Overview

Central Bancompany, operating as Central Bank and headquartered in Jefferson City, Missouri, has been ranked the fourth best bank in America by Forbes Magazine as it serves thousands of customers across the Midwest. A $20 billion bank, Central Bank offers big banking services with a small hometown focus; delivering personal customer service is central to its customer experience. Its customer service center fields 3,000+ calls per day and handles all customer support for its 13 markets and 140 locations. It also provides the main switchboard for all markets, including all inbound calls that are routed to up to 3,500 employees. 

Supernova Award Category

AI and Augmented Humanity

The Problem

Central Bank faced challenges in handling high call volumes at its customer service center while experiencing limited staffing. Additionally, the bank aimed to leverage AI, particularly natural language processing (NLP), to reduce call volume through self-service options and improve overall customer service efficiency. This involved transitioning from legacy systems to advanced AI-driven solutions to maintain its community banking legacy while meeting modern customer expectations. 

The Solution

Previously, Central Bank faced challenges with limited options in their IVR system, resulting in callers choosing options that didn't fully address their needs. By deploying Five9's Intelligent Virtual Agent (IVA), the bank could capture caller intent accurately and route calls effectively, improving the overall customer experience and reducing call volumes handled by agents. 

The results

Over 32% of the calls were handled through automation enabling efficiency in staffing and increasing customer satisfaction. 

Central Bank's implementation of Five9's Intelligent Virtual Agent (IVA) revolutionized its customer service operations and set a new standard in the financial services industry. Before the project, the bank struggled with high call volumes and limited staffing, leading to inefficient customer service. However, after deploying the IVA with natural language processing (NLP), Central Bank experienced a significant reduction in call volume handled by agents, with a 50%+ decrease in calls. This transformation not only improved efficiency but also enhanced the customer experience by accurately capturing caller intent and routing calls effectively. Central Bank's success demonstrates the disruptive potential of AI-driven solutions in redefining traditional banking operations and setting new benchmarks for customer service excellence. 

Metrics

Before the implementation of Five9's Intelligent Virtual Agent (IVA) at Central Bank, the customer service center handled around 3,000 calls per day, with limited success in addressing caller intent. Following the deployment of the IVA with natural language processing (NLP), Central Bank experienced a significant reduction in call volume, with over 32% of calls successfully handled through automation. This resulted in a 50%+ decrease in calls to agents, demonstrating improved efficiency in staffing and increased customer satisfaction. Additionally, the bank achieved an ~80% success rate in matching customer intent with NLP routing, significantly enhancing the accuracy and effectiveness of call routing processes. These metrics highlight the tangible impact of the solution in transforming Central Bank's customer service operations and setting new standards for industry excellence. 

The Technology

Central Bank leveraged Five9's Intelligent Virtual Agent (IVA) with natural language processing (NLP) to revolutionize its customer service operations. This AI-driven solution enabled accurate call routing, resulting in a significant reduction in call volume handled by agents. Additionally, Five9's advanced analytics and reporting capabilities provided valuable insights for continuous improvement. 

Disruptive Factor

Central Bank faced challenges in integrating advanced AI technology while preserving its small-town bank ambiance. Implementing Five9's Intelligent Virtual Agent (IVA) required meticulous planning to ensure seamless customer experiences aligned with their community banking legacy. Despite these challenges, the project's impact was transformative. It significantly reduced call volume handled by agents, enhancing operational efficiency and customer satisfaction. By leveraging AI-driven solutions while preserving their sense of community, Central Bank challenged the status quo in the financial services industry. This project sets them apart by demonstrating a unique blend of cutting-edge technology with personalized customer service, redefining traditional banking operations and setting new benchmarks for excellence. Internal disruption stemmed from the need to adapt workflows and processes to accommodate the new technology, while external disruption involved ensuring customers felt the same sense of community and personal connection despite the introduction of AI-driven automation. 

Shining Moment

Central Bank's proudest moment lies in successfully implementing AI-driven technology while preserving its community. Achieving a seamless integration of advanced solutions with personalized customer service reflects our commitment to innovation without compromising our community-focused values.