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How chatbots add value in the financial industry | by Mahmudur Rahman | Jul, 2020


In the world of technology, the first big leap was reached, and it was bringing the web to the mobile. Now the next one should take place, bringing the mobile to the conversation. At this stage, it can be stated that the first generation of chatbots in the financial industry has not yet convinced the majority of customers. However, the better the technology becomes, the more banks provide a wide range of roles and functionalities for these virtual assistants. The simple question and answer programs available today will transform themselves into intelligent conversational partners who can help customers to manage their financial businesses. Accordingly, financial institutions expect that more and more customers are managing their financial businesses by using chat services such as Facebook Messenger and WhatsApp.

Number of chatbots and websites

The development of sophisticated chatbots and their widespread acceptance by the consumers could take several more years. As soon as it happens, however, the idea of managing finances without a bot will be like trying to imagine life without a smartphone. Most of the FinTech start-ups are already one step ahead and it is time to catch up for traditional financial institutions. Bot and artificial intelligence (AI) technology provide finance services the tools they need to improve the customer experience, streamline the compliance process and lower costs.

Improvement of customer experience

These days, organizations have a lot of opportunities to meet and interact with their customers. There are sufficient communication channels such as Facebook Messenger, e-mail newsletter, SMS and mobile apps that companies can use to engage with their customers or promote their products and services. The most important aspect to consider is how to use these various communication channels to ensure that businesses get more value out of each one. On the one hand, it is difficult to manage the entire process, even more for financial institutions as their structures are more complicated. On the other hand, customers are more and more looking for exceptional services from their banks and also want a highly personalized experience where banks are able to remember their preferences, monitor their expenditures and advise on savings.

Customer satisfaction from one platform approach

Organizations can simplify the process by using bots while they are not required to develop or modify their services for each communication channel. Besides, they have the ability to gather information about the audience that helps financial institutions create a personalized customer experience. Furthermore, in general, customer service agents can only support one person at a time whereby chatbots can support thousands of customers at the same time. Thus, agents can devote themselves to more complex tasks. On the whole, these bots can provide excellent services and experience to customers, resulting in higher customer satisfaction and revenue growth and this 24/7.

Revenue opportunities & lower service costs

Not only the existing processes are optimized, but new business ways are also being opened up that increase the opportunity for revenue growth. A business can receive significant web traffic due to online advertising expenditures. However, it may not be converted into tangible sales. Nonetheless, by implementing a chatbot, a customer gets prompted when browsing something specific, even if the user has no intention to buy. It is not only the advertisement but also the virtual consultation regarding offered products and services that add value for customers. All this, around the clock one can offer at no additional cost. At this stage, it can be stated that this marketing and sales strategy can increase the revenue and at the same time lower the service cost.

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