The new way of banking is powered by the next-gen AI chatbots that can help customers with day to day banking operations, without any need of human assistance.
Conversational banking at easiest can be explained as interacting with chatbots to check your account balance, transfer fund, open a new account, and managing your finances through text or voice-based interactions. The demand for such mode of communication for banks is at its peak as right now many countries are facing lockdown because of Coronavirus pandemic. Due to which the functioning of uninterrupted banking services has emerged as the need of the hour.
The adoption of AI can empower your customers to get the most out of digital banking channels. So, when you mix automation with conversational chatbots, it yields a seamless personalized experience to your banking customers that’s unique in every sense. Banking chatbot can serve as a key player in streaming services while enhancing efficiency.
Mobile Banking With Conversational Service Automation
A chatbot can decode the intent of customers by asking them about the issue in brief. After obtaining the correct information, it can route the conversational flow as per the specific needs of users.
Introduced in 2012, mobile banking services are evolving at a great pace. Now, in 2020, with AI blending in and remodeling the way banks provide customer support and wealth management. A conversational chatbot can stay available round the clock to attend thousands of queries at the same time. Hence providing banks to tackle mundane tasks with ease.
Conversational service automation can prove to be a big step towards customer-first business. It can also help customer support agents to focus on the complex queries that needed to be heard. This way, banks can secure customers that are important for business while also improving the customer experience.
Customer support is the backbone of banking services
The business model of banks revolves around customers. So, it gets essential to stay available for them when they face an issue with a transaction, fund transfer, financial services, etc. However, most of the banks today rely on traditional IVR support system to assist their customers with the same. The problem with this mode of communication arises when a customer calls a bank for support and gets stuck in a loop. This irritates them and also degrades the CSAT scores and credibility of banks. As a result, banks suffer huge losses.
It can be changed with an AI chatbot that offers conversational service automation. By deploying a chatbot on your website, you can connect with customers on-the-go and attend their queries without letting them wait. A chatbot can ask specific questions to understand the issue and provide your customers with a relevant solution at hand. And, unlike the IVR system, it can remember the returning users and begin the conversation accordingly. AI chatbots can also help customers with resolving issues in the shortest time, that too without letting them feel they are interacting with a machine.
Amplify internal communication b/w customer support teams
Most of the time, due to the lack of synergy between various departments of customer support at banks. Customers have to tell the same issue to different agents whenever they reconnect to get an update about resolution. This frustrates them and also risk banks to lose valuable customers. By adopting chatbots as they face of customer support, financial institutions like banks can optimize the working of support services. A chatbot can educate live chat agents about the concern of individual customers in detail. Hence making it easy for agents to start the conversation without wasting time asking the issue again and again.
Automate Mundane Tasks With A Chatbot
Conversational Service Automation via AI chatbots can be a great help in automating the ordinary tasks. For instance, in case of simple queries that don’t require human assistance, AI can take the call with high efficiency.
Self-service is termed as the most essential in the field of customer support.
This model, when placed in action, can livelier the self-service domain of customer support. By empowering your banking customers with chatbot based self-service, you can enable them to find the solution to their problem in real-time. However, in any case, when a chatbot fails to assist them with a relevant solution, then it can hand-off the issue to a human agent. Moreover, when there is no agent available to attend the queries of customers, then chatbot can allow them to raise a ticket for the agent's perusal.
Offer customers financial support right at their fingertips
Banks as the prime player in the financial services provider need to assure their customers with the best tips for investment, loan services, credit score, EMI services, etc. A chatbot can be a perfect tool to handle such financial services. It can attend your customers, understand their requirements and suggest the best tips as per their specific needs.
Empower digital banking channels with the power of AI-driven tech
Irrespective of the channel that banks use, such as website, email, SMS, Whatsapp, etc. to offer and promote services, a chatbot can present customers with an omnichannel experience. Customers can initiate a seamless conversation with chatbot directly via email and follow up about the same when they visit the website and interact with the chatbot. All this comes to reality with the automation services that capture each customer interaction in the background.
Moreover, by actively collecting the information about customers, a chatbot can also provide support agents with enough context about the customers whenever they connect with them. This means that with conversational service automation, you can empower contact center agents to solely work on the important queries of customers. Thus, enabling a customer experience that’s beyond expectations.
Get and Route Customer Feedback To The Concerned Department
Without customer satisfaction, no organization can sustain for long in the market. Therefore, in the banking sector, refining existing customer support services can prove to a milestone in improving the CSAT and NPS score altogether.
Customer feedback reveals the truth about the functioning of banking services. That’s why at the end of every conversation, be it via email, call or text, customers are asked to rate their experience. But, with a limited approach, it is not manageable to get specific information about customer feedback. Anyway, when you employ the chatbots to do the same job. They can ask exact questions to the customers as per their provided feedback, which in turn can help banks to get hands-on information that’s relevant as per the feedback of customers. Moreover, the same feedback can also be sent to the concerned department for a quick address of customer queries by providing useful resolution.
The chatbot based feedback module when perceived with a large customer base can present banks with analytical data about the individual experience of the customers. Based on the same, banks can alter existing services accordingly. Thus, boosting the productivity of banks while improving the customer experience. Ultimately, a chatbot can help in achieving a win-win for both banks and their customers.
Connect With Every Customer With Personalized Marketing
Almost in every customer-driven sector, today the key to growth is "personalized customer experience" that resonates with the demands of customers. But, banking is in utmost dire to implement this strategy.
By employing AI-driven conversational service automation platforms, the banking sector can tailor personalized services and upscale customer service experience. The prime benefits that banks can churn from personalization are upselling and cross-selling of services. A chatbot can converse with customers to understand their intent and specific requirements. By matching the available banking services with the needs of customers, a chatbot can personalize the ongoing interaction. It can also recommend relevant services and boost the engagement rate by 55%.
5 Prime Benefits of Conversational Service Automation in Banking Industry
- Easy to set up, deploy, integrate and use on various digital banking channels.
- Stay available 24/7 and during peak hours to answer the repeated queries of customers.
- Collect critical feedback from customers as they get service.
- Push personalized services to end-users as per their interest.
- Enable omnichannel experience for your customers using different channels for interaction.
These are some of the important advantages that a chatbot can offer to bank organizations. Regardless of the type of assistance, be it inbound like information, query resolution, transaction, Or, outbound calls like sales, and KYC verification. You can
Takeaways
Coronavirus pandemic highlights the importance of virtual banking. With major nations serving lockdown, it has become critical to continue the use of financial services. Otherwise, the consequences of jammed financial operations can have adverse effects on the economics of countries.
On the other hand, by enabling banking services via AI chatbots, such organizations can ensure that people don’t have to wait in queues and fill out lengthy forms to access general services. Also, unlike traditional techniques of support services, a chatbot can provide your customers with more convenient, faster, and efficient services 24*7.
These hard times are the best times to rise up to the standards of the future of conversational mobile banking. This way, you can streamline banking services while ensuring their seamless flow to the end-users. To get started with Conversational Service Automation, you can ask our experts your specific queries regarding banking chatbot. Or, you can also register your account and build a chatbot simply by dragging and dropping the cards.
