In the age of digital technology, financial services have undergone a considerable transformation. The majority of us are quickly changing the way we conduct our financial transactions thanks to technologies like AI-driven automation and SaaS solutions. In reality, fewer individuals now need to physically visit banks as a result of the development of fintech.
Customers are still generally dissatisfied with their interactions with banks and other financial service providers, despite all the technological advancements. Even the biggest and most reputable organizations still struggle with poor customer service, which is why conversation intelligence has emerged as the growth trajectory for SAAS business models.
According to data, the global market for conversation intelligence software is anticipated to grow at a CAGR of 7.2% to $43.2 billion in 2032. The need for AI-powered customer support services is the main driver of this expansion. Let’s examine Conversation Intelligence’s impact on the fintech customer experience in more detail.
Automating QA procedures In large contact centers that field thousands of calls each day, manual QA procedures are tedious, repetitive, and overwhelming. Less than 5% of all conversations are audited at random by quality analysts, leaving the rest unanalyzed and unusable for decision-making.
By automating the QA procedures, Conversation Intelligence enables businesses to listen to 100% of conversations and understand the customer’s voice as a whole. As the AI doesn’t get distracted and is focused on analyzing each conversation on the pre-defined parameters even when it needs to process thousands of calls each day, this not only exceeds the capacity supplied by manual procedures but is also accurate.
Reduction of legal and compliance risk – Conversation intelligence is essential in creating and sustaining data security policies for each client. It enables businesses to teach agents in a customized way about compliance procedures. To guarantee the secure transfer of critical customer or corporate information, access control mechanisms are also implemented.
Business process automation Utilizing all of this information, businesses can streamline their operations to develop targeted marketing campaigns, sales journeys, and customer experiences. The intelligent AI-driven Conversation Intelligence platform offers a systematic database of parameters like customer complaints, sentiment, competitor/brand mentions, FAQs, etc., across 100% of your conversations.
Trends in user behavior can be identified by integrating Conversation Intelligence, which enables companies to collect high-quality data in real-time from a variety of conversation metrics. These user-interest-related insights aid in identifying behavior patterns that are useful for the quick and efficient customization of current offerings as well as the development of new products and services.
More effective agents In the financial industry, contact center employees have historically been seen as uninformed and uninterested in their clients’ needs. By 100% call assessment, Conversation Intelligence solutions are altering this perspective. All the important data and characteristics are visible thanks to a detailed call assessment.
This not only saves time but also provides extensive data and analytics for agents to be coached on. The platform provides connectivity with the content management system so that users may rapidly get the precise information they need about a product or service they may be interested in. This not only lessens the need for agents to have thorough training on each product but also greatly minimizes the amount of time that agents must wait while conducting a manual search in the CMS.
Such AI-powered assistants contribute to improving first-call resolutions and decreasing the average handle time for call interactions. Customers have a better experience, and agents can achieve higher customer satisfaction scores.
Higher sales conversion rates The Conversation Intelligence system can immediately spot upselling or cross-selling possibilities since they are aware of the demands and expectations of a consumer. They can also convey product recommendations via signals on the agent’s screen. This has significantly increased the fintech sector’s ability to generate income.
Automating back-end tasks for sales teams: Conversation intelligence technology can automatically take notes on live conversations, pinpoint critical points, and produce a succinct recap of each session. They may separate the calls based on predetermined criteria, and this automation greatly minimizes the agents’ post-call labour. Their job happiness and motivation increase as a direct result of their reduced burden, and they gain the confidence to handle each client engagement more effectively.
These are some of the most significant adjustments that Conversation Intelligence is making to the fintech services sector. The top SaaS products may be used on-premises, in the cloud, or in a hybrid environment and are offered as scalable cloud solutions. Due to their total flexibility of use, they are perfect for neo-banks and fintech startups as well as legacy businesses looking to undergo a digital transformation. In the years to come, this will be the only way to expand and future-proof the BFSI industry.
How can SaaS platforms contribute to the overall expansion of the fintech sector?
- Financial savings
Financial institutions can reduce their infrastructure costs by using SaaS platforms because they don’t have to spend money on premise-based software and hardware. It enables fintech startups to launch their businesses without needing to make a sizable initial investment. It also assists in avoiding the burden of conventional licensing.
- There is no demand for internal team management.
Service providers maintain SaaS systems, taking care of software upgrades, security patches, and other technical details. This makes it easier for financial businesses to concentrate on their main activities. The SaaS provider is in charge of making sure the platform is constantly operational. Financial companies can also contact the SaaS provider’s customer service department for assistance with any technical problems.
- Simple access to services that provide value
SaaS platforms provide a wide range of value-added services, such as customer management, analytics tools, fraud protection, issuing and acquiring connectors, and fraud prevention and detection. These services can allow fintech firms to improve their business operations. These services provide fintech firms with an advantage over their rivals.
- Flexibility to cope with unpredictable business cycles
Due to elements like economic recession, fluctuations in interest rates, etc., the financial services industry is prone to unstable business cycles. SaaS systems support the agility and rapid reaction of financial businesses to shifting market conditions. SaaS’s scalability makes it possible for finance businesses to easily grow their customer base.
- Highly automated security measures
SaaS platform service providers make significant investments in the security of their systems. They have a group of security specialists that continuously scan the platform for flaws. Additionally, the service providers have put in place automated security controls that aid in quickly identifying and resolving any security problems.
- Cutting down on time to market
Every firm must consider time to market, but fintech companies must pay particular attention to this element. This is due to the fierce competition in the fintech industry, where entrepreneurs must react quickly to the shifting market conditions. SaaS systems allow fintech firms to swiftly launch their operations without worrying about the purchase, installation, or maintenance of software, hence reducing their time to market.
- Easily comply with regulations
Fintech firms must abide by a wide range of restrictions due to the financial services industry’s intense regulation. SaaS platforms make it simple for fintech businesses to adhere to the law because the service providers handle the relevant compliance obligations. This includes making sure that customer data is stored securely and giving frequent updates on any changes to the regulatory environment.
SaaS-based fintech solutions allow both existing financial institutions and startups to easily scale up their operations in response to changing client demands. They no longer need to make substantial expenditures in technological infrastructure in order to quickly create and launch new digital goods and services.
The nation’s fintech market is anticipated to expand at a CAGR of 31% from 2021 to 2025 and has the potential to generate over US$1 trillion in value. Startups and modern fintech businesses are anticipated to contribute significantly to this expansion. These businesses may rapidly scale up their operations and enter new markets by utilising SaaS platforms. We may anticipate a surge in the movement of traditional financial services away from conventional systems and toward SaaS-based fintech solutions in the near future.
Edited by Prakriti Arora
