KeyBank Taps Conversational AI to Cut Call Center Costs
KeyBank Taps Conversational AI to Cut Call Center Costs
Publish Date: 2026-01-23 17:30:00
Source Domain: www.pymnts.com
- Banks are adopting artificial intelligence (AI) to reduce operational costs and enhance customer service, with significant savings in call center operations.
- KeyCorp’s CEO, Christopher Gorman, highlighted AI’s per-interaction cost advantages, stating that AI-handled calls cost $0.25 compared to $9 for human-handled ones.
- KeyBank is investing heavily in technology and operations, with its tech spend increasing from $800 million to $1 billion to improve digital and AI capabilities, creating about $100 million in annual savings.
- KakaoBank in South Korea employs conversational AI built on Microsoft Azure to serve customers within its mobile app, reducing reliance on live agents while maintaining quick responses.
- Lloyds Bank in the UK uses generative AI named Athena to assist customers and employees by automating responses and helping staff access information quicker.
- Beyond customer service, advanced agentic AI systems are being used for various operational tasks, including internal workflows, to improve efficiency and reduce costs.
- Banks recognize the strategic value of conversational AI not just for cost savings, but for enhancing customer engagement and retention through personalization and deeper insights.
