Business Situation
A leading payments bank in India aimed to improve customer satisfaction and operational efficiency. Despite offering basic banking services, the bank faced challenges with long transaction times, high operational costs, and customer dissatisfaction due to frequent transaction failures.
Key challenges faced:
- High Transaction Failure Rate: Approximately 15% of transactions failed due to technical glitches.
- Long Transaction Times: The average transaction time was around 2 minutes.
- Customer Dissatisfaction: Customer satisfaction scores were below 70%.
SGA Approach
Technology
- Automated Reconciliation: Implemented automated reconciliation processes to ensure accurate and timely settlement of transactions, reducing manual errors by 40%.
- Chatbots and Virtual Assistants: Deployed AI-driven chatbots to handle multiple customer queries and provide instant support, reducing the average response time to customer queries from 5 minutes to 30 seconds.
AI
- AI-Powered Fraud Detection: Implemented machine learning algorithms to detect and successfully prevent fraudulent transactions in real-time, reducing false positives rate by 30%.
- Customer Interaction: Enhanced customer interaction through AI-driven chatbots, which improved customer satisfaction from 70% to 90%.
Data
- Predictive Maintenance: Used data analytics to predict and prevent system failures by analyzing transaction data to identify patterns and predict potential system downtimes.
- Transaction Analysis: Analyzed transaction data to identify and address technical glitches, reducing the transaction failure rate from 15% to 2%.
Key Takeways
- By leveraging technology, data, and AI, the bank successfully addressed its operational challenges, leading to enhanced customer experience and reduced costs.
- Transaction Success Rate: Increased from 85% to 98%.
- Average Transaction Time: Reduced from 2 minutes to 30 seconds.
- Customer Satisfaction: Improved from 70% to 90%.
- Operational Costs: Decreased by 25% due to automation and predictive maintenance.
