The days of time-constrained customer service - between the hours of 9 to 5, Monday to Friday - are long gone. Banking customers have been clear that one of the many pain points they face is a lack of accessible service when they need it.  

For banks and financial institutions, not being able to meet customers where they are, at the times that they need it, can be a huge hindrance to customer retention and overall sentiment. 

Luckily, the revolution of conversational AI and highly specialized companies like Posh have effectively solved this common pain point by offering 24/7 service. Let’s take a look at the many benefits of why this type of AI-driven service matters for both the company and the customer.

The Benefits of 24/7 Service for the Company 

Enhanced customer service - conversational AI and, specifically, 24/7 service can offer more detailed and personalized customer service by understanding the context of customer queries and providing accurate responses - with little to no limitations. Posh’s main product focus is external-facing virtual assistants, designed to meet the customer where they are, allowing for higher satisfaction and better customer retention rates. 

Extracting insights from unstructured data - with a higher volume of calls handled, it sheds light on a wider scope of customer inquiries, allowing banks and credit unions to identify actionable insights by analyzing customer data at scale. At present, many financial institutions don’t have the human bandwidth to maximize the potential of their data. AI can not only assist but widen provide access to a larger volume of customer insight.

Empowering staff with knowledge assistance - gives frontline employees, like call center agents, access to accurate information faster to ultimately help them serve their customers more efficiently. These types of solutions can be valuable for training new staff.

The Benefits of 24/7 Service for the Customer 

Eliminates Long Wait Times - 24/7 service means customers reach a resolution faster. There is nothing more frustrating than waiting on the phone to speak to an agent, only to be rerouted to another department for resolution. 24/7 service benefits the customers so they can move faster along the path toward resolution while also having the freedom and flexibility to bank at a time that is convenient for them. 

Promotes Self-Service - banking at a time that is convenient for the customer can also promote financial independence. It means getting to determine how their financial institution can meet their needs. A large part of Posh’s mission is to empower financial institutions with conversational AI, to, in turn, empower their communities. This is why promoting self-service and financial freedom is one of our priorities when it comes to deploying conversational AI. 

Conclusion: Made Possible, Only with (the Right) Conversational AI

Conversational AI is the main reason why this solution is feasible for banks and credit unions. However, it is important to recognize that there is no one-size-fits-all solution that fits all. Despite the nature of AI and the umbrella of machine learning, it is vital to remember that these interactions with customers on behalf of your financial institution must be treated with the utmost respect and care. 

Only a true AI partner with experience in the relevant industry can fully deliver the benefits and satisfaction that come with automated, 24/7 service. 

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About Posh 

At Posh, we believe in democratizing access to banking and empowering financial institutions with the benefits of conversational AI. Posh offers Conversational AI solutions to allow financial institution contact centers and front lines to better serve their communities. Posh’s conversational AI (spanning voice and digital channels) alleviates call volume and long wait times in favor of warm, conversational customer self-service while allowing for 24/7 access to banking services and lead-generation opportunities without compromising VIP customer service. Posh Technologies was founded in 2018 by Karan Kashyap and Matt McEachern, based in Boston, Massachusetts. Posh has raised $36M in financing from leading fintech VCs like Canapi, JAM FINTOP, Curql, CUNA Mutual’s CMFG Ventures, as well as nearly 30 individual credit unions who have invested directly into Posh.