In an age where we can generate images of our thoughts at the touch of a button, surely getting a credit card shouldn’t be this complicated. Enter Zendesk AI agents, poised to revolutionize the credit card issuance process.
Consider the frustration of your potential clients:
- Tom: "I just wanted a credit card for emergencies, but the process felt like planning a heist!"
- Jane: "I had to visit the bank three times just to correct a typo on my application!"
The traditional process is often akin to navigating a labyrinth, leading to significant customer drop-off and dissatisfaction.
Transforming the Experience: How AI Agents Can Help Ease Credit Card Issuance
AI agents can turn this convoluted journey into a streamlined experience with several key innovations and being your users personal sales guide:
1. Initial Research and Application : AI agents assist users like Tom and Jane by providing clear, detailed information on various credit card options, benefits, and application requirements. It can understand the purchase behavior of the customer i.e. where do they spend their money and suggest the credit card that will help them reap the maximum benefits. AI agent can also draw internal company data to create tabular benefits comparison tables that saves users hours of cognitive effort and improves their decision making time.
For more details on customer insights/ smart recommendation also check out our additional post on how can AI agents help power your recommendation engine here.
2. Data Collection and Verification: Once your customer has set their mind on a particular credit card, an AI agent can steer the process forward with collecting essential details such as name, address, and identification documents. Data is securely captured within support ecosystem tools such as Zendesk/ Intercom, ensuring all interactions are logged and monitored for compliance and efficiency.
✨ In fact with Fini you do this in customers' native languages to ensure excellent customer satisfaction. According to Common Sense Advisory, 76% of customers prefer to buy products and services in their native language. Moreover, 40% of consumers will not buy from websites in other languages, highlighting the importance of multilingual support.
3. Integration with Internal APIs: Now that the customer has shared the accurate information outlined by business logic, the collected data is routed to the bank’s internal APIs for backend checks, including credit score verification and fraud detection. Based on the backend checks, the system makes real-time decisions on application approval or denial.
💡In fact at Fini we have designed a product feature called Flows to handle such sensitive information flow. Our goal was 100% accuracy for the critical business processes, leaving nothing to second chances. The high-stakes instances are routed through predefined process flows, collecting necessary inputs from the users and then routing them through set personalized channels, ensuring they are managed with the utmost care and precision. This enabled one of client DistroKid to handle sensitive topics, such as unfulfilled payment withdrawal requests or time sensitive metadata edit requests with increased speed and accuracy.
4. Issuance and Tracking: Once approved, the AI agent confirms card issuance and provides real-time updates on shipping status. The AI agent remains available for follow-up questions, such as activation procedures or handling issues if the card does not arrive on time.
Technical does not mean difficult: We wanted to list down step-by-step how easy it is to integrate an AI agent in your support ecosystem. We are explaining this for Zendesk but feel free to block a 30 mins demo with us to learn about your specific tools. Trust me this 30 min is nothing but an investment in saving countless hours later 🙂
Case Study: American Express deployed AI-driven chatbots to handle routine credit card application queries and status updates. The initiative streamlined application processing, reducing customer wait times and operational overhead. Amex was able to automate tens of thousands of conversations, with an incredible goal completion rate of 49.3%.
Conclusion: Automating the credit card issuance process with AI agents marks a significant advancement for financial institutions and customers alike. Not just it transforms a traditionally cumbersome task into a streamlined, efficient, and gratifying experience - but also helps you stay ahead in the new era of digital sophistication and customer-centricity in banking. As the industry evolves, embracing AI-driven solutions will be key to staying competitive and meeting the ever-growing expectations of today’s tech-savvy consumers.
Security and Compliance Considerations, While the benefits of AI in credit card issuance are substantial, it's crucial to approach implementation with careful consideration of security and compliance. Financial data is sensitive, and every step in the process must be designed to protect customer information and meet regulatory standards. Hence it is imperative that you pick your AI agent partner very carefully. Take a look at our blog to learn more about the parameters you should keep in mind while picking the right AI partner for your business.
At Fini we don’t believe in reinventing the wheel but to think of what next can we do with the wheel, we are excited to plug in our acquired expertise and highest accuracy flows (read more about our work for a leading FinTech) to help you take your business to next level
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