Re-Imagining Customer Experience For Largest Government Owned Bank
Revolutionizing digital customer experience for a large nationalized bank in India with next-generation solutions powered by artificial intelligence (AI), machine learning (ML), intelligent process automation (IPA) and cognitive computing
Our client, a leading bank in India sought to implement an Artificial Intelligence based chatbot solution on bank’s social media platform, website, CRM solution, mobile banking apps, and bank’s intranet. The client intended to deploy chatbot in three phases:
Phase 1 – FAQ Chatbot
Phase 2 – Non-Financial transactions
Phase 3 – Financial transactions
In this document, we describe the methodology created by Conneqt to help address our client business requirement. The objective was to proactively focus on a deploying the chat bot to enhance the customer interactions to provide a superior customer experience.
Here, we describe in detail how we addressed the solution deployment, challenges, and outline the details of our strategy. We also take a look at the key insights from the model and how Conneqt’s intelligent solution helped deliver tangible benefits to the client.
The intelligent automation integrated with chatbot embedded with latest technology that enhanced the overall turnaround time and minimized the manual interventions, was the major driving factor in this deployment. The solution adhered to applicable security standards and ease of administration activities.
The proposed solution works and integrates with the existing application/OS/network/hardware available at the bank. Considering the criticality of the applications, a phase wise implementation was recommended.
Our Client:
Our client is one of the largest government-owned banks of India (the government owns 63.44% of its share capital). It is listed on the Forbes 2000, and has assets worth USD 13.45 billion. This bank sought our expertise to deploy an AI-enabled Chatbot Solution to enhance the customer interactions and deliver exceptional customer experience. We developed a unique methodology to deploy the first phase of chatbot successfully. As a result, the bank is able to resolve L1 tickets with high accuracy as per the knowledge base inputs and there is a seamless transfer of L2 tickets to the concerned queue to avoid hassles which is resulting in an upward trend in customer satisfaction scores.
Challenges
BUSINESS CHALLENGE: DESIGNING AN INTELLIGENT AI-EMPOWERED CHATBOT
The bank was keen to push the limits of its digital business by creating a chat bot that would enable it to experiment with machine learning. It wanted to deploy an AI enabled chatbot solution on its social media platform, CRM solution, website, bank’s intranet as well as mobile banking apps with an aim to change the way it interacts with its customers and help its bankers make good business decisions. The bank intended to deploy chatbot in three phases, starting from Phase 1 – FAQ Chatbot, Non-Financial transactions in Phase 2, and financial transactions in phase 3.
Solution
CONNEQT’S STRATEGY & AI-ENABLED SOLUTION
Chatbot was deployed in the environment of bank to handle the processing part being done by humans in answering customer queries. The architecture was Client Server Model where the Server was responsible for controlling the overall process execution load and providing visibility around it through the Dashboard. Client was performing the tasks (job) related to process, as instructed by the Server.
The various automation modules involved in this process were:
- Chat Engine that understands the context of incoming user chat messages and responds back to the queries effectively. It includes advanced capabilities such as NLP, Sentiment Analysis, Intent Analysis, etc.
- Chatbots are the chat agent sessions dynamically created on the automation server as an initiator and connect to the target chat service at the end user desktop/laptop machines.
- Dashboard that provides summary view of all the Chatbot sessions with statistics such as total number of sessions, ongoing sessions, completed sessions and historical data about sessions.
OUR SOLUTION APPROACH – THE HYBRID MODEL
- Automation Server receives the text inputs/queries from external/internal users via the bank’s Website.
- As soon as the user query is received, session manager initiates a chat session with the specific user and starts handling the queries.
- Automation server processes the query with the help of integral modules such as intent analyzer, context builder and NLP, browse through the relevant category of the query from the internal KMS database and picks the right response and handover the same to chat session.
- Key differentiator in the CLOUD deployment model is that the database is placed in the client DC (within their DMZ) and the application is hosted on the government and RBI approved cloud , outside customer’s network and shall use the APIs to connect with web framework of Bank to establish the chat session.
HOW OUR SOLUTION HELPED THE CLIENT
Conneqt’s innovative solution was deployed to add value to the existing model.
- Artificial Intelligence enabled automation platform helped in delivering better user experience.
- Optimizing human efforts for effective customer. interactions with business.
- Improved Efficiency through Chat solution with 24X7 availability
- Maximized ROI (return on investment) with reduced TCO (total cost of ownership)
- Seamless execution through Application Integrations.
Results
TRANSFORMING DIGITAL CUSTOMER EXPERIENCE
Bringing out the best in people and technology enabled the bank to overcome its key customer service challenges. It’s now in a much better strategic position and is consistently delivering exceptional digital customer experience for its banking customers. By successfully implementing the AI-enabled chatbot solution from Conneqt, the bank is able to resolve the Level 1 tickets as per the knowledge base inputs provided with high accuracy.
On the basis of knowledge base inputs the L1 tickets are resolved with high accuracy.
The unresolved calls are moved to Level 2 queue to avoid any hassles. The automation of mundane activities has also resulted in increased productivity and allowed the bank employees to focus on their core activities.
All the SLA metrics are maintained at the required levels and customer satisfaction scores are positive and encouraging.
BENEFITS REALIZED BY THE CLIENT
By teaming with Conneqt, the bank is better positioned to support its customers’ needs and has improved the performance of its employees. Conneqt’s innovative and automated solution enabled the bank to achieve high cost benefit ratio in addition to following benefits:
- Enhanced Productivity
- Increased Operational Efficiency
- Overall cost reduction through automation
- Considerably reduced the Attrition rates
- Customer retention & contract extension