Nov 30, 2021

BFSI Customer Support Statistics: Chatbots Outshine IVRs

Vinoth Govind
By Vinoth Govind

Director, Strategic Insights

Here’re the latest customer engagement statistics from the Banking, Financial Services, and Insurance (BFSI) industry. We continuously analyze the data and, as meaningful insights emerge, we are happy to share them.

Here are the two key takeaways, displayed in greater detail in the BFSI customer engagement charts below:

  1. “Time to Resolve” takes about half as long in digital channels as compared to IVRs. Faster resolution means a better customer experience. Accordingly, we’re encouraging our BFSI clients to deflect voice contacts to their chatbots whenever possible.
  2. When the COVID-19 pandemic forced live agents off the job, in the spring of 2020, AI chatbots scaled quickly to pick up the slack—and today the digital channel remains customers’ top choice.

Online Services Save BFSI in Pandemic  

Pandemic-induced lockdowns in March and April 2020 led more customers to request online help—lifting contact volume by nearly a third and proving that the BFSI industry could successfully provide its services remotely.

BFSI companies already equipped with online customer service were largely unimpacted by the pandemic.

BFSI Customer Support Statistics

BFSI Containment Rate: IVR vs. Digital

The chatbot containment rate has been outstripping IVR’s rate by 5-10 percentage points, and is trending upward as we continuously optimize our algorithms. A higher containment rate is very encouraging for self-serve customer service.

BFSI Customer Support Statistics

BFSI Time to Resolve—IVR vs. Digital

Chatbots resolve customer queries about 50 percent faster than we see in the IVR channel, which is due mostly to IVR’s limitations.

BFSI Customer Support Statistics

BFSI Customer Intent Distribution

The top ten intents for 2020 and 2021, shown below, account for roughly 80 percent of all traffic. Customer insurance-related queries in 2021 dropped about 38 percent YoY, while account-related queries went up about 18 percent YoY.

BFSI Customer Support Statistics

BFSI Bot Vs. Agent Interactions

When the pandemic restricted agent availability, in March-May 2020, enhanced AI chatbot capabilities came to the rescue. Live agent interactions plummeted 26 percent in those three months, while bot interactions compensated by rising 2.4X.

Bot and agent interactions closely tracked one another from the summer of 2020 until early summer 2021; since then, bot interactions have significantly outdistanced live agent interactions.

BFSI Customer Support Statistics

Take the Next Step

For a more-detailed look at how [24]7.ai™ services and conversational AI technology support BFSI companies, please visit the following:

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