Enhancing Mobile Banking with AI and Intelligent Automation

By Sarah Mason, Staff Writer
October 12, 2021 • 3 minute read

Conversational AI and AIOps can help mobile banking apps stand-out from the crowd.

Banks of all sizes, from large global banks to small regional ones, rely on mobile banking apps to enhance their digital customer experiences. There was a time when this technology was considered cutting-edge for the risk-averse banking industry, but after years of digital transformation efforts —which were only accelerated by the global pandemic — a rich mobile banking experience is now table stakes.

Despite this reliance on mobile banking, growth in mobile app adoption is expected to plateau. For example, Business Insider predicts that after the recent explosive growth in mobile banking, Canadian bankers’ mobile banking adoption will “slow to a trickle.”

However, banking customers are constantly on the lookout for the best digital experiences, and they aren't afraid to leave behind their current provider for another bank that offers better digital services. According to a report from Deloitte, “poorly designed digital experiences” are a significant driver of consumer attrition in banking, as well as one of the main factors that customers consider when switching banks.

To keep up with the growing demand for superior digital experiences, retail banks need to look beyond simply deploying new or upgrading current mobile banking apps, as technology alone is not sufficient to succeed competitively. While current banking apps might be adequate in the here-and-now, there is a great deal of room to innovate, build and grow the technology into something revolutionary for the future.

The reality is that mobile apps, on their own, are no longer a tool that banks can rely on to stand out as modern, digitally-savvy and user-first; they are a catalyst for further innovation.

Reimagine Mobile App Self-Service with Conversational AI

The ability to deposit checks, transfer money and pay bills quickly and effectively through mobile apps is critical, which was all too clear during the height of the pandemic when banking customers had no choice but to use digital-only channels. These functions are now commonplace across most banking apps, and while they make the user experience easier, banks must look beyond these common functions.

Deloitte found that a major pain point for digital banking customers was the inability to connect the customer service experience across the enterprise. This finding suggests that customers want the ability to make changes through their banks’ self-service channels that are automatically updated on employee channels. Essentially, banking customers want streamlined, frictionless support.

Banks, like most industries during the COVID-19 pandemic, deployed chatbots to enable digital self-service while their customers banked from home. However, chatbots are hindered by limited integrations with enterprises’ back-end systems, resulting in choppy, high-friction customer interactions, which do little to improve customer service.

Unlike basic chatbots, Conversational AI agents integrate with banks’ back-end systems and tools, enabling them to provide real-time, personalized support for customers, and even make changes on their behalf, with customers’ consent.

If a customer wants to speak to a human agent, agents like the Conversational AI solution within the Amelia Integrated Platform can automatically loop in their human colleagues for support. Conversational AI agents will also provide their human colleagues with all the information that has been gathered up to that point, to ensure customers never have to repeat themselves or start over. As a result, banks can provide their customers with streamlined, integrated support, regardless of which channel they choose for their banking activities.

Great Technology Requires Great IT Support

A bank may have a mobile app that is equipped with features and tools for personalized banking and excellent digital customer service, but their overall customer satisfaction may remain low. How does this happen? It’s usually because mobile apps with next-generation features do not make customers’ lives easier if it takes IT departments 24 hours or more to unlock customer accounts or deal with tech support issues.

Poor IT support presents another pain point for mobile bankers, as several banks still rely on human service desk agents to handle customers’ IT issues. To truly empower customers with mobile app self-service, banks need to enhance their IT operations with AI and Intelligent Automation.

Within the Amelia Integrated Platform, Amelia AIOps is the enterprise AI solution that streamlines IT Service Desk and Help Desk activities. She is pre-trained to resolve high-volume requests for password resets, account unlocks and more. Banking customers can speak directly to Amelia through either voice or chat to instantly resolve any technical issue they’re experiencing with the mobile app. No more hold times, ticket queues or customer frustration.

It is important for banks to remember that digital transformation is a continuous journey, even in this time of rapid technological changes. While the industry has made great strides with mobile app adoption, banks need to continuously strive for new ways to grow their business with the latest developments in the technology landscape. By leveraging both Conversational AI and Intelligent Automation, banks can transform their mobile apps from “standard” technology to “stand-out” technology.

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