In an era when Artificial Intelligence (AI) is transforming industries, Concord is leading the charge by redefining operational efficiencies in a way that enhances—not replaces—our workforce. Our approach is centered on empowering our team to deliver exceptional customer experiences while leveraging cutting-edge technology to support their efforts.
AI Adoption: A Partnership for Success
Concord is in the initial phase of a groundbreaking Customer Intent survey, developed in collaboration with our trusted technology partners, Genesis and IntelePeer. This initiative aims to harness the power of Generative AI to listen to conversations—both voice and text—and uncover actionable insights that will shape the future of customer service.
The contact center industry faces significant challenges, with a staggering $300 billion annual labor expense, chronic understaffing in 2/3 of centers, and 30-40% turnover rates. Concord recognizes the tremendous opportunity to utilize Generative AI to address these pain points while driving operational efficiency and business growth.
The Four Pillars of Customer Intent Survey
Our Customer Intent survey focuses on four key objectives to revolutionize customer experiences:
- Identify Customer Pain Points: By analyzing conversations, we aim to spot trends and recurring issues that drive customer interactions, enabling us to tackle the root causes of dissatisfaction.
- Anticipate Future Needs: Leveraging insights, we aim to predict what our customers will need tomorrow, ensuring we stay ahead of their expectations.
- Proactively Address Issues: With real-time insights, we can resolve potential challenges before they escalate, providing seamless support to our customers.
- Deliver Personalized Experiences: By understanding individual customer journeys, we create tailored interactions that enhance retention and build trust.
These objectives are designed to address common customer concerns, such as changing addresses, waiving late payments, resolving service issues, and supporting financial burdens—all with the help of AI.
Generative AI: A Catalyst for Efficiency
Generative AI plays a pivotal role in ensuring a smooth transition for our agents, equipping them with the tools to meet customer needs more efficiently. It’s not just about solving problems; it’s about creating a proactive, customer-first approach that sets Concord apart.
Unlocking the Power of Data Analytics
Beyond customer service, Concord sees significant potential in leveraging Natural Language Query (NLQ) to unlock insights from our extensive loan portfolio performance data. By enabling Senior Executives and Managers to ask real-time questions about portfolio performance, underwriting, credit quality, and demographic trends, we empower them to make informed decisions that drive strategic growth.
The Broader Impact of AI Adoption
Concord’s AI journey aligns with broader industry trends that highlight the transformative potential of this technology. Here are eight ways AI adoption is reshaping businesses like ours:
- Boosting Efficiency and Performance: AI automates tasks, reduces errors, and scales workloads, enabling teams to achieve more with fewer resources.
- Unlocking Data Insights: AI uncovers patterns and provides actionable insights, even for non-technical users, driving smarter decision-making.
- Proactive Problem-Solving: AI shifts focus from reactive to proactive solutions, addressing issues before they arise and enhancing customer experiences.
- Streamlining Operations: AI improves agility, cost-effectiveness, and problem analysis, helping businesses adapt and thrive.
- Enhancing, Not Replacing Roles: AI augments human work, transforming roles and enabling employees to focus on higher-value tasks.
- Driving Competitive Advantage: Strategic AI applications differentiate businesses by improving customer experiences and operational outcomes.
- Improving Accessibility and Innovation: AI tools make complex insights accessible, continuously evolving to power innovations like speech-to-text and text-to-video technologies.
- Elevating Communication and Engagement: AI strengthens communication, delivering timely, accurate, and personalized customer experiences.
A Future Fueled by Innovation
At Concord, we believe that the future of customer service lies in the perfect synergy between human expertise and AI innovation. By embracing Generative AI and advanced analytics, we’re not just improving processes—we’re shaping a new standard for excellence in customer experience.
Stay tuned as we continue to explore AI's transformative potential and redefine what’s possible in operational efficiency and customer satisfaction.
Shaun O’Neill, President and Chief Strategy Officer of Concord, recently participated in the "Technology Summit: From Automation to Accountability: AI-Driven Operating Efficiencies" panel at SFVegas2025. This prestigious event brought together industry subject matter experts to explore AI's transformative impact on operational efficiency.
