Have you thought about Call Centers as Your Playground for AI-Powered Value Creation?
by
Heather Page
Banks and insurers are racing to automate away their call centers. The logic is tempting: automation promises efficiency, scalability, and cost savings. But the numbers tell a different story.
McKinsey research shows that improving customer experience can increase banking revenues by 10–15% while cutting costs by 15–20%. And despite billions invested in digital channels, 73% of customers still prefer human interaction for complex financial decisions (PwC, 2023).
Yet call centers remain underfunded and undervalued. One mid-sized credit union proved the opposite approach works. By repositioning its call center as an innovation lab, not a cost center, it uncovered three new product lines worth $42M in revenue within 18 months—driven entirely by insights from agent conversations.
Why AI Alone Won’t Win
The industry narrative is clear: AI assistants will replace human agents. Bank of America invested $3B in its AI assistant Erica. Yet for mortgages, investment planning, or financial hardship, customers still want human empathy.
The truth is simple: money is emotional. Bots may handle balance checks, but they can’t replace trust and reassurance.
Continue reading in the FinScale Magazine
This insight was originally published in the first issue of FinScale Magazine by TrialScale. Download the magazine to keep reading.