{"id":6413,"date":"2024-09-27T10:50:07","date_gmt":"2024-09-27T05:20:07","guid":{"rendered":"https:\/\/blogs.infosys.com\/digital-experience\/?p=6413"},"modified":"2024-09-27T10:50:07","modified_gmt":"2024-09-27T05:20:07","slug":"banking-providers-reaching-efficiencies-with-customer-service-without-severely-impacting-the-balance-sheet","status":"publish","type":"post","link":"https:\/\/blogs.infosys.com\/digital-experience\/emerging-technologies\/banking-providers-reaching-efficiencies-with-customer-service-without-severely-impacting-the-balance-sheet.html","title":{"rendered":"Banking Providers reaching efficiencies with Customer Service without severely impacting the Balance sheet."},"content":{"rendered":"<h3>Business Value Proposition: Differentiator of Complaints Learning Models with use of Generative AI<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-5051\" src=\"https:\/\/blogs.infosys.com\/digital-experience\/wp-content\/uploads\/2023\/12\/Customercare-300x234.png\" alt=\"\" width=\"300\" height=\"234\" \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6392\" src=\"https:\/\/blogs.infosys.com\/digital-experience\/wp-content\/uploads\/2024\/06\/Multimodal-AI-300x169.jpg\" alt=\"Multimodal AI\" width=\"414\" height=\"233\" \/><\/p>\n<h4><span style=\"text-decoration: underline\">Why?<\/span><\/h4>\n<p>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, <strong><em>UKCSI \u2013 The state of customer satisfaction in the UK \u2013 January 2024.<\/em><\/strong><\/p>\n<p>The <strong>INSTITUTE OF CUSTOMER SERVKCE<\/strong> researched a selection of UK Banks amongst 12 other Sectors to gauge Customer Satisfaction experiences including <strong>Complaints Handling areas.<\/strong><\/p>\n<p>ICS\u2019s Customer Satisfaction index showed a recent year-on-year increase with volume of complaints about services. For example, a <strong>14.1%<\/strong> increase of Complaints in <strong>Y2023<\/strong> than recent years.<\/p>\n<p>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\u2019 revenue and profit steams. A balance must be found.<\/p>\n<p>Banking CIOs must consider fraudulent complaints and how efficiencies in Generative AI can provide value, whilst reducing costs to the Bank concerning document learning.<\/p>\n<p><strong>Examples of Generative AI investment strategies are listed below:<\/strong><\/p>\n<ul>\n<li><strong>Feedback Analysis \u2013 HSBC<\/strong> is currently exploring AI tooling for research\/analysis of complaints identifying recurring patterns of issues.<\/li>\n<li><strong>AI Categorisation &#8211; JP Morgan<\/strong> uses AI to categorize complaints based on keywords\/themes routing complaints to the appropriate department.<\/li>\n<\/ul>\n<h4><span style=\"text-decoration: underline\">What?<\/span><\/h4>\n<h4><span style=\"text-decoration: underline\">Differentiator Digital Assets and Platform.<\/span><\/h4>\n<p><strong>Infosys\u2019s<\/strong> 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.<\/p>\n<h4><span style=\"text-decoration: underline\">Potential Impact to Infosys\u2019s Clients.<\/span><\/h4>\n<h5>Complaints Asset(s) &amp; Complaints Processing Platform provides:<\/h5>\n<ul>\n<li><strong>Efficiencies<\/strong> with <strong>Complaints Generation<\/strong> for learning purposes meeting Clients\u2019 requirements.<\/li>\n<li><strong>Improved responses<\/strong>, easing bottlenecks due to Complaints case volumes logged.<\/li>\n<li><strong>Complaints Learning Models<\/strong> can be continuously refined for an increased maturity.<\/li>\n<li><strong>Complaints Processing Platform<\/strong> co-existing with existing Banking tools to reduce ambiguities for complex Complaints.<\/li>\n<li>An overall improved <strong>Customer Service<\/strong> at a <strong>reduced cost to the Bank<\/strong>.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline\">Potential Impact to Infosys.<\/span><\/strong><\/p>\n<ul>\n<li><strong>Tracking of Complaints Assets<\/strong> from <strong>Infosys\u2019s TOPAZ marketplace<\/strong> provides a continued relationship between Infosys and their Clients.<\/li>\n<li><strong>Complaints Asset(s)<\/strong> can be generic\/mature Complaints models, containing specific\/varied Complaints document types, including <strong>Generalised AI<\/strong> models for creation of Complaints correspondence.<\/li>\n<li>The overall <strong>Complaints Processing Platform<\/strong> service such as a SaaS (Software as a Service) Cloud Service or on-premises offerings. Private\/Hybrid Cloud setups supported to meeting Clients\u2019 requirements.