Verloop.io’s Benchmark Report for Banking, Financial and Insurance Services

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The BFSI industry was already in motion of digitalization when the pandemic hit. However, COVID-19 accelerated the universal adoption of customer-centric digital technologies.

We answer the three major pressing questions:

shift in customer support from manual to automated.



What’s the impact of COVID-19 on the digital agenda of customer service?

What are the key areas in customer support that saw digital success?

What’s the future of customer support in the BFSI industry?

Problem: 

65% of customers demand self-service for simple issue resolution

What are banks doing? 

Leveraging NLP and NLU through Conversational AI to engage customers, understand intents accurately and respond instantly with correct answers, anytime, anywhere!

In this benchmark report, we look at how BFSI companies are finding solutions around customer demands.

Numbers don’t lie. 

After analyzing 2 million queries from over 20 brands across the Middle East, India, and Southeast Asia, we found interesting insights on the 3 pillars of Customer Support that guarantee delightful experiences.

First Response Time (FRT) 

Average time spent between the first visitor message and the immediate next message by a bot. 

Average FRT before pandemic: is 4.9 minutes across the BFSI industry.

Know how these numbers changed by downloading the report.

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CSAT

A basic measurement of a customer's satisfaction with a brand's product/services. 

Average CSAT before pandemic: is 1.7 across the BFSI industry.

Bot Deflection 

Chats that automated and self-help resources satisfy that would otherwise be handled by agents. 

Average bot deflection rate before pandemic: is 48% across the BFSI industry.