NEW YORK—Three “emerging trends for success” for financial institutions are being shared by Glia.
According to the company, those three trends are:
ROI and Measurable Value Now Define the Tech Evaluation Process
“Efficiency and ROI have always been top priorities within RFPs and ultimate tech decisions,” the company stated. “In the current economic climate, ROI is now the top and defining priority that frames all other criteria. If technology cannot deliver measurable value, it likely won’t make the cut.”
Glia noted financial institutions are looking more closely at efficiency, too.
“Efficiency doesn’t just mean a certain number of hours saved or FTE reallocation anymore. It’s about making interactions more meaningful,” Glia stated. “For example, simple call deflection is no longer enough when it comes to customer service; institutions are focusing on how to make interactions more valuable. Technology will increasingly be assessed by its ability to help institutions proactively grow deposits and loans and retain customers.”
Utilizing a Unified Customer Interaction Platform Drives Both Efficiency and a Better Customer Experience
According to Glia, the disconnect between the call center, digital customer service options (chat, audio, video) and automated chatbots is a significant drain on productivity and, worse yet, a major source of friction for customers.
“Many financial institutions are seeking solutions that can bridge the gap and provide seamless, highly efficient service,” Glia said. “A ‘ChannelLess’ platform that integrates all customer interactions allows financial institutions to meet customers at their point of need and stay with them through the entire journey, decreasing abandonment and driving up conversions.”
In addition, the company said a centralized interaction platform also can improve management, staffing and reporting: “three challenges many financial institutions face today.”
“Not only does such an approach allow institutions to facilitate a smoother, more effortless experience while increasing efficiencies and reducing costs, but it also empowers them to surface the right interaction at the right time,” Glia said.
Generative AI Starts to Deliver Value
“The hype and focus around generative AI is expected to continue into next year, with many institutions working to solidify use cases for where the technology makes sense,” Glia stated. “The opportunity is to leverage Generative AI to enhance, not replace, service workers.”
Glia urged FIs to consider tools that offer AI-generated suggestions that help the service team guide customers with complex issues and elevate options that have been effective in similar scenarios.”
Glia said Generative AI can accelerate resolution and increase conversions, and can also provide performance insight compared to peer organizations, identify trends as they are occurring in real time and offer progress updates that go beyond typical metrics.
‘Never More Critical’
“Efficiency has never been more critical, given the current economic climate combined with technologies that are delivering increasing value,” said Justin DiPietro, chief strategy officer and co-founder at Glia. “Overcoming the substantial interaction disconnect between the call center, digital-first options and AI-powered chatbots has the unique ability to both increase ROI and also customer satisfaction. This is a prime opportunity for financial institutions in 2024. Combine that with generative AI use cases that elevate service capabilities and financial institutions can leverage technology to not only survive, but thrive in today’s challenging economic environment.”
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