Convin Introduces Real-Time AI Solutions to Transform Customer Experience in BFSI Sector

Convin Introduces Real-Time AI Solutions to Transform Customer Experience in BFSI Sector

June 23, 2024

In a dynamic move set to transform the Banking, Financial Services, and Insurance (BFSI) sector, Bengaluru-based Convin has introduced two groundbreaking AI-powered solutions: Real-time Agent Assist and Manager Assist. 

These tools are designed to address the unique challenges of the BFSI industry, enhancing real-time customer interactions, boosting satisfaction, improving efficiency, maximizing revenues, and ensuring regulatory compliance.

Addressing BFSI Challenges with AI

Convin's AI-powered solutions effectively address several key challenges in the BFSI sector. 

  • Miscommunication is mitigated through guided scripts and real-time prompts, ensuring agents communicate clearly and effectively. This reduces the risk of mis-selling, as agents are equipped to comply with regulations and offer appropriate products to customers.
  • Regulatory compliance is another critical area in which Convin excels. The AI tools ensure agents adhere to standards during interactions, minimizing the risk of violations and potential penalties. This adherence to compliance enhances the institution's reputation for reliability and trustworthiness.
  • Enhancing customer experience is a primary focus for Convin. The solutions help improve customer satisfaction (CSAT) by providing agents with timely and accurate information. Real-time Agent Assist significantly reduces average handling time (AHT), streamlining interactions and resolving issues faster, leading to higher efficiency and lower operational costs.
  • Convin's solutions also boost sales and collection rates by equipping agents with the tools to handle complex queries and objections effectively. This capability, combined with real-time monitoring and sentiment analysis, allows managers to continuously assess and improve customer satisfaction.
  • The AI tools support multi-language capabilities, ensuring seamless capture and analysis of interaction data regardless of the language used. 

Furthermore, Convin's solutions integrate smoothly with various enterprise systems like CRMs, Cloud Telephony, and Team Messaging Platforms, enhancing the efficiency and effectiveness of customer interactions across different channels.

Convin's new solutions leverage advanced Generative AI technology powered by Blogger Templates its in-house large language model (LLM) to tackle these issues head-on.

Real-time Agent Assist provides live support during interactions across calls, emails, and chats. It offers guided scripts, actionable suggestions, live captions, and custom prompts, ensuring that agents deliver consistent and exceptional experiences. 

The Gen-AI-powered Knowledge Base (Ask AI) empowers agents with instant access to information from various sources, including an inbuilt LMS platform, product information, or data stored elsewhere. This ensures agents can respond promptly and effectively, reducing miscommunication and fostering trust.

The impact of real-time Agent Assist is already evident, with remarkable improvements across key metrics: a 21% increase in sales, a 27% rise in CSAT, and a notable 17% enhancement in collection rates. 

Additionally, the tool has significantly reduced the average handling time (AHT) by 56 seconds while minimizing compliance violations, negative sentiments, and operational costs.

Real-time Manager Assist offers managers a user-friendly dashboard to monitor agent performance and active calls in real-time. This tool provides insights into ongoing conversations, including live call monitoring and sentiment tracking, allowing managers to assess customer satisfaction and act promptly when quality standards are violated. 

The multi-language conversation intelligence capabilities ensure seamless conversation data capture and analysis, irrespective of the language used.

Vision for the Future

Convin's CEO, Ashish Santhalia, emphasized the company's commitment to revolutionizing the customer experience in the BFSI sector. 

"Real-time Agent Assist and Manager Assist signify our dedication to addressing the challenges faced by quality assurance professionals and managers in monitoring customer interactions and providing timely feedback. Our AI-powered solutions optimize team performance, boost productivity, and improve customer experience," said Santhalia.

With a clear vision, Convin aims to capture a 25% market share within 18 months, setting the stage for unprecedented growth and industry leadership. The company envisions empowering 1 million call center agents with AI tools to enhance their performance and success in closing deals.

What to Remember

Convin's innovative AI solutions for the BFSI sector mark a significant step forward in redefining customer experience standards. As the industry embraces generative AI technology, companies across various sectors leverage these advancements to drive efficiency, enhance customer experiences, and achieve unprecedented growth. 

Convin's real-time Agent Assist and Manager Assist are poised to set new customer interaction benchmarks, ensure compliance, reduce miscommunication, and foster trust in the BFSI industry.

As we witness these exciting developments, it's clear that the future of customer experience and enterprise solutions is bright, driven by innovation and collaboration. Stay tuned as we continue to explore the evolving landscape of technology and its impact on businesses worldwide.


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