BMO transforms client call centre engagement through AI

BMO
An initiative by BMO to improve customer experience and optimize efficiency is a proven winner. Recognized with the ‘Outstanding Machine Learning Initiative’ Award at the recent Global Retail Banking Innovation Awards, the project solution is the embodiment of BMO’s purpose to Boldy Grow the Good, and create a digital first bank.

 

Analytics and business experts came together across the bank, working in an agile fashion to innovate and analyze customer calls using cutting-edge AI. The innovative AI-based solution uses linguistic patterns to analyze customer call transcripts and natural language processing (NLP) to identify customer pain points and assess front agent compliance requirements.

“This is the power of analytics at work, and is a testament to our best-in-class analytics capability at BMO. We know the answers are in the data and we leverage data as a strategic business driver to help customers make real financial progress every day” said Lori Bieda, Chief Data & Analytics Officer, North American Personal and Business Bank.

Launched in 2022, the solution enables call categorisation and call driver identification, across all major products and services. It also offers monitoring to verify that call centre agents make required disclosures and obtain client consent prior to providing customers with the desired product or service. This is a win for customers and simplifies the process for the employees that serve them.

Driving innovation to streamline business practices and enhance call centre management

This hybrid model of rule –based and supervised NLP, permits both accurate labelling and customisation to specific call drivers, while maintaining transparency, interpretability and fine-turning needed for nuanced categorisation. Latent Semantic Indexing (LSI) augments semantic understanding and contextual similarity, driving accuracy in call categorisation capabilities.

NLP models efficiently categorize calls into distinct buckets with precision levels reaching between 70-90% across categories. This resulted in close to 300,000 calls migrated from call centres to digital channels per year meaning customers are able to self-serve, and agent time is freed up to help customers make real financial progress and offer advice.

Augmenting process improvements to elevate customer experience and generate revenue

To ensure rapid and accurate execution of policy, AI was used to analyze all transcripts between agents and customers, and pinpoint opportunities for improved customer communication. The blend of technology and human intervention was leveraged to put guardrails and oversight in place so managers could review generated insights, validate outputs and determine if any follow-up action is needed.

Presently, the automated solution has the power to analyze 400x more calls than previous manual control measures while providing a better, more accurate experience.

“AI is core to our bank strategy and at use across our business driving tangible outcomes every day. This is a powerful example of how we are transforming experiences and balancing the best of technology and human intelligence to transform customer and colleague experiences.,”  said Sandip Sahota, Enterprise Chief Data and Analytics Officer, BMO.

The initiative‘s positive impact on both customer experience and operational efficiency results in an estimated annual business benefit of CAD $6.5 million. This is a a true marker of BMO’s commitment to smart solutions that enable real financial progress at scale. This solution – now in place across seven lines of business – is poised to transform the customer experience within and across channels.

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