<\/li>\n<\/ul>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-5631\" src=\"https:\/\/blogs.infosys.com\/digital-experience\/wp-content\/uploads\/2024\/02\/AIFinanceTitle-300x300.png\" alt=\"Power of AI in Finance\" width=\"300\" height=\"300\" \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5321\" src=\"https:\/\/blogs.infosys.com\/digital-experience\/wp-content\/uploads\/2023\/12\/1023224298-5-1-300x200.jpg\" alt=\"\" width=\"449\" height=\"299\" \/><\/h3>\n<h4><span style=\"text-decoration: underline\">How?<\/span><\/h4>\n<h4><span style=\"text-decoration: underline\">Proposed Idea.<\/span><\/h4>\n<p>Generative AI scripting for Complaints Generation assists models covering different personas for <strong><em>Retail, Commercial <\/em><\/strong>and <strong><em>Investment Banking <\/em><\/strong>segments.<\/p>\n<p>The <strong>Complaints Processing Platform<\/strong> manages uploading, case creation and processing of Complaints utilizing in-built <strong>Advanced Machine Learning<\/strong> algorithms. Responses provided in specific formats are delivered to downstream integrated systems.<\/p>\n<p><strong>Complaints Handlers<\/strong> remain as <strong>humans-in-the-loop<\/strong> for Complaints generation and validating responses.<\/p>\n<p>Individual Complaints Assets and the Complaints Processing Platform availability on <strong>Infosy\u2019s TOPAZ marketplace<\/strong>.<\/p>\n<h4><span style=\"text-decoration: underline\">Impact to End Customer.<\/span><\/h4>\n<p>With advancements in machine-understanding of unstructured information, Banking customers receive an improved <strong>Customer Service<\/strong> provided by the <strong>Bank<\/strong>. Complaint settlements can be actioned\/resolved more effectively, based on improved responses of <strong>Complaints Asset(s)<\/strong> and\/or the <strong>Complaints Processing Platform<\/strong>.<\/p>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-5480\" src=\"https:\/\/blogs.infosys.com\/digital-experience\/wp-content\/uploads\/2024\/01\/65449e18bf3c01d9b06d543d_Using-GenAI-to-Transform-Workforce-Efficiency-and-Organisational-Productivity-e1706023819352-300x84.png\" alt=\"\" width=\"300\" height=\"84\" \/><\/h3>\n<h3><span style=\"text-decoration: underline\">Summary.<\/span><\/h3>\n<p>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.<\/p>\n<p><!--more--><\/p>\n<h4><span style=\"text-decoration: underline\">References:<\/span><\/h4>\n<ul>\n<li>UKCSI \u2013 The state of customer satisfaction in the UK \u2013 January 2024<\/li>\n<\/ul>\n<h4><strong><span style=\"text-decoration: underline\">Complaints cost UK Firms 9 billion GBP per month.<\/span><\/strong><\/h4>\n<ul>\n<li><a href=\"https:\/\/www.theguardian.com\/business\/2022\/jul\/05\/uk-customer-service-complaints-at-highest-level-on-record-research-finds\">https:\/\/www.theguardian.com\/business\/2022\/jul\/05\/uk-customer-service-complaints-at-highest-level-on-record-research-finds<\/a><\/li>\n<\/ul>\n<h4><strong><span style=\"text-decoration: underline\">Global AI Spending for firms to reach 450bn USD by 2027 \u2013 13% of spend commonly for Banks; largest sector spenders.<\/span><\/strong><\/h4>\n<ul>\n<li><a href=\"https:\/\/www.spglobal.com\/en\/research-insights\/featured\/special-editorial\/ai-in-banking-ai-will-be-an-incremental-game-changer\">https:\/\/www.spglobal.com\/en\/research-insights\/featured\/special-editorial\/ai-in-banking-ai-will-be-an-incremental-game-changer<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Business Value Proposition: Differentiator of Complaints Learning Models with use of Generative AI Why? [&hellip;]<\/p>\n","protected":false},"author":632,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[499,4],"tags":[122,606,603,604,398,607,268,605,121],"coauthors":[554],"class_list":["post-6413","post","type-post","status-publish","format-standard","hentry","category-artificial-intelligence","category-emerging-technologies","tag-ai-in-banking","tag-complaints-assets","tag-complaints-handling","tag-complaints-processing-platform","tag-customer-service","tag-efficiencies","tag-generative-ai","tag-infosys-topaz-marketplace","tag-ml-in-banking"],"acf":[],"_links":{"self":[{"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/posts\/6413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/users\/632"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/comments?post=6413"}],"version-history":[{"count":10,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/posts\/6413\/revisions"}],"predecessor-version":[{"id":6667,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/posts\/6413\/revisions\/6667"}],"wp:attachment":[{"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/media?parent=6413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/categories?post=6413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/tags?post=6413"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.infosys.com\/digital-experience\/wp-json\/wp\/v2\/coauthors?post=6413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}