How AI in Banking Is Improving Customer Experience

Banking chatbots have seen technological advancements that redefine how people interact with banks. We investigate how AI In Banking improves customer experience.

People worldwide are talking to banking chatbots. Some of the world’s top banks are even taking notice and are integrating live chat into their websites and using WhatsApp bots to interact with customers and engage them further.

Soon enough, others will follow.

Banking is one industry that relies heavily on safe and secure technology to avoid fraud, while simultaneously creating an enjoyable 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 digitization gaining steam and increased online service demands, there has never been more need for online assistance services.

AI has proved invaluable in the banking sector for numerous reasons, such as providing customers access to services on weekends or after hours. AI technology has seen remarkable advances, revolutionizing industries like banking.

Research estimates that banking systems will automate approximately 90% of customer interactions by 2022. This indicates that AI In Banking has received positive customer responses and that demand is expected to increase.
Conversational AI chatbots can assist banks in improving customer-to-customer communications more effectively.

AI has the power to enhance customer experiences in banking institutions.

Banks represent an enormous industry. Numerous services are available, ranging from account maintenance to insurance and loan management. Similarly, the potential use cases for AI 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. Customers looking for answers about opening an account, applying for loans, investing money, or simply checking their account balance can use banking websites’ chatbots for instantaneous replies to any inquiries they have about any aspect of banking services. 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).

AI-powered chatbots can answer up to 80% of inquiries automatically. Their machine learning (ML) algorithms ensure that every time someone asks an additional question, AI improves and can provide even better service next time around. 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. AI In Banking can assist with this. As soon as customers visit your website, banking chatbots can greet them and offer them all of the relevant information or direct them in the right direction. Chatbots help banks offer tailored and specialized strategies due to their ease of use and superior 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.

Timely notifications

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 channels. Customers trust the bank more when they receive proactive communication. Small gestures like this can help your bank’s image with customers.

AI 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.

AI 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.