... THERE ARE SIGNIFICANT CHALLENGES THAT CAN ’ T BE OVERLOOKED ... AND THESE ARE ENSURING SECURITY , COMPLIANCE , AND PRIVACY .
... FINANCIAL SERVICES FIRMS SHOULD PRIORITIZE TRANSITIONING ... TO AN AI-DRIVEN CLOUD-BASED MODERN COMMUNICATIONS PLATFORM .
FINANCIAL SERVICES
WHAT ARE THE CHALLENGES IN ENABLING AND USING CONVERSATIONAL AI AND WHAT ARE THE SOLUTIONS ?
A : There are always development and execution hurdles when it comes to applying AI and training untrained models in different scenarios . Also , building a Conversational AI-enabled model involves a combination of ML , large language models , NLP , speech-to-text , text-to-speech , and other AI techniques .
Additionally , there are significant challenges that can ’ t be overlooked — first and foremost — and these are ensuring security , compliance , and privacy .
Being one of the most highly regulated sectors , financial institutions need to keep up with ever-changing regulations and industry standards . Conversational AI-enabled platforms should maintain industry-leading privacy and security practices and must attest to compliance through formal certifications and audits to prevent any security-related risk or crisis .
Suppliers have created and deployed AI services that fit their processes and align with their high-security standards , including HITRUST certification . Regardless of if they offer their own organic AI capabilities or are utilizing those from high-quality AI partners as part of a library of bots . With a security-first mindset , these vendors host the software , maintain the servers , and oversee the databases and code .
... THERE ARE SIGNIFICANT CHALLENGES THAT CAN ’ T BE OVERLOOKED ... AND THESE ARE ENSURING SECURITY , COMPLIANCE , AND PRIVACY .
WHAT , IF ANY , LEGAL / REGULATORY / PRIVACY / RE- QUIREMENTS EXIST WITH DEPLOYING AND USING THIS TECHNOLOGY IN THE U . S . AND CANADA ?
A : Leading suppliers ’ products are actually designed with highly regulated industries in mind , specifically financial services including banks , credit unions , insurance , commercial banks , and wealth management firms . The top companies have considerable track records in serving this industry and are aware of what it takes to protect and encrypt sensitive data .
38 CONTACT CENTER PIPELINE
For that reason , these companies took the time and made the investment to have their processes SOC 2 and HITRUST r2-certified . Some of the most comprehensive security protocols are in place to ensure alignment with these certifications .
Most critically , the top solutions are designed with compliance in mind , so all messaging and voice conversations , and other communications are recorded by default . And these recordkeeping timelines can be tailored to the demands of the customer .
In fact , these leading suppliers use customer data to train the model for that specific customer , they do not combine customer data into a single model . The result of this practice is an AI model that is specific to the clients ’ business and their customers .
... FINANCIAL SERVICES FIRMS SHOULD PRIORITIZE TRANSITIONING ... TO AN AI-DRIVEN CLOUD-BASED MODERN COMMUNICATIONS PLATFORM .
WHAT ARE YOUR RECOMMENDATIONS TO FINANCIAL SERVICES FIRMS , AND IN PARTICULAR FOR THEIR CONTACT CENTERS ?
A : We ’ re living in a hyper-connected digital world , and consumers today crave a unified experience across all channels . Banks , credit unions , and financial services firms must realize that multiple vendors , dated technology , and a non-integrated communication approach can impact their EX .
To enhance contact center operations and agent performance , financial services firms should prioritize transitioning from on-premise legacy technology communications systems to an AI-driven cloud-based modern communications platform . In this highly regulated industry , it is also important to consider a vendor that is committed to following best practices for privacy , security , and compliance .
By enabling a frictionless experience across distributed and hybrid teams , across branch locations , remote , and corporate offices , and for customers , these firms can reduce OpEx , reduce liabilities , and optimize resources . All leading to enhanced CX and EX along with building trust .
With integrated full messaging and collaboration tools and intelligent digital assistants ( IDAs ), omnichannel communication platforms are designed to offer AI-enabled , hyper-personalized services to fulfill conversational banking needs , and beyond .
As Chief Product and Marketing Officer at LinkLive , Patrick Reetz is responsible for leading teams in designing , building , and optimizing solutions across physical and digital channels in efforts to deliver meaningful results for LinkLive ’ s customers and shareholders . Patrick executes LinkLive ’ s vision and helps drive growth through collaboration and an innovative approach .