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CPaaS and Conversational AI-Driven Banking

By CIOReview | Wednesday, July 22, 2020

A slight upheaval of customer experiences can have a manifold impact on annual revenues. Digital transformation of banking services with AI and CPaaS can improve customer experiences and make the business resilient.

Fremont, CA: The worldwide extremity of the pandemic has unexpectedly altered the business workflow across every sector. The banking and financial services are facing new limitations today, concerning their customers' accessibility and expectations. Contact centers and bank branches do not serve the way they did before the outbreak of COVID-19. In such a situation, banks are coming up with new setups to meet their customers' demands through the Communication Platform as a Service (CPaaS) and Conversational AI (CAI).

The changed vision for banks

Social distancing, being a new norm, has changed the traditional environment of bank branches. It is now inconvenient to communicate with customers or address their debt-related grievances, and so banks need to be proactive in designing new digital strategies to keep pace with the surging issues.

Keeping in touch with customers

The inconvenience of visiting bank branches has raised the reliance on mobile banking services and other digitals services sharply. It's wise for the banks to be well-equipped, digitally, to serve the customer demands.

Integrating AI

The number of FAQs has sharply increased amidst the pandemic, and with the AI chatbots, banks can now connect better with customers, reduce their wait time, and offer personalized solutions. The platforms must be flexible, omnichannel, and multilingual in functionality.

How customers are switching to other channels

A shorter call waiting time or a quick response is vital for the customers. So several customers opt for online platforms that offer 24/7 assistance. A recent survey reports that support tickets coming through WhatsApp have risen to 166 percent in May.

The effectivity of CPaaS

Integrating Conversational AI in communication functions are the key drivers in this scenario. CPaaS works as a backend communication platform that holds chat, voice, and video functionalities, helping customers to connect through online applications. With CPaaS, organizations can connect directly to the clients through their preferred tool through a single API. 

Combining AI application and CPaaS

Integrating the AI platform, Teneo with CPaaS, Vonage, is the ideal blend for this hour. This integration facilitates the combining of chatbot communications into an omnichannel experience, offering a single data source for conversations across all channels. Customers can, thus, enjoy multilingual interaction, through their preferred channel with the help of Teneo-served chatbot, where Vonage will guarantee the uninterrupted channel flows.

Now, with the merging of conversational AI and CPaaS, banks will be able to offer seamless interaction experiences to their customers, 24/7. Moreover, Vonage can also help enterprises to have a glimpse of the channel preference of clients. Thus, deploying these new technologies is enabling to bridge the gap between the customers and the banks.

See also: Top Artificial Intelligence Companies