Business Value Proposition: Differentiator of Complaints Learning Models with use of Generative AI
Why?
Whilst Complaints Handling and Customer Satisfaction had improved from recent years, for Y2023 there had been a decline in Customer Satisfaction Surveys for Banks; as stated in the report, UKCSI – The state of customer satisfaction in the UK – January 2024.
The INSTITUTE OF CUSTOMER SERVKCE researched a selection of UK Banks amongst 12 other Sectors to gauge Customer Satisfaction experiences including Complaints Handling areas.
ICS’s Customer Satisfaction index showed a recent year-on-year increase with volume of complaints about services. For example, a 14.1% increase of Complaints in Y2023 than recent years.
Due to increased volumes, costs increase with additional FTEs to ensure Complaints cases are processed in a regulated timeline. A reduction in FTEs usually result in a lower quality-of-service, affecting Banks’ revenue and profit steams. A balance must be found.
Banking CIOs must consider fraudulent complaints and how efficiencies in Generative AI can provide value, whilst reducing costs to the Bank concerning document learning.
Examples of Generative AI investment strategies are listed below:
- Feedback Analysis – HSBC is currently exploring AI tooling for research/analysis of complaints identifying recurring patterns of issues.
- AI Categorisation – JP Morgan uses AI to categorize complaints based on keywords/themes routing complaints to the appropriate department.
What?
Differentiator Digital Assets and Platform.
Infosys’s consulting/domain expertise of Generative AI and Intelligent Document Processing offerings can be tuned for specific Banking Complaints letters, e-mails/attachments, voice-to-text and other format samples.
Potential Impact to Infosys’s Clients.
Complaints Asset(s) & Complaints Processing Platform provides:
- Efficiencies with Complaints Generation for learning purposes meeting Clients’ requirements.
- Improved responses, easing bottlenecks due to Complaints case volumes logged.
- Complaints Learning Models can be continuously refined for an increased maturity.
- Complaints Processing Platform co-existing with existing Banking tools to reduce ambiguities for complex Complaints.
- An overall improved Customer Service at a reduced cost to the Bank.
Potential Impact to Infosys.
- Tracking of Complaints Assets from Infosys’s TOPAZ marketplace provides a continued relationship between Infosys and their Clients.
- Complaints Asset(s) can be generic/mature Complaints models, containing specific/varied Complaints document types, including Generalised AI models for creation of Complaints correspondence.
- The overall Complaints Processing Platform service such as a SaaS (Software as a Service) Cloud Service or on-premises offerings. Private/Hybrid Cloud setups supported to meeting Clients’ requirements.
How?
Proposed Idea.
Generative AI scripting for Complaints Generation assists models covering different personas for Retail, Commercial and Investment Banking segments.
The Complaints Processing Platform manages uploading, case creation and processing of Complaints utilizing in-built Advanced Machine Learning algorithms. Responses provided in specific formats are delivered to downstream integrated systems.
Complaints Handlers remain as humans-in-the-loop for Complaints generation and validating responses.
Individual Complaints Assets and the Complaints Processing Platform availability on Infosy’s TOPAZ marketplace.
Impact to End Customer.
With advancements in machine-understanding of unstructured information, Banking customers receive an improved Customer Service provided by the Bank. Complaint settlements can be actioned/resolved more effectively, based on improved responses of Complaints Asset(s) and/or the Complaints Processing Platform.
Summary.
Infosys can help existing clients solve challenges and improve efficiencies with Complaints Handling. which can improve financial revenues and profits for Banking CFOs. Advancements with Generative AI enables Banks to remain ahead-of-the-FinTech curve.
References:
- UKCSI – The state of customer satisfaction in the UK – January 2024
