Chatbots as well as virtual assistants
The desire for faster and more efficient service has resulted appchat in the that 85% of interactions with clients will have been automated by 2020, as per Gartner. Chatbots and intelligent assistants are making their way into various industries and serve a variety of purposes, including customers support to marketing and sales. The robots, which are driven by AI are utilized by some of the largest banks in the world, such as JPMorgan Chase, Wells Fargo, HSBC (Hong Kong), and SEB (Sweden).
Chatbots allow banks and financial service firms to provide efficient, personal, and quick service to their customers for a minimal cost. Chatbots are always available and capable of matching queries from customers quickly with solutions. Some are also programmed to draw leads. The most advanced models can provide specific recommendations based on previous interactions, customer information, and other variables.
Chatbots are criticized by those who say that the tools do not have the compassion of human CS representatives. Although that’s true we must also acknowledge that chatbots are improving on this front as time passes. Machine learning algorithms aid chatbots to understand more about human conversations through their own experiences. With these capabilities, chatbots are able to answer basic customer service inquiries as well as please customers with their effectiveness and efficiency.
Omnichannel service
Today, consumers communicate with their financial institutions in a myriad of ways, from on the internet, to branches or even via mobile devices. Omnichannel services connect all of these touchpoints in order to provide an uncluttered, consistent, and comfortable experience for clients. In other words, it allows customers to go from one point of contact to the next without feeling disconnected or interrupted.
Making sure that you provide an omnichannel experience to customers isn’t new. Since 2014 a Forrester survey had already identified that omnichannel banking was among the top five priorities of finance professionals who are interested in business app development. But numerous banks and finance firms are not yet ahead in this field, due to ineffective operational and organizational divisions between sales, marketing, and customer service.
Banks looking to get over this issue must shift their focus from the customer-centric perspective to one that is centered on the product. The customer is at the center of their CX inquiry will allow them to view interactions more clearly and anticipate the needs of consumers throughout every interaction. A further important element is the unification of data between platforms and teams, which will help ease the flow of information between different channels so that the customer’s interactions won’t be disrupted when they switch activities from, say, asking a sales question to solving a problem with a product.
Omnichannel is beneficial not only in enhancing customer satisfaction, but also can directly increase revenue. Some of the top banks around the world make 50 percent of their revenue via digital channels, proving that digitization is crucial to successful financial services.
Digital integrations
An omnichannel experience can’t be achieved without integration. All platforms used to communicate with customers and handle their transactions and data should be integrated to provide the most efficient workflow and best quality of service. The key is connecting digital applications that serve financial customers with physical banking locations as well as customer communications platforms.
Integrations with digital technology have been in place in the financial sector however, only a tiny fraction of customers (16 percent) are happy with the digital services offered from their financial institutions. The issue is is the case that information on customers isn’t distributed across different departments within the company. Each team might be doing great by itself however the rigid division of operations impacts the overall experience for the customer.
The answer to this problem is to ease the flow of information through digital integrations. Different software and apps can now integrate various systems, which lets finance companies mix and match software vendors when they wish to. For example, the CTI solution such as Salesforce Cisco phone integration connects devices for voice communication to computers which streamlines the process of sales and customer service. There are apps designed to sync chat channels or even emails that integrate the local bank software.
Infusing CX with the latest financial technology
AI and other mobile technologies more options to personalize CX to enhance the experience, pleasurable and safe for users.
A few of the technologies that financial service firms can investigate include:
Biometric-based customer ID – Banking institutions and financial institutions can now choose to utilize biometrics technology instead of the username and password combination for the entry of customers and for verification in their systems. A variety of options are available including fingerprint retina, iris, and even voice recognition. In addition to being safer and reliable, these technologies are also more efficient and easy to use by consumers.
Robo-advisors are similar to chatbots. These virtual advisers, powered by learning, and are suitable replacements in place of human investors. They are typically used to assess risks and assist clients in the management of their portfolios.
