At EBO's recent webinar tailored for the financial services sector, industry leaders from Microsoft, KPMG, Interworks, and ERGO came together to share insights into the transformative power of AI in enhancing customer experiences.
The panelists—Dr. Gege GATT (CEO of EBO), Ali Tahmasebi (Director of Solution Sales - Enterprise & Public Sector in Greece, Cyprus & Malta at Microsoft), Paris Karagiannis (Director, Data-Driven Transformation and Technology Consulting at KPMG Greece), Stamatis Barbounakis (Chief Commercial Officer at interworks.cloud), Alexandra Rerra & Anastasia Iatridou (Head of Digital Solutions and Digital Marketing Expert at ERGO Hellas)—emphasised that the integration of AI technologies is not merely a trend but a necessity for financial institutions seeking to remain competitive. AI enables organisations to automate routine tasks, allowing customer service teams to focus on complex interactions that require a human touch. Here are some of the key highlights:
The Shift to Intelligent Conversations
Dr. Gege Gatt, CEO of EBO, emphasised the transition from mere digitisation to creating intelligent conversations with a human touch. He articulated the potential of Conversational AI to enhance customer interactions by understanding and processing human language with high accuracy. This shift not only improves customer engagement but also enriches the overall experience, making it more personalised and effective.
ERGO’s Success Story with AI
One of the standout examples shared during the webinar was ERGO’s AI Virtual Assistant (VA), developed by EBO and built on Microsoft Azure. Alexandra Rerra and Anastatia Iatridou discussed how this automated customer engagement solution has achieved an impressive 95% recognition rate and 91% customer satisfaction since its launch in January 2023. Today, this AI-powered VA, named Chara, handles 81% of customer requests without the need for human intervention, showcasing how automation can streamline customer service while maintaining high-quality interactions. The solution has gone from strength to strength winning over 5 awards in just under a year.
Personalised Service at Scale
Ali Tahmasebi from Microsoft explains that Conversational AI is transforming financial services by providing a new, scalable channel for personalized customer service. With generative AI, virtual assistants can offer relationship management to all clients, not just VIPs, boosting customer engagement and revenue potential. Internally, AI agents improve efficiency by automating routine tasks and supplying agents with quick access to summaries and relevant data, allowing them to focus more on customer care.
Choosing the Right AI Partner
Paris Karagiannis from KPMG shared valuable insights into what organizations should consider when selecting an AI partner for customer engagement automation. Key criteria include domain expertise in financial services, a proven track record of successful implementations, strong data security practices, and a commitment to continuous innovation. This careful selection process is crucial for maximising the benefits of AI technologies.
The Role of Cloud Infrastructure
Stamatis Barbounakis, CCO at Interworks, highlights that cloud infrastructure is essential for AI in financial services, offering four key benefits: scalability to handle massive data, cost savings versus on-premise systems, access to advanced AI tools, and high-performance computing for real-time, personalized customer interactions.
Future Trends and Predictions
As the discussion progressed, Gege predicted that by 2030, companies that do not fully utilise AI will struggle to survive. He recommended that organisations begin by automating small, high-ROI processes, which can significantly reduce customer interaction costs by up to 80%. This approach not only enhances efficiency but also allows human agents to focus on more complex, high-value interactions.
Embrace the AI Revolution
As businesses navigate this transition to AI, the partnership ecosystem between AI providers, cloud platforms, and financial institutions will be critical to achieving exceptional results.
Finishing off with a powerful message Gege predicted that: "By the end of this decade, there will be two kinds of companies: those fully utilising AI and those out of business." This is a pivotal moment for organiaations to embrace AI and automation, seizing the opportunity to transform their customer engagement strategies and ensure their future success.
To ask any questions or find out how EBO’s Conversational AI can elevate your business, feel free to contact us here.
Why automate customer engagement with AI?
It’s the perfect solution for maintaining a high level of customer engagement 24/7, all year-’round. With EBO’s AI, each conversation reveals its potential for cutting costs, upselling, and building consumer insights.
