How We Can Revolutionize the Banking Industry with Chatbots?

In the last few years, the banking sector has been going through a rough patch. However, to get its operations back on track effective banking solutions are required which provide flawless accessibility and customer service. 

The banking industry faces one major challenge and that is user experience. Banks struggle to engage with customers or provide them with a good digital experience. 

A Chatbot that can help banks, increase these boundaries, navigate the users as per their needs, help them get clarity of products and services. Thus, a chatbot becomes a clear need of time!

Why we use Chatbot in Banking Automation?

Millions of customers come with billions of queries to find solutions, but do you know that only 20% of their queries or problems related to finances are deeply unique, while the rest 80% of these are frequent and general inquiry and the bot can easily handle these frequent queries and unique problems simultaneously. 

Since each conversation is a new business opportunity. Chatbot or virtual assistant will help banks create an attractive and interactive environment by providing uninterrupted service through the name.

Characteristics of Chatbot 

• ChatBot can help customers with basic to higher information such as account balance and other consultations immediately.
• ChatBot can help the customer service staff that deals with the frequently asked questions and help them improve the client’s centric approach from a broader perspective. 
• ChatBots will encourage your customers by giving them the power of choosing appropriate things they’ll meet their requirements last but not least.
• A ChatBot is customizable and driven by predictive analytics artificial intelligence and natural facts.
• A ChatBot can act as your personal financial adviser with its access to all the data points to its ability to draw patterns with the transactional behavior and other banking processes that have undergone across each account. that can give clarity to the customers and help them make a better decision.

Which type of Services Chatbot provides in the Banking Industry

• My Account queries
• Update Account Info
• Service/Product Request
• EMI Calculator
• Funds and Payees
• Alerts and Offers
• Customer Support
• Easy Credit Card Process
• Easy Loans Process 

 

Use case of Bots in Banking

A virtual assistant chatbot can take commands via type and voice command and perform functions such as scheduling payment and exploring recent transactions within their app.

The Integration of Chatbots helps Banks to:

• Facilitate two-way communication by replacing channels such as phone, text, email, etc.
• Offer quick transactional and customer support
• Provide employee assistance
• Measure customer satisfaction
• Guide on financial matters
• Streamline routine back-office tasks
• Offer personalized marketing strategy

To serve their tech-savvy consumers more banks are leveraging AI Chatbot Solutions. Thus, improve their digital banking experience.

According to the study, by 2021, chatbots will be handling around 85% of the customer service interactions without any human support that saves billions of dollars. 

Chatbots can improve Customer Experience in Banking in many ways:

1. Personalized Banking Experience: Chatbots can effectively provide account statements. Chatbots can also help provide information related to the latest banking schemes, KYC, and resolve queries quickly.
2. Ease of use: Chatbot is a platform developed to understand, learn, and talk like a human being that provides conversation experiences similar to those of humans, and efficiency greatly contributes to improving the customer experience.
3. Automate Banking Process: Chatbot can help the automotive industry in many ways, for the process, for the customers.
4. Simplified Workforce: In a robotic workforce that offers cost-effective and accurate process execution within seconds
5. Fraud Prevention: Chatbots identifies the context in the text and works over accurately replicating human intelligence, preventing and detecting fraud.
6. 24*7 support: Access bank records policy documents or certificates at any time anywhere.

Time is valuable. For that reason, Bot is the foremost demanding feature, therefore, every industry requires, and especially in the banking sector, it has various advantages. These Chatbots can play a crucial role in assisting humans to handle customer queries

As an experienced player in the Bot industry, Aryavrat can help you to understand the process and provide unique and customizable solutions that fulfill all your needs. For more info. sales@aryausa.com