By harnessing the power of AI, FIs can improve systems and streamline processes, making knowledge more accessible, allowing staff to service customers efficiently and effectively the first time.
The manual and time-consuming process of accessing knowledge to best serve customers leads to increased handle times. This pressure on agents results in stress, costly employee turnover and customer dissatisfaction. Timely training and onboarding of new staff who can effectively serve customers is then essential, but the current ramp-up time can take up to 6 months, not to mention the increasingly longer timeframe to hire. This can be solved with the Power of AI and Posh’s new product, Knowledge Assistant. By harnessing the power of AI, FIs can improve systems and streamline processes, making knowledge more accessible, allowing staff to service customers efficiently and effectively the first time.
In the fast-paced world of frontline operations, efficiency and effectiveness are paramount. For a financial institution to stay ahead in this competitive landscape, organizations are turning to AI. In a recent study, it was shown that A.I. boosted worker productivity by 14%. Those who use it will outperform those who don't. By using our AI-Powered Knowledge Assistant, you’ll be able to accelerate new staff training for operational teams, boost employee confidence, and enhance customer satisfaction.
“Financial services is one of the industries with the lowest customer satisfaction scores and highest service costs.” A significant contributing factor to these challenges lies in the decentralized document management systems employed by most financial institutions. These systems are impossibly difficult to search, leading staff to get information elsewhere. Low adoption of knowledge management tools is a reflection of their ineffectiveness.
As a consequence, when agents encounter unfamiliar inquiries, finding the answer is costly. The time-consuming task of determining which document to review, coupled with slow and often unsuccessful searches, not only distracts staff but also compromises the accuracy of their responses, leaving room for potential reputational damage.
The negative impact of this poor knowledge access extends beyond the immediate challenges faced by customer support service agents. Leaving customers on hold while agents find the appropriate knowledge drives up average handle time and puts pressure on agents. If an agent is unable to easily find the information, they may also require additional resources such as their manager, and other employees, which takes them away from other tasks. With increased pressure on frontline staff, this can lead to unhappy agents and high turnover. With turnover high in frontline staff roles, training and onboarding new reps in a timely manner is imperative. The ramp up time is high, often taking 6-8 weeks for new hires to onboard and 6+ months to reach full productivity.
Posh's Knowledge Assistant provides frontline staff with access to knowledge in seconds, leading to search time cut by 93%. It ensures that the most important information and updates are readily available to those who need them the most. Our generative AI-powered interface connects to your institution's knowledge base, enabling efficient independent searches. This reduces Average Handle Time, boosts agent productivity, and satisfaction. New representatives can ask questions and instantly access answers, minimizing ramp-up time and allowing immediate customer support.
“The time savings has been tremendous, it shaves minutes off calls. The larger the call volume, the more time we save. The accuracy has been incredible too, and it aids in enhancing our members’ trust”, Steve Goodwine, VP, Director of Contact Center.
1. User-friendly search interface
Our advanced search technology utilizes semantic search and LLM/Generative AI, providing precise answers within seconds while eliminating time spent sifting through endless keyword search results.
2. Streamline knowledge management effortlessly
Knowledge Assistant requires no custom training or content tweaking, accepts various document formats (.PDF, .DOCX, .XLSX, and more), and can integrate with existing knowledge management systems. We provide tips on improving knowledge and structuring it in an AI-friendly manner for optimal results.
3. Gain valuable insights through analytics
Through our feedback loop, we’ll keep you informed about trending searches, identify helpful and unhelpful queries, and pinpoint areas where the bot couldn't find answers. Export comprehensive usage data and ensure transparency in data handling. These insights are the most direct answers to the question, “What should I add or improve to our knowledge base next?”
“Customer service agents with two months of experience who used AI support performed as well or better than agents with over six months of experience working without AI.” With Knowledge Assistant you can enable quick training and ramp-up of frontline staff to efficiently support customers. Decrease average handle time and improve agent KPIs.
Enable instant access to answers through natural language inputs. Eliminate the inefficiencies and limitations of accessing existing knowledge that hinder your teams. Not only does this mean faster service; employees have additional time to focus on new business development and expanded member services. This means an enhanced employee experience that also benefits the customers.
Achieve efficient first-call resolution without putting customers on hold to perform manual searches. Engage empathetic agents who work on behalf of the customers rather than being burdened with navigating through an extensive collection of documents. By streamlining the process, customers receive prompt assistance, resulting in heightened satisfaction levels.
AI should be considered throughout the entire customer journey. Deliver 24/7 customer service with our AI powered digital concierge and voice banking assistant. Learn how in just two weeks of launching Posh's full suite, ACU of Texas managed a 93% decrease in call abandon rates, a 92% decrease in hold time + more.