Conversational Banking and the Era of Chatbots
The evolution of mobile technology has literally made information available at our fingertips and has hence eliminated the need for human assistance.
With consumer digital expectations rising, a lot of banks are leveraging the power of AI (Artificial Intelligence) and chatbots to reduce costs, improve efficiency and become tech-savvy. A recent study by Juniper revealed that chatbots in the banking industry will save costs of $8 billion annually by 2022.
To address the increased expectations of digitally savvy customers for a bank that is faster in response and digitally advance, banks and financial institutions, are investing in chatbots to deliver contextual and information and act as backup and support for human agents.
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Why should banks use chatbots?
1. Save Costs:
Chatbots are comparatively inexpensive to develop and maintain compared to a human equivalent.
Chatbots require less coding than banking apps and do not require expensive data storage as information can be stored on cloud-based systems
2. Easy to use and integrates with any application or software:
Chatbots can be trained to keep learning and developing based on past conversations. On the other hand banking apps need to be downloaded, updated and they take up phone space.
With chatbots no downloads are required and the experience can be personalized over a period of time with the help of machine learning. Chatbots use natural language processing (NLP) and machine learning to determine user intent and make customers feel like they are talking to another human being.
While with mobile apps, users have to navigate through various menu options and do a lot of digging around. Chatbots eliminate the confusion by communicating smoothly with users and provide them with the required information.
3. Engaging, conversational interface:
Customers find phone calls frustrating. They are looking for an easy solution to their problems and want their issues to be resolved quickly. With chatbots, financial organisations can offer their customers both a speedy and personalised experience.
4. Advice and Information:
Chatbots can track spending habits, provide credit scores, set and manage budgets.
It could also share money-saving tips or financial planning advice, offer details about a new credit card, or allow users to locate their nearest branch or ATM.
5. Attract new customers:
Website visitors can be greeted, invited to ask questions, and pointed in the right direction where they can find appropriate information, this engagement is more likely to result in a new account opening.
6. 24/7 support:
Customers no longer have to visit a branch, make a phone call, or wait for business hours for routine questions and tasks. Chatbots are available to provide the same level of helpful, personalized customer service at any time, on-demand.
7. Provide suggestions and get feedback:
Using a chatbot it is easy for banks to provide investment options based on the bank balance and risk profiles, provide market-related news and give other helpful suggestions or recommendations.
Bots also make it easy to gather feedback from users which can be used to improve the service.
8. Speedy authentication:
Customers no longer want to enter multiple options on an interactive voice response (IVR) system to get in touch with a bank representative. Chatbots allow customers to find information easily and complete transactions quickly.
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You can always bank on a bot for success!
With chatbots, banks and financial institutions have the opportunity to provide their customers with a differentiated and engaging experience.
Dive into the field of conversational banking with Reson8! Request a demo to know more.
