Machine learning is transforming bank call centers

Machine learning and big data tools similar to those that power popular digital assistants like Alexa and Siri can enable banks and insurance companies to rationalize their operations and cost structures and, longer term, help gain insights about customer needs and identify new sources of incremental revenue. Bank call centers have traditionally been focused on customer satisfaction by responding to routine requests for assistance at minimal cost. They have been run as cost centers, with average call hold time their key metric. Machine learning (ML), Natural Language Processing (NLP) and Robotic Process Automation (RPA) help to develop and automate repetitive tasks and flows. Then Predictive Analytics facilitates building models that are not explicitly programmed.