Rise of AI-Powered Chatbots in the Banking Industry

With a massive rise in the popularity of instant messengers, businesses are making use of chatbots to offer instant replies to the queries of customers. Today, we live in a fast-paced world where it will be senseless to expect your customers to wait for hours before your support team finally turn up and resolve the issues users have. Without automation and intelligence, creating a personalized experience is impossible by just using human effort only.

Banking is one of the fastest-growing sectors that is embracing technological advances to deliver immersive customer experiences. To attain this, the payments industry has started investing a lot of effort to ease the payment process for customers by introducing chatbot in finance technology. Fintech organizations are using AI-enabled conversational interfaces to interact with customers instantly by replicating the patterns of human conversations. Let’s find out how big brands are combining chatbot user engagement with seamless digital payments.

Significance of Conversational AI in Banking

Banking industry can make use of bots to make smart conversations with millions of customers, at a fraction of the cost that would have taken by using human customer agents. Study by Juniper Research states that for every query handled by a chatbot, banks can save not just 4 minutes of human staff’s time, but also leads to $0.70 average cost savings per chatbot interaction by 2022.  Banks using AI chatbots have been able to acquire and engage more customers than those who haven’t. Some examples of successful bank bots are Erica by Bank of America, EVA by HDFC Bank, Amex by American Express, etc.

Here are some of the top benefits that explain why using AI bots in Banking is a wise choice-

• Increase Leads

The bots meant for lead generation can be embedded on the bank’s website or the app to start interactions with customers, check if they want to proceed with the purchase or analyze their interest scale for the product. The information of these captured ‘leads’ can be transferred to the bank’s sales team for additional follow-ups till the completion of the sale.

• Customer Support

Bots are built with the NLP capabilities to handle smart conversations using a wide range of customer support queries coming up from the different types of users. They can be integrated into many customer touchpoints like Facebook, Twitter, etc. where customers will be given direct solutions or redirected to a human agent. Your customer agents no longer need to worry about simple routine queries or FAQs! Get your bank bot built by the top Chatbot Development company.

 

• Collect Feedback

Getting regular feedback from customers and implementing it can be the best way to improve the business goals of any banking organization. The bots that work on the conversational survey format of feedback can be very beneficial and engaging as compared to the long feedback forms used earlier. Record says the use of feedback bots has helped banks in driving phenomenal results.

How Banks Can Add More Value with Tech Advances in the World of AI?

Banks across the globe are using advanced bot solutions powered by technologies like Artificial Intelligence, Machine Learning, etc. to meet the ever-growing customers’ expectations. Listed below are some of the technologies that can impact the development of bots used by banking institutions.

• Voice Bots on IVR

Banks are known for making customers wait an average of 10 minutes during working hours to talk with the customer agent, which can be quite frustrating for users in today’s era. With a voice-enabled IVR system, instant access to service can be provided to overcome this issue.

 

• Smart Home Assistants

Imagine linking your home assistants like Alexa, Google Home, etc. with your bank accounts to manage or conduct transactions just through your voice commands! This will not only simplify the transaction process but also saves the time of the customers.

 

• Machine Learning

With the help of machine-learning pattern recognition present in bots, banks can get the benefits of early fraud detection with the capability to identify threats that may be missed by humans or traditional security approaches.

 

• AI & NLP

Bots are already known for handling redundant and simple queries, but some complex interactions may limit automation. That is why the advances of AI and NLP are used to enhance the capability of conversational AI to make bots learn from themselves and evolve with time.

Closing Statement

We know customers have infinite choices to choose from and the margin of difference between the competitors is reducing every day.  Exceptional customer experience is the only factor that can make your banking organization stand out in a crowd of competitors. Get in touch with the experts of the reliable Al chatbot solution provider and give a boost by engaging your customers with simplified transactions. It’s time to focus on the chatbot experience and integrate a reliable payment system on the backend to help your customers make their purchase through a quick chat.