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conversational-ai-holds-the-key-for-secured-banking-services

The evolution in banking technology has been a vital part of industrial growth. Financial services are essential for almost everybody from a normal person to a big industrialist. Offering services and immediate assistance is crucial for financial institutions. On top of it, the services should be convenient enough to continue with them. Resolving the inquiries, alerting false transactions, and the ability to lock stolen credit cards is an added advantage. Responding to the demands of the customers instantly and making the transaction without standing in line or waiting for their turns are amazing parts of the digital era. The list of transactions that can be performed with bots and the number of inquiries they resolve every day makes it more appropriate for the busy banking industry.

Conversational AI in Banking

Apart from handling customer care, a Bank bot can deliver several more benefits to the banking sector. It provides metrics on the number of transactions executed, customer profiling, pull data instantly, dashboards and charts for quick updates and many more. New joiners can refer the bots and follow the basic procedures which save time and effort for the staff in training and adapting to the regulations of the financial services.

Paperless banking and digital transactions are the buzz words which the whole world is adapting to. NLP and ML has made the system more powerful by offering intelligence and resolving millions of queries simultaneously.

Every big bank around the world is already relying on AI Chatbot and other virtual agents to reach customers. Customers also prefer online banking at their convenience compared to booking an appointment with the banking staffs to perform the same.

Capital One 360 offers 100 percent online banking and their physicals banks are used very rarely by the customers. Capital One has Eno and Skill that helps customers to know their recent transactions, account balance, pay credit card bills, and also the breakdown of their expenses. Bank of America has Erica, the voice assistant that can perform all the transactions over conversations. JP Morgan Chase bank has a bot called COIN for analyzing their legal contracts. MasterCard bot, AmEx of American Express, Barclays Africa Chatbot, Digibank by DBS Singapore, Luvo from Royal Bank of Scotland, and more.

Herbie – The Advanced and Matured Conversational AI

Conversational AI like Herbie is in huge demand for their versatility and their language proficiency. They can communicate to customers all over the world in their own language (supports 132+ languages) and establish connect with friendliness and ease of usability.

There has been an incremental usage of digital technology to offer better customer experiences than ever before.

The pandemic had pushed a deluge of calls to customer care which can be routed efficiently with bots. The bots can improve customer experience by offering support on real-time transactions and timely resolution of queries.

We can gain deep insights in less time with the Herbie chatbot for banking. It can help you find the top products among your customers, understand KPI and the factors contributing to them, can predict or forecast the needs of the customers based on their inquiries and market demands.

Customer experience is the key to thrive in this digital era.

AI has evolved from a mere translation engine into an all-knowing intelligent system.

Banking and Financial Institutions can be greatly benefitted from conversational AI like Herbie.

24/7 Customer Assistance

Conversational AI like Herbie can offer assistance 24/7 to customers around the world at their convenience. Herbie can communicate in 132+ languages and can be integrated into 12+ social channels. Herbie is a rich combination of AI, ML and RPA. Natural Language Processing and Artificial Intelligence are dedicated not only to addressing queries but also to understand the market requirements and needs of the customers through every interaction. Herbie continuously learns from every interaction.

Bots can be trained to offer better answers to your customers.

If the Customers makes an inquiry “I want to add my Spouse to the account”

The bot understands the intent and takes the customer to the appropriate call for action.

It can also direct the customers to the subsequent action items to be taken.

Pre-Qualify Customers

The prospects can be filtered with the right questions through bots. For example

Who they are?

A company or an individual

What are they looking for?

Loan or apply for a credit card

What do they know about the product/ service they are looking for?

Loan eligibility, interest rates, etc.

Do they need any help?

Want to meet the manager or staff

These questions will help separate a mere visitor and the potential prospect. If they ask for help bot will link them to the staff otherwise the visitors will browse the information and staff time will not be wasted.

End-to-End Transaction support

Ranging from simple transactions in retail banking to very complex corporate funding Herbie can support end-to-end transactions with its intelligent and robust competencies. Instant sharing of precise information will help the customers in making informed decisions in their business. Herbie can perform 130+ services for the retail banking sector through conversation.

Increase website Engagement

Banking Chatbot like Herbie increases the user interaction by engaging in conversation with the visitors and directing them based on their intents to call for action. With a couple of relevant questions from the customers, Herbie can suggest suitable products based on the customer persona and can also schedule an appointment with the bankers.

Customer profiling and segmentation

Herbie offers meaningful insights with dashboards and reports that help businesses to identify the characteristics and patterns in customer behavior. Cross-sell and upsell of products can be done to the targeted customers based on the segment of the customers.

Conversation AI – Enhances Customer Experience and offers support to improve the internal processes.

Consistent connectivity, the intervention of technologies like smart devices, acceleration in the usage of Social media like Facebook, Twitter, and Instagram, and recent events like pandemic and norms like social distancing has reshaped the expectations and behavior of the customers, and business stakeholders.

Every industry is undergoing a churn and is involved actively in the digitization of process, and cater to the needs of the Customer to enhance their experience.

Conversational AI bots are here to stay and engage in more customer-driven operations that not only add revenue to business but will save more time and effort to be spent on building personalized customer experiences.

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