How Chatbot Services Can Improve Your Banking & Finance Operations
Without a doubt - the banking and financial services industry is becoming more self-service oriented, by introducing automation in its customer service to meet the demands of tech-savvy digital customers. Majority of the banking & finance software development companies have stated that banks - no matter small or big - are ready to implement artificial intelligence-powered solutions like chatbots, virtual assistants, etc. for conversational banking. Conversational banking simply refers to the interaction between a bank and its customer via text, voice or visual interface. It adds an extra touch of personalization in customer interactions made by a bank.
In conversational banking strategy, Artificial Intelligence is playing an important role today for financial institutions. Through the usage of powerful chatbot solutions and virtual assistants, banks can serve their customers better without spending too much money, time, and manpower.
Let’s now have a detailed idea about how AI-powered virtual assistants like chatbots can help you improve your banking and financial operations. But before we move on, here is a quick brief about why you should use chatbots in the financial services sector:
WHY USE CHATBOTS IN BANKING & FINANCE SECTOR?
A chatbot is nothing but a computer software program that simulates human conversations and performs repetitive tasks much faster than humans. Your banking chatbot can be a simple one with pre-scripted rules or it can be advanced, AI-powered contextual bot.
A simple banking chatbot can perform tasks like showing your account balance, fetching monthly statements, and so on easily. Whereas, an AI-based banking bot is a more complex one. It is purely conversational bot which requires a lot of data to learn and respond to user banking queries in a “human-like” manner.
Introduction of chatbots can bring a huge transformation in customer experience for banks. Meeting customer expectations and keeping up pace with changing technology is also possible for banks by using smart bot solutions.
By availing chatbot development services, you can simply build a bot solution, who maintains personal, one-to-one interactions with bank’s customers. This will help you simplify the overall banking experience for your customers.
Using chatbots, you can also automate repetitive tasks related to customer service, which are time-consuming and affect the performance of your bank’s customer support team.
HOW A CHATBOT CAN IMPROVE YOUR BANKING & FINANCE OPERATIONS
Banks are already using chatbots for multiple purposes. Whenever there is a need for a personalized conversation with customers, a chatbot can stand in for banks.
Here are a few ways you can use chatbots for your baking and finance activities:
Deliver Automated, Personalized Customer Support To Customers 24/7
For routine banking tasks or activities, customers today no longer want to visit a branch, stand in a queue or wait for business hours. Chatbots can offer the same level of help and personalized customer service to bank customers every time, on-demand.
You can hire chatbot development services to build a smart bot solution that helps your bank customers by delivering accurate information related to your banking product, services or branch locations. Offering 24/7 instant support, money-saving tips, guides, FAQ, new product offers, etc. is also possible through a banking bot.
Gather Useful Insights about Customers to Perform Effective Segmentation
As a banking & financial services provider firm, you can learn more about your customers by enabling your bot to apply certain tags, called user attributes to customers based on their actions or responses. In this way, your chatbot can work as a mini-CRM tool, helping you classify customers and do retargeting in future based on it. For example, sending credit card offers to all those customers in future who enquired about the same during earlier bot interaction.
Improve Lead Generation Efforts
Chatbots can act as an additional channel for lead generation for your banking products. For example, for a user who is looking to open a savings account with a good interest rate, a chatbot can provide initial details and collect his contact information. Further, these contact details can be used by your sales team to serve that client.
Receive Customer Feedback Seamlessly
Chatbot solutions also make it easy for you to gather feedback from customers about your banking services. As customers find it cumbersome to fill feedback forms sent via email, you can use chatbots to organize interactive quizzes in conversational format that help you gather customer feedback.
Deliver Critical Banking Information to Customer Faster
Chatbots can be useful in delivering important information related to banking services to customers. For example, you can customize your chatbot to provide information to customers about your bank branch and ATM location, how to open a new account, credit card application procedures and so on.
Manage Back-Office Tasks Easily
Another interesting area where you can use chatbot solutions includes back-office tasks. Here is an example - JP Morgan Chase’s COIN is a powerful AI-based bot that helps its back-office staff members analyze complex commercial loan documents faster. It is accurate and faster than most human employers.
Improve Internal Support & Training Efforts
Chatbots can also be used in your banking firm to handle internal documentation, IT support and training activities. How? Using chatbots, you can onboard new customer support executives, and provide initial training & support to them.
HOW TO BUILD A CHATBOT FOR BANKS AND FINANCIAL INSTITUTIONS?
There are two popular options that you can choose to build a banking chatbot solution for your business. Below are the details:
Use a Chatbot Builder/Development Platform
The first option includes building a bot from scratch on your own, taking assistance from a chatbot builder or Do-it-Yourself (DIY) platform. Generally, this option is recommended when you are looking to build a simple bot solution that solves the basic banking queries with a predefined set of answers. For example, a simple Q&A chatbot, quiz-based bot and so on.
Some of the popular chat development platforms that you can use for building a banking bot solution include Chatfuel, Botsify, Motion.ai, Botkit, Mobile Monkey and so on.
Hire a Professional Chatbot Development Company
This option is highly recommended if you are looking to build a banking bot solution. Why? This is because banking customers today don’t want simple ask & answer conversation from bots. The tech-savvy bank audiences want their virtual agents or chatbots to understand them, anticipate their product needs and do more than just providing basic information. Hence to build such an advanced bot solution with custom functionalities, you should hire an expert chatbot solution provider company.
Keep These Basic Elements In Mind When Building A Banking Chatbot:
Identify the Chabot Channels: Chatbots can be deployed on multiple platforms. The obvious ones are your banking apps and websites. These are the places where your customers make most transactions. Other options include instant messaging apps like Facebook, Twitter or Whatsapp. Choose customer support channels that you use most. Also, consider the audience behaviour and your use-case before choosing a deployment platform.
Create a Fun, Engaging and Conversational UI: When you create a banking chatbot interface, keep it similar to that of messaging apps, often called conversational UI. As people are more familiar to use these messaging apps (e.g. WhatsApp, Messenger, Slack, etc.), creating similar UI for your bot will not make it look alien and provide an instant connection with users. Also, don’t forget to use buttons, lists, cards, and carousels for rich messaging. Rich messaging makes handling basic user queries simple, with just a click of a button.
Train Your Chatbot for Improved NLP Capabilities: Though all the chatbots do not necessarily require natural language processing (NLP) but to improve overall customer experience and keep conversations human-like, NLP is a must. Hence, you must train your banking chatbot with relevant data, For relevant training data for your chatbot, you must have a solid knowledge base.
Prefer Hybrid Bot Solution For Complex User Queries: Delivering a great, personalized customer experience is all that you want when you deploy a banking chatbot solution. But, remember, your banking chatbot can’t handle all complex customer queries until they have highly advanced capabilities similar to that of Siri, Alexa, etc. This is where chatbot to human handoff becomes vital. You must transfer the chatbot conversation to human agents on the basis of triggers which reflect that your bot won’t be able to handle a particular banking query made by a user.
Ready to Win a Bot for Your Banking Business..!!
It’s the right time, you explore the revolutionary chatbot technology. Take your banking or finance business to the next level by building a smart solution, Get assistance from expert chatbot developers at A3logics. We are a leading IT consulting and mobile app development company who can serve as a reliable development & consulting partner to help you build an enterprise-grade chatbot solution for your business.
Contact us to know more about chatbot development services.