Page 13 - Pioneering Intelligent Banking

Pioneering Intelligent Banking eBook

Increasing Experiential Banking Areas of increased focus according to surveyed banking executives

with Conversational Commerce

COVID-19 has accelerated a trend towards conversational commerce. Spurred by a massive
increase in call volumes from customers, banks are realigning their focus on digital distribution
and communication channels powered by AI. More than 50% of banking executives surveyed
believe that the adoption of automated chatbots, AI-driven voice assistants, and social media
apps will have increased focus.

However, current adoption by banks remains low due to under-developed data and digital Source: Capgemini Financial Services Analysis 2020, n=19
capabilities. Banks lag behind other sectors when it comes to adoption of conversational
interfaces – 68% of banks have not been able to achieve the desired satisfaction level from the
performance of their automated conversational channels. Thus, challenges persist, with close Banks are unsatisfied with their automated conversational channels.
to 90% of executives believing that low AI adoption and data management abilities
significantly impact adoption of voice assistants and 74% being apprehensive about risks
related to cybersecurity, regulatory, and customer privacy invasion. 68% Banks have not met desired satisfaction levels from the performance of their automated conversational channels

This is all the more detrimental since conversational interfaces offer a lot more than digital Source: Capgemini Financial Services Analysis 2020, n=19
channels for customers: 84% of executives believe that they would achieve operational
excellence with the adoption of conversational commerce and more than 70% think that they Voice assistants will impact operational excellence and customer experience, banking
would be able to provide superior customer experience. executive view (July 2020)
To overcome the challenges, banks around the globe are collaborating with other players such
as BigTechs (Google, Amazon, etc.) and leveraging their infrastructure to provide voice Operational Excellence Customer Experience
assistant solutions to its customers: Google Assistant is used by Natwest in the UK, notably for
balance and transaction enquiries, and ICICI Bank in India, Alexa by Numerica and US Bank, for 84% Cost savings with optimized customer care 79% Smooth navigation through bank’s products
and support services
and services
balance enquiries and credit card bill payment, in the US, and Siri by OCBC, for money transfer
and payments, in Singapore. Customer acquisition and retention through
Increased productivity of front-end workforce hyper-personalized services and products
84% (low branch footfall) 74% based on financial, behavioral, and lifestyle
parameters

AI–based conversational tools can maximize value. But are banks Source: Capgemini Financial Services Analysis 2020, n=19
ready?”

According to Capgemini’s COVID-19 and financial services consumer research, customers’ use
of chatbots to interact with banks increased by 6% within six months. It’s clearly time for
banks to get conversational with their customers.
Source: Capgemini COVID-19 consumer survey, April 2020, n=11,281

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