How Tech Mahindra and Verint boosted Bank of Baroda’s CX with AI-driven solutions

The financial landscape is evolving rapidly, and banks are increasingly leveraging technology to enhance customer engagement and improve operational efficiency. As the sector expands rapidly, organisations must prioritise understanding the data governance and security commitments associated with integrated AI services.

Tech Mahindra, an IT services provider, partnered with Verint, the customer experience (CX) automation solutions provider, to improve the customer experience at Bank of Baroda. This collaboration aimed at addressing the bank's challenges in customer engagement and operational efficiency. 

Tech Mahindra has worked with Bank of Baroda for several years, focusing on managing the bank's customer experience across various products and services. The bank sought to enhance its customer experience processes, improve operational efficiency, and leverage artificial intelligence (AI)-driven insights to better understand customer interactions. Additionally, the bank aims to identify opportunities for cross-selling and upselling services. 

“As a partner, our role is to manage the bank's end-to-end customer experience across various product and service lines,” said, Birendra Sen, President — Business Process Services, Tech Mahindra. 

Traditionally, customer experience management involved manual reviews of customer interactions. This process was time-consuming, especially with large volumes of data. To streamline this, Tech Mahindra and Verint implemented Verint’s automated quality management and speech analytics solutions. This integration automates transaction monitoring and insight generation, enabling the bank to provide better service to its customers. 

The primary goals of the collaboration included personalising customer interactions, optimising resources, and improving the overall customer experience. Tech Mahindra worked closely with the bank to align strategies with these objectives. The team established baseline performance metrics and monitored improvements post-implementation. 

One significant achievement was the ability to analyse 100% of customer interactions, expanding the monitoring capability from just 5-10% to complete coverage. This near real-time processing allows the bank to make informed operational decisions based on the most recent interactions, leading to better identification of product performance and process gaps. 

Anil Chawla, India MD at Verint, said, “We focused on two main solutions that fit the goals: real-time speech analytics from Verint and automated quality management. The bank was facing challenges related to operational efficiency across their inbound and outbound channels. They wanted to reduce average handle times, minimise call transfers, and manage channel deflections more effectively. Additionally, they aimed to reduce non-value-added calls that took up agents' time.” 

Verint's real-time speech analytics played a crucial role in understanding customer conversations, allowing the bank to uncover trends and opportunities from unstructured data. Additionally, the automation of quality assessments enabled the bank to move from sampling only 2-5% of calls to scoring all interactions. This not only improved efficiency but also allowed quality analysts to focus on training agents instead of manual evaluations. 

Before deploying these solutions, the bank faced challenges in operational efficiency and handling time across their channels. Tech Mahindra addressed these issues by providing technology as a service, which minimised upfront investment for the bank. The collaboration has led to significant improvements in quality scores, which increased to over 90%, and a net promoter score (NPS) surpassing 50. Sales conversion rates also saw a 5% increase, explained Sen. 

The partnership also recognised the importance of regional languages in customer interactions. With a diverse customer base, the ability to conduct automated quality assessments in 10-11 Indian languages provided unique insights tailored to local needs. 

Tech Mahindra facilitated the deployment by understanding the bank's expectations and translating them into specific implementation plans while ensuring compliance with data security and privacy regulations. Both Tech Mahindra and Verint teams worked collaboratively to deliver the project on time and within budget, marking a significant advancement in the bank's customer engagement strategy.