The document outlines the importance of conversational AI and intelligent automation in the banking sector, highlighting how they can enhance customer service efficiency and satisfaction. It notes that banks are increasingly investing in automation to improve employee productivity and address rising customer demands, especially post-COVID-19. Key reasons consumers contact banks include issues with automated systems, long wait times, and needs related to transactions and account management.

1. Top reasons consumers call banks 3
Why Banks are Cashing in
on Conversational AI
87% 81%
10%15%
82%
Attitudes toward adopting new tools
Intelligent Virtual Agents and chatbots can help banks
create highly efficient customer experiences over voice
and digital channels by automating:
Strategies for success
expect customer service
automation to play a significant
role in their resilience over the
next 2 years
agree that customer service
automation has helped them
remain agile during the crisis
of banks agree automating
more customer support tasks
would benefit their workforce.
Using self-managed virtual agent development
platforms can help banks quickly build and
launch applications that use voice biometrics for
frictionless authentication, Natural Language
Processing for greater accuracy, and real-time
sentiment analysis to tailor responses to caller
emotions in real time.
agree automating more
customer support tasks has
helped improve customer
relationships and loyalty.
agree that tools that allow
them to build and manage
their own applications
are important to their
automation strategy.
agree intelligent self-service
automation has yielded a
positive ROI
48%
51%
49%
Banks will invest in
Employee IT
helpdesk
In-app
chatbots
Voice-based
virtual agents
for customer
service
Visit inferencesolutions.com to learn more about Intelligent Virtual Agents for service automation.
86% 88% 78%
Reducing costs
Top automation priorities
Banks are being challenged
by the increased demand for
their services.2
of consumers have
had trouble navigating
their financial
institution’s automated
phone system.
of consumers have
been unable to reach
a representative at all.
Increasing employee
efficiency and productivity
Outbound alerts
Payment & transfers
Personal information updates
Loan applications
Balance lookups
Biometric authentication
Password resets
Account management FAQs
Debit / credit card activation
61%61%
More than half (61%) of IT
decision makers in banking
plan to invest in intelligent
automation over the next
year as a result of Covid-19.¹
Source:
1
Intelligent Automation Post-Covid, Inference Solutions, 2020
www.inferencesolutions.com/covid-19-intelligent-automation-report
2
Financial Services COVID-19 Pulse Survey, J.D. Power, July 2020
3
UX & Net Promoter Benchmark Report for Consumer Banking
Websites, SUPRQ, 2018
Improving the ability to
meet customer demands
1/4
One in four
customers
has recently
experienced
long wait
times when
trying to
reach a bank
representative
by phone.
Banks can start small, achieve easy wins and
increase ROI with more use cases over time.
Login issues
Reason 1
Changing
their address
or personal
information
Reason 2
Making
payments or
transfers
Reason 3
Checking
balances
and recent
transactions
Reason 4