Internet of Things – With the internet connecting everything, financial transactions are expected to become more flexible and mobile. Do you check your account using your smart device? or while driving? You can do all of that using IoT.
Banking-as-a-Service
Companies in the field of technology are leading the trend in the field of digital banking and banks as well as the other financial establishments that are traditional should be better off learning from their experiences. They could copy the models and develop their own. Or, they could learn from this and implement it the quicker way, which is to partner with companies that provide BaaS as well as BaaP.
Banking institutions that work with APIs, as well as BaaS, are likely to lead to tangible changes to the way both business and individual customers manage their finances.
One benefit for consumers is that all accounts could be accessible through one application which makes it simpler to conduct transactions. Management of individual accounts is also possible using any device as the data will be saved within the cloud. Customers will also receive personalized recommendations on stocks, portfolios and other financial products.
B2B customers also benefit because the digitization of finance results in reductions in infrastructure and administration expenses.
Collaboration with digital platforms can help banks to stay ahead of the current trends and provide their customers with the modern mobile experience that has become commonplace due to the advent of technology. This could cost some money however it will be worth it in the long run.
Financial service providers must be able to switch gears, lest they lose contact with their clients and are out of touch with the age of digital. These new trends and technologies are intended to usher into a new era in financial services which is better in catering to mobile and tech-savvy customers. This doesn’t mean, however, that banks and finance firms can’t operate without customer service lines as well as humans as agents.
At the start (1966) of 1966, there was ELIZA She was the first bot in her class, was averaging 200 lines of program code, and was extremely intelligent. However, you’re probably not familiar with her. Then came PARRY, who was more intelligent than Eliza (and could imitate a paranoid schizophrenic). However, you don’t probably have any idea about PARRY. Or ALICE (1995) or JABBERWACKY (2005). You do know Siri! That’s fantastic marketing.
Bots have been in existence for quite some time but they weren’t as well-known until Apple. Always ahead of the competition, Apple not only introduced chatbots’ services but also employed to build a distinctive image of its brand. It took two birds off by putting one stone in the metaphorical jar called Siri. There was no turning back from that point. Siri is a well-known name. She has the ability to tell stories, predict the weather, and provide extremely humorous responses just like humans could, and in the case of one, Siri can also be said for having dialed 911 in order to saved the life of a person.
Marketing with bots is an excellent idea
While still in their early stages, chatbots are changing the way companies communicate, and consequently market themselves. First of all, users are overwhelmed by thousands of apps that clog their online space. While websites and apps have failed, bots have succeeded. They are able to perform tasks such as answering queries or issues with customer support providing suggestions, and further, secure messaging platforms which are frequently used by users. Facebook’s Messenger which has more than 800 million people is just one of these examples. If Microsoft’s CEO Satya Nadella’s comments are any indication chatbots will be the next thing to watch.
Chatbots are being used to replace traditional marketing strategies by allowing personal conversations that are which are often accompanied by subtle upsells. Consider Tacobot for example – Taco Bell’s newest bot. When someone is about to take a taco order, Tacobot here is going to display the menu, and also let customers know if there is a one-plus-one deal taking place. Tacobot will also suggest other items such as salsa and fried beans. If the user is satisfied and makes an order it’s because the bot has delivered a better sale without resorting to selling tactics that are pushy and invasive. This is a bot acting as a customer service tool for you, and it’s a highly efficient one, in that regard. Another advantage is that chatbots are intelligent cookies. They look for web cookies and monitor predictive analytics to give suggestions based on previous shopping and searches. In most cases, it’s pretty efficient.
About Rip Bull Networks: Rip Bull Networks is a software company based out of San Francisco, California. As a product organization, they seek to build original and cutting-edge products to help bring people together while being physically apart. They have worked to improve common work chat software to fit dynamic teams better across the globe. Their software can be used by businesses large and small, and they are consistently working to improve the platform for a variety of users around the world.
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