We’re familiar with the challenges traditional retail banks face in competing with market disruptors, specifically around creating a differentiated customer experience and optimizing business journeys within a complex and highly regulated environment.
By hand-holding customers through the application process with automated conversation, ContactEngine improves the lending journey and converts more loan and mortgage applications. ContactEngine makes the day-to-day banking experience easier and more enjoyable for your customers, allowing you to retain customer loyalty.
ContactEngine is also white box AI (meaning its decision-making is explainable) unlike off-the-shelf solutions, which makes ContactEngine the best fit for regulatory compliance.
Where ContactEngine fits in
Advisor value add
Advisor time and empathy is valuable – too valuable to be taken up with scheduling and rescheduling appointments. Free up your agents to spend more time with customers on true value-add conversations that require emotional intelligence and let ContactEngine take care of the appointment booking conversation – allowing for greater and more efficient transactional execution.
ContactEngine knows when automation is best, and when human is best – giving customers control over appointment setting and simple tasks, with the ability to escalate conversations to agents where emotional or human intelligence is required - good for your customers and good for your advisors!
Regulatory compliance requires traceability on any number of issues and vary depending on geography. ContactEngine's conversational AI is white box, transparent and auditable, meaning its decision-making algorithms are explainable, unlike many off-the-shelf black box solutions.
Nurturing product applications
Purchasing financial products can be a complicated and stressful process depending on product class. Customers therefore often delay their decision, reducing conversion rates from enquiry to purchase. ContactEngine conversations nurture these customers, knowing when automation is best and when human is best - clarifying simple questions through automation or finding a suitable time for a customer to speak with an agent to progress a more complicated application process.
Customer retention and upsell
ContactEngine initiates conversations at the ideal time for both your customer and for you. ContactEngine knows when it’s best to upsell insurance during a mortgage conversations, or when to have a conversation around savings, allowing you to stay front of mind and increase product holding and customer retention.
Insights for the banking sector
Could a Central Bank Digital Currency be the death of retail banks? Survival tactics for retail banks.
It’s fair to say that customer service and retail banks have not always been natural bedfellows. Here, we look at leading examples of things that customers look for when they consider a digital-only provider.
What is Human-Computer Rapport, and why do we need it? AI experts Prof. Chris Reed (ARG-Tech, University of Dundee) and Prof. Mark K. Smith (CEO, ContactEngine) and Euan Matthews (ContactEngine) discuss the technology behind contextualised communication between computers and humans.