Transformed Customer Experience with Conversational AI for a Leading Financial Services Provider and Helping Them Reduce Average Handle Time.

Quantiphi partnered with a leading financial services provider to embark on a multi-year, data and AI-driven contact center transformation journey with GCP. By modernizing and automating existing systems, the goal was to deliver an enriched customer experience. 

Read how Quantiphi helped the client to manage call volumes of ~1.5+ million  with ~90>% accuracy in query recognition, a ~35-40% containment rate.

About the Client

The client is a long-standing financial services provider with a global footprint. Known for offering a broad range of financial products, including retirement planning, insurance, and investment management, the organization plays a pivotal role in helping individuals and businesses secure their financial futures. With a substantial amount of assets under management (AUM), they are recognized for their customer-focused approach and commitment to innovation within the industry.

Problem Statement

The existing IVR-based contact center setup was complex and ineffective, resulting in long IVR journeys that negatively impacted customer experience (CX). Specific challenges included:

• Impacted experience due to toggling of the keypad to use DTMF.
• Higher reliance on human agents due to a lack of effectiveness and automation.
• Lack of in-depth data analytics to measure and plan features and fix gaps.

Challenges

• Complex IVR Setup: The current IVR system was lengthy and cumbersome, leading to poor customer experiences.
• Human Agent Dependency: Ineffective automation increased the dependency on human agents.
• Data Analytics Deficiency: The absence of comprehensive data analytics hindered performance measurement and gap identification.

The Solution

Our Implemented Solution:

Quantiphi conducted a consultative workshop to roadmap the transformation journey of the contact center. A virtual agent leveraging Dialogflow CX was integrated to enhance the conversational AI capabilities on the current IVR system, addressing each use case incrementally. Business and technical dashboards were developed to monitor and analyze the performance of the virtual agent and contact center via CCAI Insights and custom deep analytics.

Key Features:

• Consultative Workshop: Provided a detailed roadmap for the contact center transformation.
• Virtual Agent: Leveraged Dialogflow CX to improve conversational AI on the existing Genesys IVR system.
• Performance Monitoring: Business and technical dashboards were developed for performance analysis using CCAI Insights and custom analytics.
• Post-Production Support: Provided support for a few weeks post-implementation to ensure smooth operation and address any issues.

Results and Impact Created

Quantiphi's solution resulted in significant improvements:

• High Accuracy: Achieved ~90>% accuracy in query recognition, enhancing customer interactions.
• Containment Rate: Maintained a ~35 to 40% containment rate on complex financial products, reducing the need for human agent intervention.
• Call Volume Management: Efficiently managed an annual call volume of ~ 1.5+ million.
• Performance Metrics: Monitored over 70 KPIs for both virtual and live agent performance.
• Average Handle Time: Reduced the average handle time to ~2 minutes, improving efficiency and customer satisfaction.

Quantiphi's AI-driven transformation of the client’s contact center streamlined operations, improved customer experience, and provided valuable insights through advanced analytics.