Bank Cuts Call Handling Time by 20% with AI Voice Biometrics

A Swiss bank, overwhelmed by call volume and inefficient authentication, implemented a voice biometrics and virtual assistant solution. This AI system identified and authenticated callers through their voice, reduced call handling times by 20% and offered 24/7 customer support in multiple languages. This resulted in improved customer satisfaction and security.

Client:

Migros Bank is a leading Swiss bank that focuses on retail and private banking, as well as small and medium-sized corporate clients. Founded in 1958, it is wholly owned by the Migros retailer and has 67 branches across Switzerland. The bank caters to diverse financial needs with a comprehensive suite of products and services.

Problem Statement:

● Long call handling times: The bank’s 190 customer advisors were handling a high volume of calls (650,000 calls in 2022) without the use of technical aids, leading to long wait times for customers.

● Inefficient authentication process: Knowledge-based authentication (security questions) was being used to verify customer identities, but this process was time-consuming and could be easily bypassed.

● Limited customer support availability: Customer support was only available during business hours, so customers could not access assistance outside of those times.

● Language barriers: The bank needed to provide support in multiple languages (German, Swiss German dialects, Italian, and French) to serve its wide range of customers.

Results:

☑️ 20% reduction in average call handling time: The solution yielded a double win: wait times plummeted, boosting customer satisfaction.

☑️ Enhanced customer satisfaction: Customers appreciated the faster and more secure authentication process and the 24/7 availability of support.

☑️ Increased security: Voice biometrics provided a more secure way to verify customer identities, reducing the risk of fraud.

☑️ Improved multilingual support: The AI-powered solution was able to provide support in multiple languages, meeting the needs of the bank’s diverse customer base.

AI Solution:

Seeking to address challenges such as long call handling times, inefficient authentication processes, limited customer support availability, and language barriers, Migros Bank implemented a voice biometrics and virtual assistant solution powered by Spitch.

The solution employs voice biometrics to authenticate callers quickly and securely, eliminating the need for time-consuming knowledge-based authentication methods.

Key aspects of the AI solution implementation include:

Voice biometrics integration: Callers are authenticated using their unique voiceprints, eliminating the need for passwords or security questions.

Virtual assistant deployment: The virtual assistant handles routine inquiries, directs customers to appropriate service agents, and provides self-service options.

Multilingual support: The solution supports multiple languages, ensuring that customers can access assistance in their native tongue.

Migros Bank has transformed its customer support operations by implementing this AI solution into its customer support center, enhancing efficiency and improving customer satisfaction.

References:

1. Voice Biometrics and Virtual Assistant for 24/7 customer support

Industry: Financial Services
Vendor: Spitch
Client: Migros Bank