AI-powered, autonomous voice bots, based on conversational voice AI technology, empower banks to provide personalized, frictionless banking experiences, drive customer loyalty and profitability, and optimize operational efficiency. Find out how banking leaders responsible for growth, CX, and customer service innovation are looking to leverage autonomous voice bots to elevate their phone support.

1. How Conversational Voice AI
Is Reshaping the Banking
Industry
CX is the strongest brand differentiator today.
Conversational AI over voice has the potential to
drive high customer satisfaction in banks.

2. Customers demand faster, more effortless ways to
engage with banks that save them time and
frustration.
Web and mobile apps make it easy for customers to
self-serve. But, call volumes continue to be high.
Customers still choose phones as the primary
channel for getting in touch and escalating
unresolved issues.
This has kept contact center costs high and support
processes complex.

3. Problem
01
Banking contact centers provide support through standard IVR systems.
Callers go through a series of prompts, answering specific questions and
advance down a maze of lengthy menus to get to the right option.
02
IVR is designed to categorize customer issues and not to find a resolution.
Thus, 88% of users who reach an IVR end up speaking to a live agent to
resolve their issues.
03
Contact centers have scaled up their call handling capacity. But, the
availability of live agents continues to be a limiting factor, especially
during peak periods. Customers often get frustrated due to long hold
times or misrouting.

4. Solution
CONVERSATIONAL VOICE AI.
Solution
01
Autonomous voice agents built with Real-time Voice AI take phone
support to the next level. Customers can speak with an AI system like
how they would interact with a live agent.
02
Using advanced AI technology (automatic speech recognition, natural
language understanding, text-to-speech, and machine learning),
callers get fast resolution to their queries. Callers resolve most issues
using self‐service and agents only need to handle more complex
issues.
03
This maximizes employee efficiency and reduces operational costs. It
also enhances the customer experience by reducing wait time by 5
minutes and more.

5. Voice AI
Technology
The Growing Momentum in Banking
Leading banks have rolled out AI-powered voice
authentication products to confirm caller identity. Now, banks
can integrate voice biometric identification with autonomous
voice agents.
53% of customers globally have already used voice assistants
for banking use cases. In the next 3 years, consumer
preference for voice assistants, as opposed to visiting a
branch, will grow further.
Bank are leading the way in the adoption of voice AI
technologies, but less than 50% of the top players have
deployed it so far.

7. How Does Conversational Voice AI
Empower Banks and Their Customers?
Offer reliable and scalable 24X7 anytime, anywhere support
Completely resolve customer queries through natural conversations
Ensure zero wait time for all callers
Enable routing of queries to live agents based on issue and context
Instant and reliable autonomous voice agents help deliver CSAT
improvement by up to 10%
Exceptional autonomous self-service experience to customers
Make agents more effective
Lower pressure on agents to rush through resolutions to shrink the
queue
Give agents more job satisfaction from handling challenging issues
Quicker and successful issue resolutions due to intelligent routing and
contextual information

8. By resolving routine queries end to end, autonomous voice agents can
reduce call center volume by up to 40%. That adds up to an annual
reduction of over $800 million.
Fast query resolution over the phone also reduces branch visits and,
therefore, employee costs. The 5% to 10% reduction in branch employee
costs leads to additional savings of $2 billion.
Reduce operational costs
A necessity during the crisis
Due to crisis like COVID, call durations are up. The average handling time
has increased. Call quality is suspect. Agents are stressed and customers
are dissatisfied. Autonomous voice agents are the best tools to tide over
the crisis.
With instant voice support available on-demand, they can quickly and
effectively bridge the gap. Calls can be intricately designed to meet
business objectives. All calls can be monitored remotely and corrected
quickly when needed.

9. Banking Use Cases for Voice AI

10. Challenges to
Implementing
Voice AI
Generic vs domain-specific use cases
Most Voice AI applications are are built using public speech
recognition engines. These engines are good with generic
conversations but degrade when domain-specific
language is involved.
Handling noise & accents
Speech recognition systems make errors in circumstances
when customers call from noisy backgrounds like inside cars,
homes, and workplaces or have accents that are complex to
interpret.
Regulatory complianRegulatory Compliance
Any conversational voice AI application requires access to
data from the company’s internal systems. This might lead to
data privacy, data protection, and other regulatory
compliance concerns.

11. Agara’s Differentiating
Approach to
Voice AI
High accuracy in speech recognition
Agara’s proprietary speech recognition can understand
customer speech even in non-ideal scenarios. This ensures that
accuracy doesn’t suffer whether your customers are calling
from a noisy background or have a regional accent.
Domain-trained
Agara’s natural language understanding algorithms are pre-
trained for the banking sector. Several key features - intents,
entities, attributes - are preconfigured and ready to use.
Regulatory complianNatural and multi-turn conversational module
Agara’s conversation module is capable of having deep,
multi-turn conversations. It adapts to the changes in context
driven by the caller. It converses naturally and not based on
hardwired scripts.

12. Cont'd
Regulatory compliance
Effective data security and privacy are critical for any financial
organization. Agara understands this and ensures that your
customer data is not exposed to any risk while enabling you to
provide great services. Agara uses the banking-grade AES-256
standard and TLS protocol for encryption to ensure the safety
of your data at all times.
Regulatory complian
Fast implementation
Agara seamlessly works with any telephony setup and takes
under 4 weeks to be launched in a live production
environment.

13. Download ebook
Download our full ebook How Conversational Voice AI
Is Reshaping the Banking Industry to find out how
banking leaders responsible for growth, CX, and
customer service innovation are looking to leverage
autonomous voice bots to elevate their phone
support.

14. About Us
info@agaralabs.com | agara.ai
512-333-4634
Agara is an autonomous virtual voice agent powered by Real-time Voice AI. Our
mission is to enable autonomous conversations that don’t feel automated. That’s why
we have spent years of applied research in machine learning and deep neural networks
to build our patented AI technology that can deliver human-like experiences on every
possible voice channel. Focused on improving customer experience in the banking and
financial services sectors, among others, Agara conducts phone calls in a natural,
conversational manner while providing instant responses 24x7.