The Siam Commercial Bank PCL (SCB), through its digital banking business unit, SCB DBANK, has achieved a significant milestone at the prestigious Asian Experience Awards. The bank has been honoured with the esteemed title of Thailand Digital Experience of the Year - Banking.
The Asian Experience Awards, renowned for recognising excellence in enhancing customer experiences across Asia, have acknowledged SCB DBANK's exceptional dedication to leveraging innovative technologies, such as the forthcoming integration of Generative AI that promises further refinement in the customer experience.
The Seamlessness with Conversational-AI project is a strategic initiative by CX Function within SCB DBANK aimed at redefining customer experiences through cutting-edge technology. The project's primary goal is to elevate customer satisfaction levels, drive engagement, and optimise operational efficiency, setting a new industry benchmark for digital banking experiences.
This project stands out for its groundbreaking advancements in the chatbot experience, divided into three well-defined phases. In Phase 1, termed 'Hygiene Factors', the focus is on minimising misunderstandings, reducing fallback rates, and ensuring accurate responses to enhance the user experience. The integration with Generative AI will further diminish fallback responses and improve accuracy.
In Phase 2, titled 'Engagement Boost with Digital Self-Serve,' users are empowered with NLP and AI-driven tools for real-time financial management. These tools include features such as Payment Summary and a Spending Quiz for analysing spending habits. Additionally, the Mutual Fund - Smart Advisor provides personalised investment recommendations based on analytics and machine learning.
In Phase 3, titled 'Meaningful Human Touch,' the chatbot enhances human interactions through Behavioral Segmentation, tailoring communication and engagement strategies for different user groups. It utilises a Sentiment Analyzer to respond appropriately to customer emotions, fostering trust and further improving the overall user experience.
The results from SCB DBANK's initiatives have been notably impressive. Firstly, this effort has led to a substantial increase in Customer Satisfaction on SCB Connect, with scores rising from an initial 8.92 to an impressive 9.15 by May 2023. This rise underscores the chatbot's exceptional ability to fulfil customer needs, delivering an outstanding customer experience.
Moreover, the initiative has ushered in greater Operational Efficiency by mitigating human errors and reducing response times, thereby streamlining processes, efficiently allocating resources, and resulting in cost savings during the first half of 2023. These improvements have positively impacted the overall operational performance of SCB Customer Services.
An additional achievement has been the reduction of fallback rates. There has been a significant 30% decrease in these rates, with the new low hovering around 1.2% in July 2023. This precision ensures customers receive accurate information whilst reducing the need for human interactions.
Overall, these achievements demonstrate SCB DBANK's commitment to driving digital transformation with seamless customer experience and establishing itself as a leader in the industry. The upcoming integration of ChatGPT promises to further elevate the customer experience, demonstrating SCB DBANK's forward-thinking approach to seamlessly blending the human touch with cutting-edge technology.