Will AI replace call center jobs in banking and Insurance?

Have you recently tried to contact your bank or insurance company or ask your bank about specific insurance packages they have included in your account, only to find that your conversation started with a pre-recorded assistant that doesn’t respond directly to your specific case? And then you waited for 10 minutes or more to talk to the “live agents” to help you rectify the problems? Were you frustrated?  Because writing this out certainly felt very frustrating. 

So, are call centers dead? The answer is no; they are very much alive and thriving. In fact, call centers have become strategic assets for businesses that prioritize high-quality customer service and customer loyalty. The business process outsourcing (BPO) market is substantial, with its market cap exceeding $300 billion in 2024 and projected to surpass $525 billion by 2030, according to Andreessen Horowitz.

With the rise of AI agents, this frustration could be mitigated with much more efficient and personalized support. These AI agents are capable of helping human agents assist clients effectively in real time, which strengthens loyalty and satisfaction. Does that mean AI could kill off most call centers? No, in fact, at Zelros, we believe otherwise. The AI agents are there to augment and empower the call center agents or the outsourced customer support service, but certainly not replace them! Here is why! 

Outsourced Call centers in Financial Services’ front office – a challenge with compliance and regulations

Unlike call center services in other industries, such as telecommunications or energy providers, call centers in financial services must adhere to numerous regulations to protect consumer interests. This means that call center agents for banks and insurance must be trained on the banking and insurance products and have a clear understanding of how these products can serve the clients that they are talking to in real time. 

As the world becomes increasingly focused on personalization, banking and insurance products are following suit. This trend has resulted in a growing number of products that call centers need to be familiar with. Managing this task can be challenging, and these centers require a tool to help them quickly locate resources and answers. Automated processes are in place to help call center agents save time and find precise answers under time constraints.

Center Agent: a high-pressure job that satisfies customer experience

Time! Against the Clock! That is the essence of call centers

Call centers have become the primary touchpoint between businesses and their customers. On average, each call center agent handles between 40 and 60 calls per day, facing significant pressure to respond quickly while providing a personalized experience. According to a Harris Interactive study via Talk Desk, 75% of customers feel it takes too long to reach a representative. Long wait times often lead to frustration and dissatisfaction, increasing the risk of customers switching to a competitor.

Today’s customers expect interactions that are as seamless and effective as an in-person experience. To meet these expectations, call centers must ensure a humanized and personalized approach despite the remote nature of the interaction. 71% of customers expect tailored interactions, and 76% become frustrated when they don’t receive them (McKinsey). A single phone call can significantly impact a company’s image and its ability to retain customers over the long term.

How is AI transforming call center operations? 

Maintaining high-quality customer relationships remotely is a major challenge. The key is to personalize every interaction without increasing call handling times. In an industry where pressure is constant, it’s critical to equip call center agents with the right tools to provide efficient and smooth service.

Another major hurdle is managing high call volumes. Businesses must strike the right balance between quick response times and high-quality service.

Agent workload is also a recurring issue. Call center representatives are too often burdened with repetitive administrative tasks, preventing them from focusing on their core mission: advising and supporting customers. Advanced technological tools can help alleviate this problem. 86% of agents report not having the necessary resources to effectively handle customer requests (Jive).

With Zelros, the AI Platform for insurance and banking, provides innovative solutions to streamline call center operations and enhance customer relationships:

• Magic answers: provide quick access to resources and contextualized answers that help agents tackle problems and cases quickly
• Next Best Actions: Real-time assistance that provides advisors with tailored recommendations based on customer profiles. This level of personalization enhances the customer experience and drives higher satisfaction and conversion rates.
• Magic Automation: Automates repetitive, low-value tasks to reduce Average Handling Time (AHT), freeing up agents to focus on meaningful interactions.
• Automated Call Summaries: Ensures precise and consistent documentation of each customer interaction, reducing administrative workload and improving efficiency.

Concrete ROI of AI in financial services and how it enhances positive results

By integrating AI-driven solutions like Zelros, call centers can experience significant improvements in both performance and customer satisfaction. Reducing administrative burdens allows agents to be more available and responsive, improving overall service quality. Personalizing customer interactions creates a more human and engaging experience. When agents have real-time access to relevant customer data, they can provide more precise and tailored solutions, increasing customer loyalty.

Operational efficiency also sees a significant boost through automation and process optimization. The results speak for themselves:

• 30% increase in cross-selling and upselling opportunities
• 15% improvement in customer service productivity
• 20% growth in Net Promoter Score (NPS)

Conclusion: 

Optimizing a call center is no longer just about improving response times or handling high call volumes. Today, success depends on leveraging intelligent solutions that empower agents while enhancing customer interactions.

With Zelros, you have the opportunity to transform your call center into a strategic asset for your business. Our solutions help personalize interactions, increase agent efficiency, and elevate the overall customer experience.

Don’t let outdated processes hold your customer service back. Contact us today to learn more about our tailored solutions and start enhancing your customer relationships now!