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Transforming Banking Services through Chatbots

[“Many thought the ATM would replace banks and tellers, but it simply created a new channel. That’s what chatbots will deliver for the brands- a new communication channel.”] – Rob Harles. With a sudden increase in the consumer’s expectations, there’s a rapid rise in the innovative technologies like chatbot’s, Artificial Intelligence and Machine learning which is making our day to day life quite easier and simpler. I’m sure you all are thinking how? With the integration of chatbot’s in various sectors especially in the banking and financial sector gives a cutting edge to the customers who are availing the banking services. With the incorporation of chatbots it aids the banks in many ways.

Chatbots are customizable and they can be easily driven through artificial intelligence and natural facts. They encourage the customers by giving them a wide array of options to choose as per their requirements.

Let’s quickly take a look at each one of them below in detail.

  • Offers quick transactional and responsive 24/7 customer support
  • Facilitates a two-way communication by replacing other channels like calls, text and emails.
  • Helps the customer with a wide array of financial information when the person glances through the website of the bank.  
  • Assists and offers a personalized marketing strategy
  • Provides assistance to all the bank employees from future frauds and scams taking place in the bank.
  • All the back-office tasks are managed, streamlined and carried out efficiently and smoothly.
  • Measures and tracks customer’s behaviour on a particular website.
  • Handles all customer interactions without any human’s support thereby providing the customer with self-service.
  • Provides the customer with an extensive feedback.
  • Gives guidance on financial related matters.

A Recent research has shown that the coming decade will be taken over by the chatbots. Most of the work in varied sectors will be handled and taken care by the chatbots. It’s indeed surprising right??

Banking Personnel can derive enormous opportunities within the banking sector through chatbots. They drive sales and offer services that go beyond the business working hours. Some of the few typical scenarios that are handled by the chatbots in the present banking arena are discussed as below:

  • Account Related Queries
  • Updating Account Related Information
  • Request for a particular Product or Service
  • Calculating the exact EMI amount
  • Sending timely alerts, weekend and festive offers
  • Easy Processing of Loans and Credit Cards
  • Impeccable Customer Support
  • Funds and Payees

To improve the banks digital banking experience and to serve their tech-savvy customers, lot of banks are leveraging these days with AI Chatbot Solutions. And some of the underlying reasons for the same are as follows :-

  • Chatbots are customizable and they can be easily driven through artificial intelligence and natural facts.
  • Chatbots encourage the customers by giving them the right options to choose the things they meet as per the requirements.
  • They assist the customer service staff in handling the frequently asked questions by the customers tactfully and also thereby improving the client’s centric approach from a wider perspective.
  • From basic to advance banks always require new and most secured software solutions, authentications and some technical assistance to the bank employees. In this scenario, chatbots play a vital role by providing assistance to the bank employees in their daily tasks pertaining to IT support and consultations.
  • HR department of a large organization is usually busy pouring with lot of questions from the employees of every department. A chatbot in the HR department of the organization turns out to be beneficial to answer all the questions without bothering the HR executives and managers.

Any plans of fixing up a chatbot that would reduce the workload of your organisation?? Saino First an AI-based Global SMS, Voice and Email Platform is here to fulfil all your requirements whether they are promotional or transactional in nature. You can send festive offers, alert messages, transaction alerts, weekend offers etc. through SMS, Voice and Email to all your esteemed clients. Would like to know more?? Browse for further information.

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