As consumers, we’re used to getting whatever we want, whenever we want it:
That’s only going to increase in the future as technology. Even intertwined with our everyday lives. Since this seems to be the way of things, why not capitalize on it?
Banks could certainly benefit from embracing technology by integrating chatbots. There we know everyday service offerings, offering new ways for customers to interact with the bank. Any time ask questions about their finances or make requests with just a few taps or swipes on their mobile phone screen.
Here are five ways chatbots can improve customer experience in banking.
1) Chatbots can help with customer service
Chatbots may seem just like a new, fad technology, but their potential to revolutionize customer service is tremendous. Customers often want quick answers and don’t want to deal with long phone call trees or other barriers to getting help. Many people would prefer interacting with a chatbot as opposed to a live person and it can be easier for banks because they only need to handle the scripted dialogue of the chatbot.
There are many different ways that chatbots can help provide better customer service. One way is by automating tasks such as reporting fraudulent transactions so customers can focus on more pressing issues. Another way is by automating basic account tasks such as balance inquiries. Customers have time to ask more complicated questions about their accounts without being put on hold or transferred multiple times. Chatbots also allow customers to do everything from paying bills to ordering checks without having to contact the bank directly, saving time and money for both parties.
2) Banks have been slow to adopt chatbot technology
The banking industry has been slow to adopt chatbot technology, but this is likely to change soon. Chatbots provide great customer service benefits, including 24/7 availability and targeted content (information), such as reminders of upcoming bill payments. Banks might also take advantage of natural language processing capabilities by using their chatbot to create financial goals, like saving for retirement or purchasing a home. Bots will be able to reach customers on all devices: PCs, smartphones, tablets and smartwatches. They’ll also be used on bank websites and social media sites.
In addition, they’ll serve as an automated substitute for phone conversations with some human bank representatives. who are less knowledgeable about certain products or issues that can arise when someone calls into the call center. Customers may want to ask questions about specific topics using chatbots in banking, such as how much money is needed for a down payment on a house. Instead of having to wait for live assistance, the bot would offer answers to common questions within seconds via text message or speech recognition software.
3) The actual text messages sent by customers is analysed
Text messages can be hard to read, which makes it difficult for people to quickly find the information they need. Luckily, text message analysis bots are here to help you figure out what your customers want without having to read through their texts word by word. These bots identify keywords and phrases that your customers use when talking about you so that your customer service team knows what they’re talking about and how best to help them. There are a number of ways that text message analysis bots can improve customer experience in banking.
One way is by telling your customer service team about any common issues or problems with your products or services. Which saves them time from investigating themselves. It also helps with identifying trends in messaging patterns over time to get an idea of where potential problems might lie within the company’s communication strategy.
For example, if certain words are trending upwards on your conversation logs such as refund or investment. You know that there may be some confusion in those areas. The bot will tell you which words trended up or down so that you know which words to focus on while training new staff members who answer questions from customers.
4) Bespoke bots can be create
Bespoke bots can be create to have various functions including customer service. New customer acquisition, marketing campaigns and dialogue-based analytical. This can make it easier for companies to tailor a chatbot’s skillset and interests to the services they offer and increase the efficacy of their service. One company in Singapore launched a banking chatbot. That would follow up with customers after transactions to find out how satisfied. If they were with their experience and what suggestions they might have for improvements.
Customers in Malaysia who had issues transferring money from one account to another found. That typing Hi Money Moni at the bottom left corner allowed them to message Money Moni privately on the SBI app. Messages between Money Moni and these users ranged from requests for assistance to queries about the nature of the problem.
These messages are usually receive within minutes but sometimes may take hours due to time difference between Malaysia and India. For those using Facebook Messenger, there is also an option where users can send photos of their identity card or proof of address. If they can verify as purposes attaching it onto a message thread with Money Moni through Messenger.
5) The best use cases for chatbot technology are seen with banks that are willing to listen, learn and change based on feedback from their customers.
Wells Fargo and ING recently announced a collaborative effort that will allow customers to access their bank accounts through an internet-connected device such as a smartwatch. ING’s first chatbot allows customers to transfer money, make payments, and check account balances. Wells Fargo partnered with Kabbage and other third-party providers to bring both mobile and virtual account service options to the table.
The best use cases for chatbot technology are seen with banks that are willing to listen, learn and change base on feedback from their customers. These types of companies have been more successful in embracing this technology. They have taken the time to create systems where customer input is key to future updates and developments. Banks like Citibank, HSBC, Capital One. USAA are also finding success by using chatbots to answer basic questions without having to wait on hold or deal with long wait times.
Consumers can now find answers quickly without feeling rushed or pressured by a representative. Companies can save resources by cutting down on the number of staff members needed to answer these common inquiries. In turn, customers feel more satisfied. They don’t have to speak to someone who doesn’t know anything about them or their needs and wants.
Conclusion
Chatbots offer a personalized and convenient customer experience to banking customers by freeing up the time of bank employees. Banks can use chatbots to improve customer experience with instant questions, scheduled and simulated one-on-one meetings, and financial education content.
In this blog post, we have discussed 5 ways that chatbots can improve customer experience in banking. How chatbots can be use for instant questions, schedule and simulate one-on-one meetings, provide financial education content and free up the time of bank employees. The Chatbots are a great way for banks to provide an excellent customer experience. They focus on high level conversations while still maintaining an affordable human presence.
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