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Financial Services Client Story

Messaging Saves the Day with Faster Support, Increased Productivity

Faced with high call volume, a major bank deployed an AI-powered messaging solution, successfully deflecting calls, increasing employee productivity, and improving CSAT.

20% of inbound calls immediately

deflected to messaging

30% deflection rate in one month,

continues to rise

95% CSAT score from customers

who select messaging function

The challenge

A major U.S. bank faced unprecedented call volume at the height of the COVID-19 pandemic. Restricted access to branch banking created enormous backlogs at the bank’s contact centers, as customers called in to complete in-branch transactions, while other customers called for information on federal stimulus payments or to negotiate delays in loan and credit card payments.

Contact center agents were struggling to keep up with the increased call volume, increased call complexity, and the sudden shift to work-at-home arrangements. The company needed a fast solution for deflecting calls and providing customers with rapid support.

The solution

To relieve pressure on the bank’s agents, TTEC implemented LivePerson’s Conversational AI solution and launched in just 3 weeks. We also updated the bank’s interactive voice response (IVR) system to inform callers that they could message an agent for a faster response.

The bank’s previous chat platform required customers to wait at their computers for an agent to come online. If the chat box was closed, the conversation was lost and customers would have to start from the beginning.

Now, customers could send their question as a text message instead of waiting on hold. Bots and AI fielded basic questions and the bank’s agents took the lead on more complex requests. The platform also enabled customers to resume a conversation with the agent wherever they left off and agents could quickly review the history of the conversation, delivering uninterrupted support. Agents handled four messaging sessions concurrently—4X faster than the rate of a live chat channel—allowing them to respond to more customers in less time.

The results

After deploying the solution, 20% of inbound calls were immediately deflected as customers selected the messaging option. The deflection rate increased to 30% one month later and continues to rise. Customers quickly adopted the messaging function and were satisfied with it; customer satisfaction (CSAT) for customers who selected messaging an agent has consistently been above 95% (prior CSAT was in the low 40s). We are now working with the client on replacing its legacy digital communication platform within other lines of business with the more flexible and powerful AI solution.

 
 

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