Advances in predictive analytics and Natural Language Processing have allowed Financial Institutions (FIs) to automate significant portions of the client’s interaction lifecycle in contact center environments, enabling improvements in average handle times and the overall client experience. A number of AI-based technologies are involved in this process; this report provides an overview of major Contact Center AI (CCAI) technologies and how they contribute toward the client experience, through self-service migration, real time monitoring, and by providing operational support for the contact center workforce.

Concurrent with these developments, COVID-19 caused dramatic spikes in contact center activity well beyond most banks’ ability to manage. While the pandemic may have been a surprise, the nature of most customer queries was no surprise at all. This is true broadly. Most contact center traffic is highly predictable. This predictability presents a classic opportunity for automation. Enter modern CCAI tools which have enjoyed growing utilization across the customer interaction lifecycle (below).