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Benefits, Use Cases & Key Features (2020)

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Artificial Solutions

The Banking, Financial Services and Insurance (BFSI) sector is ever-changing. The growth of Fintech, the generational change in clientele, and high earning in the first season of 2020 has accelerated the use of new digital technologies and increased the need to explore new ways of communication.

Here’s a look at how banks are re-imagining customer journeys to enhance customer engagement.

Banks already have mobile apps and their usage is still steadily increasing. But these apps are limited in several ways. Frequently, the apps can only be accessed on one or two channels, however, customers have no been able to continue conversations across channels — such as switching from mobile to a smart home hub.

Mobile apps often provide limited functionality, making the user access the website, or worse — phone the call center, to complete certain processes. Add into the equation complex menus systems, hard to find information, and a lack of personal financial advice and it’s obvious that a change needs to be made.

Chatbots not only allow customers to manage requests in a faster and more efficient way, but they also act as a listening channel from which we can better understand our customers.

With each conversation we learn a little more about our customers, about their likes, dislikes, plans for the near future, or changes in circumstances. All this information allows us to deliver a personalized service, like suggesting products or services that best suit their situation.

Improving the efficiency of customer service, minimizing human error and resolving customer queries quicker, has a major impact on operational costs. In fact, according to a Juniper study, the use of chatbots will save banks up to $7.3 billion worldwide by 2023. This represents a time saving of 862 million hours, or almost half a million years of work.

This type of deployment is crucial for financial companies to carry out their digital transformation and thus be able to compete with giants of their industry.

With all the data collected in previous conversations, an AI chatbot can proactively suggest offers and services tailored to each user.

For example, with current banking apps, if a customer regularly moves money from their current account to their savings account, the bank only sees a transaction, there is no understanding of the customer’s requirements.

However, a simple conversational prompt such as “Saving for something nice?” from an intelligent virtual assistant can turn that transaction into a mortgage inquiry, holiday insurance or car loan.

These lacking chatbots don’t instill the confidence a customer requires from their bank, and consequently, despite preferring to use a chatbot to carry out a variety of transactions, the customer still ends up speaking to a live agent.

The ideal virtual assistant should act as a financial adviser and not an FAQ chatbot. This means above all that the chatbot should know your customers, be an expert on your products and services, learn from real data and interact with users intelligently, just as a human would.

A banking chatbot should have the following characteristics:

Chatbots can have a positive impact on customer loyalty and brand engagement, while helping to increase revenues and drive down costs. But only if they deliver the experience customers want. Choosing the right development platform that provides the conversational intelligence, scalability and control that banks need is crucial to its success.

Want to know more about Conversational AI in Financial Services? Register for our upcoming webinar.



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