Banking Chatbot: Transforming Customer Services with AI
In this modern era, no customer would like to visit a branch or wait for extended periods just to speak to a banking customer service representative over the phone. In this scenario, a digital experience can work wonders, and that is where the significance of banking chatbot is perceived the most.
The conventional method of customer interaction is frustrating and time-consuming, to say the least. Our supremely engineered Banking chatbots are trained and programmed with machine learning and natural language processing, thereby ensuring seamless communication between banks and customers.
It might come as a surprise that around 63% of customers express customer satisfaction with banking chatbot interaction, provided there is a facility for human interaction. Here, we will be discussing what is actually meant by banking AI Chatbot, the benefits that can be reaped from integrating one into a bank’s website, their use cases, and the essential components that make a good Chatbot for banking customer service. Read on to find out why they are not just a fleeting trend but absolutely essential to stay competitive in the modern banking ecosystem.
Table of contents
Banking chatbot: Explained
Banking chatbot can be considered as a financial assistant powered by AI technologies like Machine Learning and Natural Language Processing, to understand the intent of user’s queries, and provide an appropriate response in real-time. Suppose you want to check your credit score, or maybe your account balance, all you need to do is ask it and it will resolve your queries quickly and efficiently,
But that’s not all, well not even close. These banking chatbots gain data insights from customer interaction, which helps them offer financial advice. You can integrate our supremely designed chatbot into any of your banking digital platforms, including your website and mobile banking app. This banking chatbot helps customers check account balances, transaction histories, credit scores, and card activation and gives useful information about banking products and services.
What are the challenges in Banking Customer Services?
There are different challenges when it comes to banking customer services. lets unleash day by day challenges of banking industry related to customer support services.
Non-Availability of Customer Support
Put yourself in the customer’s shoes and imagine a situation where you want to know the process to check sensitive information, or maybe you are stuck somewhere in the middle of a loan application process. Won’t you appreciate a swift resolution? It’s the same for every customer of your bank.
However, it’s downright impossible to guarantee the availability of customer service representatives 24×7. And it goes without saying that if you delay issue resolution, that will directly affect the quality of service in the customer’s eyes. This is where a banking chatbot steps in. They offer instant banking customer service 24×7, thereby reducing the long hold time for customers.
Fuzzy Data Management
Banking and financial services have to handle a large volume of data, be it transactions and deposits or loan applications. It has been observed in several cases that banking data is fragmented and unstructured. Banking chatbot can centralize this data and craft a repository for quicker query resolution.
No Multi-Channel Assistance
While a large number of people all over the world prefer digital banking services, conventional banking methods have become less appealing. Customers would always like to get service or resolve queries from their choice of place and platform. Chatbots in banking offer cross-channel support that allows customers to engage with the bank effectively, thereby leading to convenience and satisfaction.
Lack of Customized Experience
As per recent reports, 65% of customers had switched to a different brand owing to poor customer experience. Lack of insights from previous customer interactions and limited data accessibility hinder the dream of a personalized experience. Banking chatbot possesses the capability to gain valuable insights from customer interaction and thereby offer relevant product recommendations automatically.
Benefits of Integrating Banking AI Chatbots on Web & Apps
AI-powered automation has brought an all-new dimension to the customer support function across various industries. Customers now seek convenient and quick support from businesses. Things are no different for banking and financial services as well. AI Banking chatbots are beneficial both from the bank’s and customer’s point of view. Now, let’s take a look at some of the benefits that an AI banking chatbot confers on a banking website.
24X7 Availability
When you are dealing with financial matters, concerns, and questions can crop up any time of the day. Unlike banking AI customer service agents, AI Chatbot in Banking Sector do not check out at 5 p.m. Rather they are available 24×7, to provide your customers with the information and virtual assistance at the time when they need it the most. This becomes much more important if you happen to own and operate a global bank possessing customers across multiple time zones.
Banking AI Chatbot Integration Means Cost Savings
AI Banking chatbot is not just meant for answering queries, but they can efficiently handle a large volume of customer queries, there by navigating the need for a large customer service team. This, in turn, reduces operational costs in the long run.
The good thing is that you can allocate these saved resources to more complex and important tasks, thereby boosting overall productivity and ensuring cost efficiency as well.
AI Banking bots Ensure Quick Response
Every second counts in this modern world. Against this backdrop, waiting on hold can be really agitating AI Banking bots delivers quick responses to common customer queries, thus drastically lowering wait times. Such an instant interaction heightens customer satisfaction, thereby encouraging them to engage positively with the other services of your bank.
Banking Chatbots Can Handle High-Volume Requests
Banking Customer service lines can be flooded with inquiries during peak business hours or promotional events.
These chatbots help manage these high volumes efficiently, thereby ensuring that customers’ queries are addressed on the dot. This ensures that the quality of customer experience remains unaffected.
Banking Chatbots Ensures Break Down Language Barriers
In today’s globalized world, a multilingual approach is extremely important. The best part about a banking chatbot is that it can communicate in multiple languages, thereby breaking down language barriers and ensuring an all-inclusive customer experience.
Automation of Repetitive Tasks is Now Possible with Chatbots
Tasks like confirming recent transactions, resetting passwords, and checking account balances, are routine yet crucial. Our supremely designed AI chatbot for banking customer service can manage these routine tasks effortlessly so that human customer service agents can focus on the more important customer requirements. Thus, you not only benefit from a more efficient service desk but a productive allocation of human resources as well.
