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COVID-19 and BFSI Contact Centers: Chatbot-ting the Challenges Away 

Banks and insurers must use chatbots to alleviate pressure on contact centers 

The impact of the COVID-19 crisis on livelihoods is fueling panic among people. As a result, a large number of customers are seeking waivers or extensions to pay mortgage or loan installments and insurance policy premiums. The COVID-19 impact on contact centers of banking and financial services firms can be seen in the huge spike in the number of calls in turn leading to long wait times and delay in query resolution, in turn leading to customer dissatisfaction and reputational damage. Deploying artificial intelligence powered conversational platforms or chatbots can help banks and insurers resolve these problems.

By using chatbots for customer service during the COVID-19 crisis, banks and insurers can improve service, cut wait times, and facilitate quick issue resolution. To successfully deploy chatbots and deliver seamless service, banks and insurers must:

  • Identify process pain points and use cases
  • Engage with the technology team to iron out problems
  • Ensure the chatbot platform is user-friendly for operational and business teams
  • Train contact center personnel on the enhanced process flows

 

Arun Kannan

Solution Architect, TCS Innovation Lab, Sydney

Anantharaman K

Technology Head, Research and Innovation Lab, Banking, Financial Services and Insurance, TCS

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