In today’s Digital Era, customer service has evolved from the traditional “How can I help you?” to a more hands-on perspective—enter customer self-service.
This model empowers customers with electronic support, enabling them to access information independently and efficiently manage routine tasks. It eliminates the need for live agent interaction in handling such matters, thereby freeing up employees’ valuable time to address more complex inquiries.
Rise of Customer Empowerment
Imagine a scenario where customers aren’t merely seeking assistance but are also equipped with the tools to navigate and resolve issues on their terms. Customer service automation opens the door to a variety of self-serve options, which can be a cost-effective and convenient way to enhance customer satisfaction and loyalty, placing a wealth of valuable resources right at customers’ fingertips.
Knowledge Management in Customer Self-Service
A Virtual Library at Your Fingertips
Take, for example, the knowledge base—a virtual library within a customer self-service portal. This functions as a comprehensive resource hub, featuring a searchable collection of FAQs, tutorials, how-to articles, and other invaluable pieces of information.
Virtual Assistant Powered by AI
As a natural extension of efficient knowledge management, a virtual assistant driven by AI can seamlessly understand customers’ intent, providing 24/7 omnichannel support and ensuring instant issue resolution.
Here are 10 key statistics that highlight the importance of self-service in customer service:
- 75% of customers think self-service is a convenient way to address customer help service issues, and 67% prefer self-service over speaking to a company representative. Source Zendesk
- Approximately 60% of customers say they are very or somewhat interested in using a digital-only bank in the next year. Source Digital Banking Trends In 2023 | Bankrate
- Younger customers are significantly more willing to use generative AI and want to use it for more tasks. Source Garnet
- 87% of customers in the U.S. say they enjoy self-service kiosks, with 66% preferring them to human customer service. Source NCR/PYMTS Digital-First Banking Tracker
- 87% of consumers use their bank’s mobile app at least monthly — and 66% say they can’t live without it. 9 in 10 respondents said they prefer just one app for managing their finances, from depositing checks to checking credit to applying for a mortgage. Source Chase Digital Banking Attitudes
- According to 2023 Gartner study, 61% of banking executives plan to increase investments in AI within the next 12 months, while only 12% are not changing their AI investments. Source Garnet
- A large majority of the financial services market is considering adopting new self-service technologies — 20% of financial institutions have implemented drive-through or lobby video teller machines, and 17% have implemented non-video assisted self-service devices. Source CUNA/Celent
- 2023 Gartner study reveals 66% of banking executives expect generative AI to have somewhat or significantly more potential for benefit than risk at their organization. Source Garnet
- Cost savings associated with chatbots are significant. Reports show that when compared to human agents in customer service models, they deliver $8 billion per annum in cost savings, approximately $0.70 saved per customer interaction. Source Consumer Financial Protection Bureau
- 89% of customers say they are satisfied with GenAI virtual assistants, 73% of customers trust content written by generative AI, and over half (53%) trust generative AI to assist them with financial planning. Source CapGemini
In banking and financial services, the demand for self-service is only growing — as customers opt in to chatting with virtual assistants, accessing knowledge bases, and booking their appointments online. When financial institutions rise to meet the self-service demands of today’s consumers, the results are astounding. Not only does enabling self-service provide a better customer experience, but it also reduces call center workload, increases first-touch resolution, and boosts digital adoption of products and services.
Ready to transform your customer service?
Learn how AI-powered customer self-service can empower your financial institution, enhance customer satisfaction, and pave the way for a digital-first culture in banking.
Take the first step towards revolutionizing your customer experience, schedule a personalized consultation with us today.