89% Of Banks To Use Web Chat By 2020.

89% Of Banks To Use Web Chat By 2020

4 January 2019

 

Contact centres in the financial sector in the UK appear to be gearing up to increase investment in automation in the near future, with a new report revealing that companies are expected to prioritise the likes of artificial intelligence-led web chat, interaction analytics and automated customer identification technology in the next two years.

The UK Contact Centre Vertical Markets: Finance report from ContactBabel suggests that an impressive 89 percent of banks are predicted to introduce web chat come the year 2020. Currently, just 24 percent of financial services operations makes use of web chat.

Author of the report, Steve Morrell, Principal Analyst with ContactBabel, explained that average call lengths to these call centres have risen by more than 50 percent since 2010. As a result, it’s perhaps unsurprising that the sector is now looking for new ways in which to manage costs while maintaining customer service quality levels and ensuring that each customer is more profitable.

He went on to add: “AI-enabled web chat can handle a large proportion of straightforward customer requests, while automating the customer identity process will shorten call times and reduces fraud.

“Analytics gives businesses an insight into how and why customers are contacting them, and provides opportunities to grow the business through providing contact centre agents or the automated channel with timely and relevant cross-selling and up-selling offers.”

The paper also suggested that interaction analytics use will likely increase from 33 percent to 77 percent, while automated speech recognition will rise from 17 percent to 52 percent. It’s thought that the latter will be used increasingly to reduce fraud, as well as driving down the time needed to take incoming phone calls through security steps.

 

The benefits of using web chat for business

Using this kind of software has all sorts of benefits for businesses, but perhaps the main one is that you can ensure premium customer service whenever and wherever necessary. Consumers are incredibly demanding and the business environment is a tough one, so using the innovative tools we have at our disposal is certainly advisable.

Speed is of the essence in business and using web chat means you can resolve issues quickly, reducing customer frustration and increasing satisfaction. Only operating a phone line for customer service can be difficult from a consumer point of view – it can be difficult to get through, no one likes being on hold for prolonged periods and sometimes there’s no response at all.

Email is more convenient, yes, but there are still delays in communication. Live web chats mean you can solve problems as they happen – and customers are sure to appreciate immediate responses and resolutions to their issues.

This kind of software also enables you to preview what people are typing so you can provide your reply even before questions are posed… increasing satisfaction even more.

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