HSBC's Transition to Conversational Banking through Intelligent Automation
Technology Category
- Analytics & Modeling - Robotic Process Automation (RPA)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Sales & Marketing
Use Cases
- Chatbots
- Manufacturing System Automation
The Customer
About The Customer
HSBC is one of the world's largest banking and financial services organizations, serving more than 40 million customers through its four global businesses. The bank has a network that covers 64 countries and territories in Europe, Asia, the Middle East and Africa, North America, and Latin America. With a large customer base, HSBC has over 19,000 customer service agents handling a high volume of customer interactions. The bank is transitioning towards Conversational Banking, expecting messaging to account for more than 50% of contact centre interactions by the end of 2023.
The Challenge
HSBC, one of the world's largest banking and financial services organizations, was facing a challenge with its customer service operations. With over 19,000 customer service agents, the bank was dealing with a high volume of repetitive tasks that put pressure on its agents. The traditional career path in the contact center world was also leading to inevitable attrition, as it was defined as agent → team manager → department manager → operations manager → head of contact centre. This lack of opportunity as the field narrows held back the chance of reaching the highest possible customer satisfaction with every interaction. Furthermore, HSBC was planning to shift towards Conversational Banking, which was expected to grow interactions considerably and require conversational experts to manage the chatbots.
The Solution
HSBC introduced LivePerson’s intuitive intelligent automation solution, Conversation Builder, in April 2019. This solution allowed HSBC's best agents to create bots that are fuelled by the agents’ own conversational understanding and expertise. The bots were built by creating automated dialogues that could include back-end integrations and connections to messaging channels like Apple Business Chat or WhatsApp. This move to intelligent automation not only eased the pressure on agents by eliminating repetitive tasks but also created new roles such as Conversation Designer and Chatbot Manager. The bank also plans to roll out Conversation Builder to other countries, increase bot containment, and teach bots to handle fulfillment of questions like, “what’s my balance?” and “can I make a payment?”
Operational Impact
Quantitative Benefit
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