LONDON, Aug. 20, 2024 /PRNewswire/ -- AI chatbots and
Large Language Models (LLMs) such as ChatGPT have become
commonplace in recent years to answer queries, whether that's how
to write a persuasive email or to request a replacement for a
stolen card. According to Auriemma Group's latest UK Cardbeat
study, credit cardholders tend to be comfortable using AI chatbots
to carry out basic tasks with their card issuer, but express
skepticism when faced with more complex servicing needs.
For some time, AI Chatbots have been a key priority for card
issuers to deliver a more streamlined customer service experience.
However, through research and Roundtable discussions, Auriemma has
found that the banks are shifting their focus towards AI
development and innovation to support more efficient
behind-the-scenes operations.
The complexity and difficulty of delivering a positive customer
journey could be driving much of this shift. Auriemma Group's
latest UK Cardbeat study found that 65% of credit cardholders feel
that AI chatbots often provide irrelevant or unhelpful responses.
And what's more, 57% said they regularly need to speak with a live
representative following an AI-initiated customer service
interaction.
Cardholders appear to be doubtful that chatbots can meet their
needs, as only 36% say they wish their primary bank invested more
heavily into chatbots, and just 26% feel chatbots are generally
able to fully resolve issues.
While consumers believe AI chatbots still have much to improve,
banks are identifying opportunities for AI to transform their
business operationally. Members of Auriemma Group's UK Roundtables
recently shared they are leveraging or developing AI tools to
create new efficiencies across Fraud, Disputes, Complaints,
Customer Service and Collections Departments.
In fraud, current activities include using AI to score fraud
cases and designing unique fraud warnings for customers. Firms are
hoping AI can soon add randomness to fraud questioning when
collecting personal customer data during the identification and
verification (ID&V) process. A key initiative in development is
writing a final response letter for customers who have submitted a
complaint. Auriemma is also seeing firms use AI to transcribe
customer service and complaints calls, as well as write summarizing
notes in collections.
"Many of our members are changing their AI strategy to look more
closely at back-office operations," says Nicole Toussaint, Senior Manager at Auriemma
Roundtables UK. "AI chatbots are very complex and require
significant investment from a build and oversight perspective, but
also come with the risk of providing misinformation. However,
leveraging AI in other processes can simply make an employee or
agent's job more efficient without removing the human element from
it entirely."
Consumers will likely see chatbots become more sophisticated,
but this may be just the tip of the iceberg compared to the unseen
AI-led streamlined processes on the backend.
Survey Methodology
Cardbeat UK
This Auriemma Research study was conducted online within
the UK by an independent field service provider on behalf of
Auriemma in December 2023, among 800
adult credit cardholders. The number of interviews completed on a
monthly basis is sufficient to allow for statistical significance
testing between sub-groups at the 95% confidence level ± 5%, unless
otherwise noted. The purpose of the research was not disclosed nor
did the respondents know the criteria for qualification.
About Auriemma Group
For 40 years, Auriemma's mission has been to empower
clients with authoritative data and actionable insights. Our team
comprises recognised experts in four primary areas: operational
effectiveness, consumer research, co-brand partnerships and
corporate finance. Our business intelligence and advisory services
give clients access to the data, expertise and tools they need to
navigate an increasingly complex environment and maximise their
performance. Auriemma serves the consumer financial services
ecosystem from our offices in London and New York
City.
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