In a unique collaboration, we enabled our client to become one of the first private banks to apply Intelligent Conversation Analytics to enhance customer service.
The solution
Preparing summary notes was the perfect candidate for our Intelligent Conversation Analytics (ICA) tool. This cloud-native solution, which uses Google’s powerful transcription software and incorporates leading-edge generative AI, quickly processes and enriches data from complex conversations. In doing so, it reduces the time spent making notes, so wealth managers, contact centre agents and anyone in contact with customers can spend more time having meaningful conversations.
To begin the process of shaping the tool to the bank’s needs, our client began recording all customer conversations across all channels – in person, online and by phone. ICA leveraged Google’s powerful transcription software to generate accurate transcripts instantly. From here, ICA’s analytics and generative AI capabilities produced a summary of key points and next best actions, reducing a typical transcript from 16 pages down to a one-page summary.
During the training and development process, machine learning enabled the tool to become increasingly adept at drawing out key points from each conversation. Iterative development, led by our experts, guided further refinements including, for example, a new interface to enable users to revisit the original recording and edit the summary note.
Within three months, we had co-created a bespoke ICA solution, with machine learning models trained on the bank’s own data and an interface fine-tuned to the bank’s specific requirements. Following a successful pilot, we began running the solution as a managed service, hosting and managing data on behalf of the bank. Our reputation as a trusted partner meant the bank could be confident its data was secure.
Shortly, we will be handing the solution over to the bank to run internally, with the capacity to host it on a private or public cloud. The bank will be able to integrate the solution seamlessly into its telephony and CRM systems to further enhance the customer experience and boost efficiency further. Until then, our AI experts remain involved, ensuring the solution continues to incorporate Google Cloud’s most advanced AI technologies.
The human factor
Human relationships were key to this successful innovation. Mutual trust between our two organisations, grounded in a 15-year advisory relationship, created the ideal environment for a productive collaboration. The bank shared its business challenges openly and fed back on our ideas honestly. Similarly, our own consultants were able to advise candidly on the bank’s proposals and requirements.
Clearly, any new AI solution must make life better for the people who use it. So, we involved private bankers – the end users – throughout the innovation journey. Leveraging user feedback to inform development means the tool in action has received a highly positive response. Private bankers now have a new digital assistant that frees them from a mundane, time-consuming task that took them away from their most important role – to create value for the bank’s customers.
The impact
The numbers on the solution’s impact are impressive. For our client, ICA has reduced the time private bankers must spend on note writing by 75%. With 60,000 minutes of conversations being transcribed and analysed every 24 hours, this represents a total saving of 675 hours of time spent by wealth managers on non-value-add administrative tasks every day. On quality assurance specifically, ICA has reduced time spent by bank staff by 40%. Together, these figures represent total operational savings of £4 million a year.
Co-creating the solution has helped open our client unlock a new readiness to try out ideas, pushing the organisation beyond its comfort zone. We’re proud of the role we’ve played in making this happen.
Ultimately, the big winners are the bank’s customers. Now, when they engage with the bank, they have the full attention of their personal banker. Generative AI has removed the burden of transcribing and analysing conversations, freeing bankers to build relationships and focus on elevating service to a new level.
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