Banking chatbots have seen technological advancements that redefine how people interact with banks. We investigate how banking chatbots improve customer experience.
People worldwide are warming up to the idea of banking chatbots. Similarly, some of the world’s most prominent banks are integrating live chats into their websites and utilizing WhatsApp chatbots to engage with customers.
It’s only a matter of time before others do the same.
Banking is one industry that requires safe and secure technology to avoid fraud and mishaps while also providing a positive customer experience. Banking chatbots can assist with both.
Every day, thousands of financial transactions occur in the banking industry, necessitating monitoring and assistance to avoid errors. And, because this industry has direct contact with customers, the need to improve the customer experience is relatively high. With the rise of digitization and the increased demand for online services, there is a greater need for online assistance.
This is where chatbots come into play and serve in the banking industry. For example, AI chatbots in banking enable customers to access banking services even on holidays or after hours.
Chatbots have seen technological advancements that are changing the landscape of most industries, including the banking sector.
According to research, the banking system will automate approximately 90% of its customer interactions by 2022. It indicates that banking chatbots have received a positive customer response and that demand is expected to increase.
Conversational AI chatbots can assist banks in developing a smooth communication flow with customers.
Chatbots have the potential to improve customer experiences in banking
When it comes to the banking industry, it is truly vast. Numerous services are available, ranging from account maintenance to insurance and loan management. Similarly, the potential use cases for chatbots in banking are extensive.
Below, we discuss some of the most prominent applications that are leading to improved customer experience:
Easy to use FAQ
A customer might have several banking-related questions. The inquiry could be about opening a new account, applying for a loan, investing money, or simply checking their account balance.
Customers can get instant answers to their questions by using a chatbot on banking websites. Even if they need to follow up on their question, the chatbot can provide an update rather than being transferred to a new agent (the customer will have to repeat their query).
A clever AI-powered chatbot can automate up to 80% of queries. The ML algorithms are designed so that each time a customer asks a new question; the AI learns to provide a better service the next time. This also enhances the self-service experience.
Relevant information and increased conversions
A bank (or any other business) must acquire new customers to remain profitable. Banking chatbots can assist with this. When a customer visits your website, the banking chatbot can greet them and provide them with the necessary information or point them in the right direction.
Chatbots assist banks in offering customized and personalized strategies due to their ease of use and better presentation of options. This makes a favorable impression on the customer.
Banking chatbots can profile users by asking relevant questions. You can use this information to qualify leads, send targeted messages, and increase conversions.
People are incredibly cautious when it comes to money. They expect to receive instant notifications for all of their transactions. And, if they’ve set a budget, they’d like to be notified when it’s reached.
AI chatbots can provide this information to customers via their preferred communication channel. Customers trust the bank more when they receive proactive communication. Small gestures like this can help your bank’s image with customers.
Chatbots in banking: a new customer experience
To summarise, banks today serve a diverse range of customers, the majority of whom are millennials who prefer a tech-savvy approach.
Chatbots in banking offers customers a customized and personalized digital environment for faster and easier use. After all, chatbots analyze customer banking habits to make the best recommendations to meet the customer’s needs as efficiently as possible.
Chatbots are widely used across industries, particularly in banking. Customers are looking for banks that provide a positive experience, especially given the increasing competition. Now is the time for banks to think of new ways to keep their customers.
Surepass.io has collaborated with numerous banks and financial institutions on various use cases to improve the working process. Call us if you want to know what you can automate for your business and how to ensure a delightful customer experience.