Fifty per cent of consumers in the Middle East, India and South-East Asia are interacting with banks through mobile apps since the Covid-19 outbreak, compared with 32 per cent in 2018, according to a new report.
Technologies such as artificial intelligence and machine learning are helping banks and other financial institutions to automate services quickly and address customer queries more efficiently during the pandemic, Verloop.io, a Bangalore-based customer support automation company said.
“Conversational AI, which leverages natural language processing [NLP] and natural language understanding [NLU] technology, is engaging customers and encouraging self-service,” the report said.
“This improves customer satisfaction as 65 per cent of users said they prefer automated self-services for simple issues.”
Verloop.io, which has its regional office in Abu Dhabi, conducted the research by analysing two million queries to 20 brands across the Middle East, India and Southeast Asia (Malaysia, Indonesia, Singapore and Philippines).
It found nearly three-quarters of customers are using multiple channels to start and complete a transaction and that banks are using bots to manage increased workloads due to Covid-19.
Bots are software that are configured within the company’s system. They can keep track of customers’ queries, interact with them, analyse data, find new trends and perform simple administrative tasks.
“The bots have turned extraordinarily interactive and responsive as they can understand natural languages as much as a human … they deliver comparatively error-free customer service without human biases,” the report said.
An analysis of customer satisfaction scores found an improvement in customer service quality across the banking, finance and insurance industries during the pandemic, the company said.
Verloop.io builds systems for banking, finance services and insurance companies to run automated customer support across channels such as WhatsApp, websites, apps and Facebook Messenger in the language of their choice.
“The [financial services] industry would benefit if their customers transitioned to digital-only, self-service interfaces as it results in significant cost savings,” said Gaurav Singh, founder and chief executive of Verloop.io.
“Today, operational costs take up 15 per cent to 20 per cent of a bank’s annual budget. Making innovations in these functions will lead to a significant improvement in profitability and boost revenues.”
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
