Virtual Assistants The technology that is disrupting Customer Service in the BFSI sector. Redefining Customer Experience management

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1 Virtual Assistants The technology that is disrupting Customer Service in the BFSI sector Redefining Customer Experience management

2 NEWER TECHNOLOGIES PERMEATE INTO BFSIs Changing customer needs have led the BFSI sector to accommodate technology and pursue digital transformation in banking. Latest technologies in the BFSI sector like Virtual Digital Assistants are changing the business prototype.

3 WHY BFSI SECTOR IS WELCOMING TECHNOLOGY AMIDST CHANGING DYNAMICS The global finance sector throws challenges macroeconomic, emerging market, credit and market and liquidity aspects.

4 WHY BFSI SECTOR IS WELCOMING TECHNOLOGY AMIDST CHANGING DYNAMICS Digital transformation tosses challenges antiquated and legacy IT systems, and inexperienced IT resources.

5 WHY BFSI SECTOR IS WELCOMING TECHNOLOGY AMIDST CHANGING DYNAMICS International players with first mover technology advantage are disrupting BFSI sector in India.

6 TECHNOLOGY TRENDS FOSTERING PRODUCT INNOVATION IN BFSI SECTOR Mobile applications and mobile wallets guarantee smooth transfers, deposits and payments. Insurtech tools and start-ups help insurers process claims seamlessly, creating customer delight.

7 TECHNOLOGY TRENDS FOSTERING PRODUCT INNOVATION IN BFSI SECTOR Trading software aids investment banks and stock-broking institutions to access and examine capital markets. Banking software solutions offer accounting, reconciliation, compliance, resource planning and administration services.

8 HOW DOES A VIRTUAL DIGITAL ASSISTANT WORK Digital Assistants are the first point of contact providing customer service support. Digital Assistants act as the link between institutions and customers while assisting on various automated tasks. Digital Assistants offering services queries on account status, assistance with transactions and opening accounts. Digital Assistants automate the customer service processes while providing a voiceenabled access to the system.

9 FUTURE OF VIRTUAL DIGITAL ASSISTANTS The Virtual Assistants in the coming days will become agile and take up advisory roles. Due to growing demand of the technology, leading institutions have either invested in Virtual Assistants or have plans to do so.

10 HOW DIGITAL ASSISTANTS ARE FINDING ACCEPTANCE IN FINANCIAL INSTITUTIONS Demand for Digital Assistants is increasing as financial institutions look to augment customer service offerings. Deep Learning (DL), Machine Learning (ML) and Natural Language Processing (NLP) are redefining Digital Assistants by bringing them closer to substitute a human assistant. Digital Assistants offer automation, centralization, and voice-based assistance to customers.

11 IS VOICE A COG IN THE WHEEL OF VIRTUAL ASSISTANT? According to Verto Analytics, about 90 million users in US have used voice assistants (Siri, Alexa, Cortana and others) in a month and this figure will spike in the coming months.

12 WHY IS VOICE BASED VIRTUAL ASSISTANT A BOON FOR BFSI SECTOR VAs can process cash transfers, payments and insurance renewals. Voice-based authentication will allow only authenticated users to access their credit cards. VAs can advice on how to increase credit rating and lower risks.

13 FUTURE OF VIRTUAL ASSISTANTS Virtual Assistant will welcome you in your native tongue, identify you based on your voice, provide basic information and advise you.

14 AKEIRA-VIRTUAL ASSISTANT FROM UNIPHORE Uniphore s akeira processes queries using natural language processing, and instantly provides customised and precise results by parsing natural language questions and matching these questions with a single correct answer. Acts as a 24 7 online research agent Effective in specific domain scenarios Provides support in more than 80 global languages and multiple dialects

15 HOW DOES AKEIRA VIRTUAL ASSISTANT GIVE THE EDGE Assists consumers to complete transactions in few steps

16 HOW DOES AKEIRA VIRTUAL ASSISTANT GIVE THE EDGE Updates consumer s information using their mobile device

17 HOW DOES AKEIRA VIRTUAL ASSISTANT GIVE THE EDGE Cuts customer care costs by reducing agent handling calls

18 HOW DOES AKEIRA VIRTUAL ASSISTANT GIVE THE EDGE Augment contact volume that results from ample consumer interactions

19 OTHER BENEFITS OF UNIPHORE S AKEIRA It can be deployed on enterprise websites, mobile apps, in contact centre environments It can identify difficult grammar structures of major international languages akeira gathers information about the mood and emotions of your callers

20 OTHER BENEFITS OF UNIPHORE S AKEIRA Provides real-time actionable voice of consumer insights to enterprise clients Processes queries using natural language processing

21 To know more about how your business can benefit by implementing Virtual Assistant solutions from Uniphore, please write to us at: To download your copy of the whitepaper on this subject, please click here

22 Uniphore Sofware Systems is a frontrunner in the Speech Recognition Technology and Virtual Assistant domains. It partners with over 70 enterprise clients and has over 4 million end users. Uniphore was recognised by Deloitte as a Technology Fast 500 company in Asia Pacific in 2014 and was also ranked as the 10th fastest growing technology company in India by Deloitte Fast 50 in 2015.