COVID-19 Lockdown: AI Chatbots to Lead BFSI Customer Services

The worldwide lockdowns to contain the novel coronavirus outbreak has created operating and financial sustainability uncertainties to businesses in many major economies. These lockdowns have tremendously affected most industries and businesses. One important business that has been affected by the lockdowns is the customer service desk business across industries. Visiting service provider’s offices or branches is out of the question right now – this means that online or telephonic assistance are the only two other options. However, only one of these seems effective in the current situation, and it’s not a call center that is likely to be busy right now. Consider this fact: the global customer care BPO market is booming, and it is estimated to be worth $55.5 billion. The financial services industry is one of the top industries that use outsourced services for customer care. And rightly so, because customers are quite restless when it comes to queries on issues concerning their recent transactions. The problem: the lockdown has forced call center staff to stay at homes and operate at a significantly reduced bandwidth, leaving customers to expect slower grievance resolution or even worse – customer service desks that aren’t reachable.

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