised support with the latest CCaaS technology. Quick to set-up and easy to deploy, a cloud contact centre solution can help you capture the right customer data and leverage AI to deliver standout service without placing any extra strain on your agents.

Click Here To Register

NICE unveils NTR-X for financial services

 960 640 Stuart O'Brien
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NICE has introduced NTR-X, a fully integrated, cloud-ready omnichannel compliance recording and assurance solution.

Building on NICE Trading Recording, NTR-X captures all modalities of regulated employee communications – traditional, unified and mobile – in a single platform.

Offering a consolidated, centralized approach to managing recording estates and footprints, NICE’s NTR-X can be deployed globally while still enabling firms to adhere to local capture and storage requirements. Offering financial services firms the benefit of a central vantage point into all global regulated users and communications, NICE’s NTR-X reduces regulatory risk, removing maintenance hurdles and reducing the need for costly, dedicated, local IT resources.

Two top 10 global investment financial institutions that have already selected NICE’s NTR-X, cited its higher performance, lower total cost of ownership (TCO), smaller footprint, and its ability to simplify and centralize management of their global recording requirements.

Anna Griem, Senior Analyst, Opimas, a leading capital markets consulting firm, said: “Although the rest of the world has changed, trade-related recording obligations have not. Firms are adjusting to monitor their workforces, which are now often remote. Now more than ever, firms are demanding a lot from their communications recording solutions, especially in terms of the channels they are able to cover, the flexibility of deployment options, and the option to roll out improvements and new services easily across their user base.”

Chris Wooten, Executive Vice President, NICE, added: “As the environments in which financial services and energy trading firms operate become inherently more risky, costly and complex, NICE’s passion for innovation has led us to create a one-of-a-kind compliance recording and assurance solution, offering simplified compliance for a complex world. Regardless of the communication modalities regulated employees use or where they work from, firms can cost-effectively manage their entire global recording footprint to increase compliance with key regulations. NTR-X also provides a seamless upgrade path for current NICETrading Recording (NTR) customers and a proven cloud-ready platform that speeds future migration.”

Banking and financial services top UK customer satisfaction league…

 800 450 Jack Wynn
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The banking and financial services sectors have the best levels of customer service satisfaction in the UK, according to statistics from Bright’s first ever ‘Industry Satisfaction Survey’ as part of its latest Customer Experience Report.

Based on insights gathered from more than 1.5 million post-transaction surveys in 2016, the fourth annual report considered key elements of the customer journey to make its final conclusions, including: call handler knowledge, average response time, query resolution, agent handling skill, and customer after care.

Banking was rated as best sector in the UK when it came to general customer satisfaction with 91 per cent stating they are happy with the level of service they receive; closely followed by the financial services sector at 89 per cent.

Mats Rennstam, managing director at Bright UK said: “Only a few years ago, the findings of this research would have been unthinkable. It has taken a huge amount of effort for the banking and financial services industries to turn the tide of public opinion that was so viciverous in its criticism post-2007.

“However, with the links between quality customer service and profits becoming increasingly clear, both sectors have done much to convince customers that they not only understand and care about them, but are actually doing something about it.”

Besides financial, the utility sector was rated third when it came to general customer satisfaction (87 per cent). Retail and media followed with 86 per cent and 81 per cent respectively, as well as housing (77 per cent), transport and travel (72 per cent) and the public sector coming in last with 71 per cent.

Rennstam added: “There is no silver bullet solution for achieving a world-class customer experience. However, there are things that can be done in customer service departments that do not require a lot of time or monetary investment.

“The fact is that today, most customer feedback is available verbatim via voice of the customer recordings that are fed back to staff and managers, which is having a much greater impact than traditional stats and charts, if analysed and monitored in the right way.”

 

Download a copy of the report here