Talkdesk Report: AI Is Reshaping Banking and Credit Unions

As the banking and credit union sectors navigate the ever-changing tides of customer experience and technology, Talkdesk has released a "Talkdesk 2024 CX in Banking Report" report to offer valuable insights into the current and future customer expectations within these sectors.  

Banks and credit unions that have made strides in leveraging AI are more confident in their contact center's role in enhancing their customer experience (80% compared to 28% who haven't progressed). They also feel more capable of consistently connecting CX metrics to their return on investment (ROI) (63% compared to 21%). However, despite the evident benefits of integrating AI into contact centers, the research revealed that there are still gaps in AI usage and barriers to adoption that many CX professionals will need to address.

“In the race to inch out ahead of the competition and thrive during tough times, financial organizations are right to view CX as a key component to success. But, that CX strategy must incorporate responsible, AI-driven digital capabilities alongside human support to optimize every step in the customer journey and personalize experiences, otherwise some banks and credit unions–particularly smaller ones–will quickly start to get left behind. I’m optimistic that financial services organizations will more deeply benefit from AI as contact center solutions evolve that can easily be deployed, monitored, and fine-tuned with no coding experience. All AI provides is upside,” said Tiago Paiva, Chief Executive Officer and Founder of Talkdesk.

To improve the customer experience in the banking sector, many organizations have started implementing different AI strategies, including AI-powered assistants like the ones from Kasisto and 

CX is the main focus  

Worldwide Business Research USA (WBR) surveyed on behalf of Talkdesk, , revealing that 98% of respondents expressed that customer experience (CX) has gained greater importance as a strategic focus for their organizations in the past year. Additionally, 83% of them consider CX to be a primary factor influencing customer loyalty for their companies.

Over half of the respondents (56%) anticipate that their companies will boost their investments in CX technology by 10% or more within the next three years. Among those increasing their investment, the most commonly mentioned CX technology enhancement is the use of AI to enhance digital services (59%). The primary AI investments on their agenda include analyzing data from contact centers to extract valuable insights (83%), optimizing chatbot or guided conversations (73%), and implementing virtual customer assistants for self-service (66%).

What are the obstacles to a deeper AI integration?  

Currently, 73% of the financial institutions surveyed cannot utilize AI to enhance chatbots and guided conversations, even though this is a popular self-service feature expected by many contemporary customers. When inquired about the obstacles hindering deeper AI integration, the most prominent barrier reported is resistance to change (66%), followed by a shortage of available talent for maintenance (63%). In larger organizations, the absence of high-quality data is an additional concern, with 74% expressing such apprehensions.

Talkdesk has recently unveiled substantial product enhancements that further embed generative AI (GenAI) into its leading Talkdesk CX Cloud platform and Industry Experience Clouds. This will enable financial services institutions to effortlessly implement, oversee, and refine GenAI in their contact centers without the need for coding expertise. This helps eliminate the risks associated with incorrect and irresponsible AI usage, safeguarding the brand reputation and enabling the creation of highly personalized customer experiences.