Artificial intelligence-powered contact center technology can help financial firms build more personalized customer service experiences, at a lower cost, by answering questions or correctly routing callers.
One of Australia’s “Big Four” banks, National Australia Bank (NAB), just signed a multimillion-dollar deal with Amazon Web Services to increase its cloud-enabled efficiency and innovation.
The bank has moved 70% of its applications to the cloud and used Amazon’s cost-optimization tool Graviton to slash its cloud costs by $1 million a month.
It is also expanding its artificial intelligence-powered contact center tech, Connect, to all its call centers. Connect helps customers make authenticated calls through NAB’s app and uses natural language processing to respond or connect callers to the right customer service reps based on their queries, which helps the bank operate its centers more efficiently, with tailored experiences. “We want to deliver more personalized experiences for customers, aligned to their preferences in how they want to interact with us,” an NAB exec said in a press release.
Improving customer service through automation and NLP is a focus for cloud giants and ScaleUps alike, including Insight Partners’ portfolio company Cognigy, which serves insurance firms.