Chatbots in the Banking Industry
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Chatbots are everywhere. One of the most recognized benefits of chatbots is that they are worthy investments that can help companies save millions in the long run. For now, experts say that by the year 2022 chatbots would be widely prevalent and they would help companies worldwide save more than $8 billion annually. This can be equated to a great deal of savings for each interaction that happens between the enterprise and the end user or customer. Chatbots in finance industry has a strong position in near future.
The introduction of internet banking, digitization of payments and lot of other technological changes brought a lot of impact on conventional banking. This even resulted in a lot of small banks shutting down. But those that tapped the potential of technology have now taken a leap and have achieved great heights in the recent years.
Better interaction with the customers:
Use of chatbots in banking has made customer service better by being available whenever the customer wants and by connecting with them and answering their queries instantaneously. In another 3-4 years at least 85% of the interaction between businesses and customers would mostly happen through chatbots. The banking industry is a major part of this group of businesses that would benefit by adding artificial intelligence in banking industry.
In the banking sector, customer service is one of the main aspects. There are customers who call up the customer care to open their first account. There are those that are looking for further details and information regarding the various products and services. There are those that are looking for specific information pertaining to their account, like the transaction details. The customer care team would thus have to take several calls each day and answer various types of questions. There are some common issues we usually face with customer care team of the bank or any business for that matter. The first is the long wait time for the call to get through to an executive. The second is the difficulty in the authentication. Then comes the issue of the customer service personnel not being able to understand your actual query or not being able to provide the relevant answer. All these can simply be avoided by use of chatbots in banking as the first line of communication. Here is a scenario of how things would happen if a bank had a chatbot for customer service.
The customer can simply connect with the chatbot. If it is a new customer, keying in some basic contact information would be sufficient. For the existing customers, the customer can start the chatbot directly from his account. Then he could simply provide the authentication information and proceed to post his query. In a matter of seconds, he would be given the answer. He can then ask for further information if the provided response is not clear. He would be furnished all the information he needs. Once he has really got what he wanted, the chatbot session can be terminated. All data gathered during the conversation would also be updated in the customer’s database to make it easy for future interactions.
All this can happen within the time it would take for the call to get connected to a customer care personnel.
Personalizing the experience:
Have you been annoyed by calls from customer care teams of banks calling you for credit cards, loans and more? Banks indeed have to try to let customers know about products. But it is essential to do it the right way for a business to actually happen. Businesses all over are striving to gather customer information to make more relevant campaigns. But in the case of the banks, it is the other way round. The banks have all the information that would be required to offer the most personalized experience. But banks are those businesses that make the least use of this information. Chatbots would make things better here. These would be backed up by superior data analytics algorithms. Depending on the account you hold, depending on the places you actually spend your money, your income and expenditure patterns, chatbots can automatically send notifications to let you know about suitable products and services that can make your banking experience better. For the customers, this would make the shopping experience more rewarding. The “compulsive buying” would, in turn, be beneficial for the banks.
Feed the customer relevant information:
Have you noticed that most of the calls that you make to the bank’s customer care team might be regarding queries and doubts that can be solved with a little research? You need details about your account or a new product, the bank would surely have uploaded the information already on their website. There is an overflow of information. This makes it difficult for customers to actually find what they want from the lot. Chatbots can make this easy by picking out and streamlining only the relevant information from the whole database.
Fraud reporting made easy:
One other important place where use of chatbots and automated responses come in handy is for fraud reporting or reporting of lost/stolen card. Chatbots would always be live. When there is a suspicious transaction happening, the customer can at once be intimated of the details of the transaction. When the customer notices that it is a transaction that he did not make, he can simply respond to the chatbot and proceed to block the card and take the subsequent actions required. The same also applies to reporting lost/stolen card. Calling up the customer care and going through the long process would be a pain especially in such times of crisis. You can simply initiate communication with a chatbot and instantaneously report loss or card and block it too. If the card was blocked by mistake, unblocking is also made simple and super-fast.
One main advantage with chatbots is that banks would be able to provide unbiased consistent service. The customer service team is, in fact, the major communication link between the bank and the customer. Chatbots would not have the issues of communication barrier that some might face especially with customer service reps who speak a different language. Banks would not have to plan for alternatives and backup teams for holidays. On the whole, chatbots would turn out to be the most worthy investment for banks and it can help the bank save a great deal in the long run.
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