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Digital Transformation made an impact on almost every industry, as the Organization try to gain a competitive advantage and updates according to customer demands.  Banking Sector has recognized technological advancements like Artificial Intelligent Chatbots and revised to optimize their online and mobile banking models with Customer Interaction channels.  Smart AI-enabled Chatbots assist the customers with their queries, reducing the operational cost, thereby increasing the revenue.

Chatbots in Banking helps to integrate the technology with a human touch to improve customer service.  In this pandemic situation, the deployment of chatbots has increased further.  Banks are consequently updating to meet the needs of customer challenges that help to sustain business regardless of any crisis.

Customers demand queries from their financial institutions and expect personalized and continuous interaction with their queries.  Helps to sacrifice time to resolve their queries. Makes comfortable, not only convenient to banks, also to their customers.

Recent Cornerstone Advisors research conveyed just 4% of mid-size banks and credit unions were using chatbots in 2020.  Within a year, the figure Is tripled to 13%.  With the drastic increase in usage of chatbots, they intended to invest in chatbots.

Why Banking bots are important?

90% of Interactions will be automated by 2022 using chatbots, thereby decreasing the manpower cost in the banking sector.  57% of companies agree that Chatbots results in high ROI with minimum efforts involved.

How do chatbots help banks gain new customers?

Conversational AI in Banking is a useful tool, where the users can clear their queries in any product or service. Banking bots helps to capture leads, where the sales team can follow up and new customers are gained.  Chatbots are available 24*7 to clear their queries and convert them into leads.

Organizations leverage AI to launch Banking chatbot solutions:

  Enhanced Customer Outreach:

Chatbots can be implemented in multiple channels including Web, Mobile, FB Messenger, Whatsapp, SMS etc., which helps to reach widely.

Enhanced Customer Engagement:

Designed for customer queries 24*7 across the channel of their choice.

Increased customer retention:

Customer Queries will be answered instantly and due to live agent support – where the customer retention ratio increases.

Decreased Operational Cost:

All the customer queries are handled via the chatbot itself which leads to an increase in the conversion rate by 12%.

Improved sales:

Restructure the strategies according to the customer needs, whereby an increase in sales.

 

Use Cases of Banking Chatbot:

Banking Chatbots has a variety of Use Cases to leverage and deliver great experiences to prospective customers.

  1. New Customer Acquisition:

In terms of engaging customers, Bots can understand their conversation, decode sentiment and deliver instant replies.  Usually, Bots are used in banks to generate leads and acquires new customers.

How do chatbots help banks gain new customers?

Conversational AI in Banking is a useful tool where users can clear their queries in any product or service. Banking bots helps to capture leads, where the sales team can follow up and new customers are gained.  Chatbots are available 24*7 to clear their queries and convert them into leads.

  1. Automated Support for FAQ:

Customers have a lot of questions before the investment in banks.  Banks offer automated support for common queries and transfers to human-agent when the hard-end queries arise from customers.

  1. Notifications and Reminders:

Banks are using chatbots to send timely reminders and notifications for payments to customers.  Some of the popular reminders are bill payments deadlines, the last days of loan offers.  Banks routinely send updated credit scores, banking news etc.,

  1. Proactive communication with customers:

Chatbots offer great opportunity helps to engage with customers and enhances their experience.  Conversational AI in banking Is deployed within an app or on the website to enlighten the customer experience with a quick answer.

  1. Financial assistance:

Banking Bots provides financial advice to customers and assist them with different aspects of the finance available. Chatbots can be used in different ways and enhances their experiences.

 

Digital transformation of Banking Operations:

Financial Institutions adopts AI-enabled technology, automates call centre operations and marketing campaigns.  Chatbots in Banking improves Omni-Channel customer experience and spreads their reach.  AI Chatbots have transformed personalized banking experience and customer service.  Banks are highly effective by implementing chatbots into their daily operations.  Saves time by answering the customer queries.

Other trends in Banking and AI:

AI-enabled chatbots can be deployed across the financial sector in new and innovative ways.  Integrates the banking chatbots into social networks and instant messaging platforms.  80% of financial institutions believe that chatbots help to better engage with customers.

 

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