Leveraging AI for innovative contact center strategies

In our Financial Services-specific webinar “The AI advantage: Innovative strategies for contact center optimization,” industry leaders discussed the significant role of Artificial Intelligence (AI) in shaping the future of the contact center industry.

The insightful conversation featured our CRO, Margaret Wise, Ethan Ewing, Founder and CEO of ProPair, and Jacob Thorpe, VP of Client Services at Squeeze. They untangled the advantages and potential challenges of integrating AI into business operations, emphasizing its importance in enabling remote workforces and enhancing lead handling processes.

The discussion primarily focused on the potential of cloud-based technologies in transforming contact centers, with AI playing a pivotal role. According to the speakers, innovative AI applications, especially predictive AI, have now become indispensable tools for businesses striving for success in such a competitive time.

Key takeaways

Here are the key takeaways from our webinar, “The AI advantage: Innovative strategies for contact center optimization:”

• Cloud-based technologies and remote workforces have significantly transformed the contact center industry, enhancing scalability and performance.
• Predictive AI, which has been in use for a long time, is now becoming a table stakes for competitive advantage in lead assignment and management.
• Generative AI, while more recent, is rapidly evolving and can provide valuable insights and efficiency improvements, such as transcribing calls and providing coaching feedback to agents.
• Compliance and data security remain critical considerations when implementing AI, and companies should work closely with legal and compliance teams.

Let’s dive deeper into the topics that we touched on.

Critical moments of inflection that shaped today’s business landscape

Jacob believes that recent technological advancements, particularly in cloud-based technologies, have been instrumental in shaping the modern business environment.

Cloud-based systems

Cloud technology has significantly reduced costs, increased scalability, and provided the flexibility to rapidly update applications. This shift from on-premise servers to cloud-based solutions has been transformative, especially during COVID-19, when remote workforces became the norm.

Remote workforce

Historically, Jacob’s company had a strict in-office policy, lacking the systems to effectively manage remote performance, coaching, and quality. However, the transition to remote work not only expanded their talent pool but also accelerated their growth. The need to manage remote teams efficiently pushed the company to enhance their performance management practices.

Ethan also believes that COVID-19 was a pivotal moment in the adoption and enforcement of remote work tools and processes.

Before the pandemic, these tools were available and used by some consumer direct businesses, but there was limited adoption and oversight across entire teams. During COVID, with everyone working remotely, there was a significant increase in the use and enforcement of these tools. This led to substantial efficiency and productivity gains, as the sales teams fully embraced these technologies.

Exploring generative vs. predictive AI

There are two main areas of AI that are often discussed: Generative AI and predictive AI. 

Generative AI, which includes technologies like Google Gemini and ChatGPT, is the more buzzworthy and is often seen as the future of automation. On the other hand, predictive AI, also known as traditional AI, involves building models based on historical data to predict future outcomes.

For example, Netflix’s recommendation engine uses predictive AI to suggest shows based on a user’s viewing history. These models are widely used in various industries, such as mortgage companies, insurers, and debt settlement firms, for tasks like underwriting and risk assessment. 

While generative AI is exciting, predictive AI remains the core focus for many businesses, offering cost-effective solutions that can be implemented in-house or through firms like ProPair.

Concerns over government regulation and its impact on AI usage

While he acknowledges that such regulations could arise, Jacob believes there would likely be sufficient notice to prepare. Although he is not a lawyer and cannot provide legal advice, he feels that while the concern exists, there is no immediate reason to worry.

Ethan believes that if your corporate values are aligned and data security is a core principle of your business, you have a strong foundation to explore and try new things.

Using AI to drive business decisions, coaching, and lead assignment

Jacob gives an example of how his company leverages reactive AI to inform both business and coaching decisions. A partner requested that every call be listened to and reviewed, a task that would be impractical for a single human, given the volume.

With half a million calls a day, they developed a tool to transcribe every call, initially focusing on compliance. This tool, called Peel Voice AI, has evolved to serve five key purposes:

1. Compliance: Ensuring that Do Not Call (DNC) requests and opt-outs are processed correctly, and required statements are made in various industries like financial services and healthcare.
2. Quantitative analytics from qualitative data: They analyzed “not interested” leads and discovered that 25% had trust issues with the company, often due to concerns about door-to-door representatives and pricing transparency. This insight allowed them to provide actionable feedback to partners.
3. Sales enablement: The tool helps align marketing and sales efforts. In a campaign for a large mortgage provider, they found that loan officers were pitching interest rate products 85% of the time, despite the campaign focusing on equity products. This data-driven feedback led to adjustments, improving the sales process and partnership.
4. Agent performance analytics: With 400-500 agents, they use the tool to measure and enhance agent performance. They developed a “grit score” to assess an agent’s effort in understanding and overcoming lead objections, providing valuable coaching insights.
5. Improved efficiency: The tool significantly reduces the time needed for coaching. Instead of spending 45 minutes to coach one agent, they can now send automated feedback, allowing for more frequent and efficient coaching sessions.

For Ethan’s customers, the initial lead assignment is the most crucial step, as it sets the tone for the entire sales process, where the biggest impact can be made.

Using predictive AI, they can analyze each incoming lead in real time. They have access to comprehensive data about the lead, including what the customer is looking for, where they came from, the time of day they contacted, and specific details about their situation and the product they’re interested in. This data is combined with historical performance data to create a lead score. By building a look-alike or propensity model, they can determine the likelihood of success with similar customers.

This lead score helps in making informed decisions about lead assignment, providing a clear indication of the lead’s potential value.

Moreover, they have a wealth of historical data on their sales team, including what types of leads they perform best with and what they prefer. This data acts like a recommendation engine, similar to how Netflix suggests content. As each new lead comes in, the system can match it to the most suitable sales agent based on their past performance and preferences.

Conclusion

Our Financial Services-specific webinar “The AI advantage: Innovative strategies for contact center optimization,” highlighted the transformative impact of AI on contact centers. By leveraging cloud-based technologies and remote workforces, companies can achieve greater scalability and performance.

The webinar also stressed the importance of aligning corporate values with robust data security measures, which are essential for maintaining customer trust and complying with regulations. As AI technology continues to evolve, organizations that proactively adopt and experiment with these innovations are poised to succeed in an ever-evolving market.

Watch the entire episode now and subscribe to InsideCBM to stay on top of the latest industry updates!

DISCLAIMER: This page and all related links are provided for general informational and educational purposes only and are not legal advice. ActiveProspect does not warrant or guarantee this information will provide you with legal protection or compliance. Please consult with your legal counsel for legal and compliance advice. You are responsible for using any ActiveProspect Services in a legally compliant manner pursuant to ActiveProspect’s Terms of Service. Any quotes contained herein belong to the person(s) quoted and do not necessarily represent the views and/or opinions of ActiveProspect.