During our latest Forex webinar – Automating Customer Service in Forex through AI – we discussed how artificial intelligence is quickly becoming the key differentiator in Forex. We also explored the ways in which AI can help your company stay ahead of the curve and provide added value to your customers.
Anna Ilukhina (CMO at Orbex), Fotis Draganidis (Microsoft Partner Development Manager for Greece, Cyprus and Malta), Michael Georgakopoulos (CEO at Satori Analytics) and resident experts John Deguara (Product Director at EBO) and Gege Gatt (CEO at EBO) provided insight into the future of the Forex industry.
Here are 10 key points that were raised during this insightful workshop:
- Forex customers want an immediate response and a customer service team that responds to queries round the clock. This is due to the rising interest in Forex trading, which in turn, is forcing brokerages to explore new tools that can resolve customer pain points in mere minutes.
- Common customer pain points include language barriers, missed requests sent via social media, not receiving an instant response, cultural differences, not having the time to look for answers using the company website’s FAQ section, and issues related to account opening and KYC procedures, account funding and trading platforms.
- New technologies and AI improve customer experience. AI is now being employed to develop highly advanced Virtual Agents and create a 360-degree customer strategy that reaps results.
- Forward-facing companies are now using a hybrid customer service model. This hybrid model uses Virtual Agents as well as human customer service representatives to provide the best service for their customers. Virtual Agents can be an integral part of the holistic support process: by assigning repeat tasks to Virtual Agents, human agents can focus on complex tasks and highly specific queries only.
- There are 4 tangible solutions to Forex issues: (1) EBO provides burnout relief, meaning that a company and its employees can rest, knowing that compliance and quality standards are still being met. (2) Customers get information quickly. 80%-90% of customers that use EBO’s Virtual Agent are satisfied with the service. (3) A lot of useful data is accumulated via the Virtual Agent. Customer service can be a very rich source of data and this data can be used to profile customer personas. EBO creates a data-rich environment whereby every conversation is an opportunity to capture useful data. (4) An easier deployment environment. EBO has a deep understanding of the Forex sector and can deploy its bespoke Virtual Agent within days.
- Virtual Agents have a 90% recognition rate of what is being said by customers. This impressive figure is only possible through machine learning and NLP which create human-like conversations and improve understanding.
- Security and privacy are contentious topics in today’s Forex arena. Here are three things a company can do to assure its clients that their data is in safe hands: (1) Opt for a trusted and internationally recognised cloud vendor. (2) Create policies for its employees (e.g. password management, 2-factor authentication etc.) and (3) Educate the employees on how to avoid phishing attacks and unwanted data leakages.
- Machines and people are good at completely different things. AI is good at making sense of large amounts of data. However, AI will always find it difficult to understand complex social relationships. Therefore, in the 2020s, employability is less about what you already know and more about the capability to adapt and evolve throughout your career.
- Companies should consider reducing the number of customer support agents by 10% and retraining their staff to develop a superior AI system that targets all possible queries.
- Human agents and Virtual Agents complement and augment each other. Together, they provide a more comprehensive service that ultimately benefits both the customer and the company.
If these takeaways piqued your interest, we are more than happy to offer a free consultation, a digital service transformation map and a forecast with an indication of return on investment specifically created for your organization.
Drop us a line at [email protected] to kickstart your AI journey with EBO.