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Conversation Intelligence: the SaaS player disrupting the FinTech space

Conversation Intelligence emerged as the growth trajectory for business models in the SAAS space.  (iStock photo.)Premium
Conversation Intelligence emerged as the growth trajectory for business models in the SAAS space. (iStock photo.)

  • Financial services in the digital era have undergone a significant transition. Technologies such as AI-driven automation and SaaS solutions are rapidly transforming the way most of us carry out our financial transactions.

Financial services in the digital era have undergone a significant transition. Technologies such as AI-driven automation and SaaS solutions are rapidly transforming the way most of us carry out our financial transactions. In fact, the emergence of fintech has significantly reduced the need for people to visit banking institutions in person. However, despite all the tech integration, there is still a lot of discontent among customers when it comes to their experience with banks and other financial service providers. Customer service continues to be below par for even the largest and most reputed institutions, and that’s where Conversation Intelligence emerged as the growth trajectory for business models in the SAAS space. According to statistics, the global market for Conversation Intelligence software is expected to reach $43.2 billion in 2032, at a CAGR of 7.2%. The most significant factor for this growth is the increasing demand for AI-powered customer support services.

Let’s take a deeper look at how Conversation Intelligence is redefining the fintech customer experience.

Automating QA processes - Manual QA processes are repetitive and cumbersome as well as overwhelming in large contact centers that receive thousands of calls every day. The Quality Analysts randomly pick and choose calls to audit which leads to less than 5% of all conversations being analyzed and used for informed decision-making. Conversation Intelligence automates the QA processes, enabling companies to listen to 100% of the conversations and get to know the holistic voice of the customer. This not only exceeds the capacities offered by manual processes, but is also accurate as the AI doesn’t get bored, and remains focused on evaluating each conversation on the pre-defined parameters even when it has to go through thousands of calls every day. 

Legal and compliance risk reduction – Conversation Intelligence is playing a critical role in building and maintaining data security frameworks for each customer. It enables companies to provide personalized coaching to agents on compliance processes. Alongside that, access control measures are integrated to ensure the safe transmission of sensitive business or customer information. 

Automating business processes– The smart AI-driven Conversation Intelligence platform provides a systematic database of parameters like customer complaints, sentiment, competitor/brand mentions, FAQs, etc across 100% of your conversations, and using all these data, businesses can streamline their processes to create targeted marketing campaigns, sales journeys, and customer experience.

Identification of user behaviour trends– Integration of Conversation Intelligence enables businesses to obtain quality information in real time through various conversation metrics. These insights pertain to user interests and help in identifying behaviour patterns that are valuable in the development of new products and services as well as in the customization of existing offerings quickly and effectively. 

Better performing agents – The common perception of contact center agents in the financial arena has been that they are poorly informed and disinterested in helping customers. Conversation Intelligence solutions are changing this perception by 100% call evaluation. Detailed call evaluation brings visibility to all the key metrics and parameters. This not only saves time but brings comprehensive amount of data and analytics to coach agents on. The platform offer integration with the content management system to quickly pull out the exact information related to a product or service that the customer might seek. This not only reduces the need for agents to be extensively trained on each product but also significantly decreases the ‘call on hold’ time while the agent searches through the CMS manually. Such AI-powered assistants help in reducing the Average Handle Time and improve First Call Resolutions for the call interactions. Agents are able to get better customer satisfaction scores and customers get a superior experience. 

Superior sales conversions – Since they understand a customer’s needs and expectations, the Conversation Intelligence system can quickly identify real-time upselling or cross-selling opportunities, and can send product suggestions via cues on the agent’s screen. This has been instrumental in increasing revenue generation for the fintech sector.

Automating the backend work for sales teams – Conversation Intelligence system can automatically make notes on live calls, identify the key moments, and create a concise summary of each call. They are able to segregate the calls as per pre-defined parameters and this automation significantly reduces the post-call work for agents. Lower workload directly translates into greater job satisfaction and motivation for them, and they become confident about handling each customer interaction in a better way. 

These are some of the key transformations that Conversation Intelligence is bringing into the arena of fintech services. The leading SaaS solutions are made available as scalable cloud solutions that can be deployed on-premises, on the cloud, or in a hybrid environment. This gives complete flexibility of usage, making them ideal for legacy enterprises looking to undergo a digital transformation or for fintech startups and neo-banks alike. After all, this is going to be the only way to future-proof and grow in the BFSI arena in the years ahead!

Author: Bhaskar Mishra, Head of Product, Mihup 

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