Improved Security
The AI banking chatbots we craft feature top-notch security measures. They employ highly secure encryption methods to safeguard customer’s data, thereby ensuring that their personal information and financial details are safe and secure. Thus, chatbots in banking offer a secure channel for transactions and inquiries, something that is going to ensure your customer’s complete peace of mind.
Banking Chatbots in Websites And Apps: Different uses.
AI Chatbots have numerous use cases in the banking industry. Let’s take a look at some of the most sought-after ones:
Perform Essential Banking Activities
With chatbots integrated into banking technology, customers do not need to wait in long queues to get answers to basic questions. Instead banking chatbot can provide them with quick and reliable services instantly.
What’s more? These banking chatbots can automate some of the basic tasks like paying monthly bills and transferring money between accounts. Thus, we can say that these chatbots help customers leverage the power of mobile banking to their full potential.
Furthermore, with loud budgeting becoming the talk of the town in the US, which is nothing but the open discussion of a person’s financial situation, these chatbots can provide a complete breakdown of a customer’s financial activities. This would include account balances, spending habits, and average monthly bills.
Answer FAQs
As aforementioned, customers do not need to wait for hours on the phone to get answers to some of the most common questions like:
- What is my account balance?
- What are the working hours of the branch location?
- How to book an appointment?
- How to open a savings account?
- How to apply for a credit card?
- What are the different loan options available?
- What is the interest rate charged on my loan?
Banking chatbot can answer these most frequently asked questions instantly, and that too, at any time of the day.
Provide Customer Support
Customer support is not just about resolving issues. Rather, proactive customer support helps keep the customers in the loop anytime, every time, Banking chatbots send customers notifications about payment reminders, current charges, credit score updates, transfer requests, and posted transactions.
Once the customers grant permission for push notifications, they do not need to log into their account to hunt for the information. Instead, AI banking chatbots will ensure that notifications are delivered instantly.
Identify And Resolve Suspicious Activity
Banks are committed to data security and it goes without saying that they should leave no stone unturned to create a brand image of dependency and trust. A banking AI chatbot working in the background can identify and resolve suspicious activity, thereby mitigating the risk of fraudulent attacks and hacks.
For instance, our supremely engineered banking chatbots will ask customers to verify a suspicious transaction before it is executed. This frees your internal team from reviewing such transactions and thus ensures seamless banking operations without any disturbances or timely customer service inquiries.
Facilitate Financial Product Applications
Most financial product applications are supervised online. Banking chatbots can facilitate the entire process right from start to finish with absolutely no human interference.
For instance, Banking chatbot can recommend the best product based on the customer’s needs and preferences and also guide them through each step of the application process. This custom-tailored approach improves customer satisfaction while helping with your upsell and cross-sell strategies as well.
Promote Feedback And Reviews
Feedback and reviews are the backbone of building a robust brand image. AI banking chatbots help in the customer feedback collection process, be it good or bad. You can conduct long-form and short-form surveys through your banking chatbot, allowing you to gather critical information.
AI Banking Chatbot: Essential Components
An efficient and effective banking chatbot should pack a few prime components. But what are they and how will we help build the most efficient chatbot for your bank? Let’s see.
Conversational
First up, your banking chatbot must be conversational. When customers interact with our supremely built chatbot, they would get the feeling that they are communicating with a human in terms of grammar, punctuation, and syntax. A chatbot that lacks a personal feel can frustrate customers, which can lead to a poor experience.
Our banking chatbots employ natural language understanding to stimulate a human-like conversation. We design the chatbot in a way that supports conversational banking, which is an essential element for improving customer experience.
On-Brand
A chatbot acts as the extension of your company. So, we craft it in a way that its features align with your branding. For instance, the banking chatbot should understand the policies concerning late fees, due dates, and other prime components.
We provide proper back-end training to the chatbot. This is because, in the absence of proper training, the chatbot can provide inaccurate information, which can confuse customers, and tarnish your brand image. We will also make sure that all the back-end information is accurate and updated before the banking chatbot goes live.
Informative
Another important competency of a banking chatbot is its value. We ensure that the answers the chatbots provide are not generic, but customized to fit the specific requirements of the inquiry or customer.
Just imagine a customer asking about the due date of their credit card bill. Now, in this situation if the chatbot delivers a generic answer like “ Bill due dates depend on the opening date of your credit card”, it would not be the appropriate answer that the customer is looking for. Rather the banking chatbot needs to provide accurate and specific information like “ Your bull is due on June 25.”
Transactional
Integrating a chatbot into your banking website will lead to cost-saving opportunities. After all, you are reducing a huge burden from your live customer support agents. If you are looking to integrate a banking chatbot, first understand the various aspects where you can cut costs:
- How About Reducing The Cost of Outsourcing Customer Service Agents?
- Will the cross-selling strategies help boost your revenue?
It is advised that you set standards for your cost savings and make sure to watch out for actual results. If you find that there is a huge difference between your actual and expected results, connect with us and we will make necessary adjustments in the fundamentals of the chatbot.
Integrated
A good banking chatbot should never direct customers to an entirely different portal. Rather it should be an extension of your website or mobile app, functioning seamlessly in the background. This is because if customers are directed to a different platform, they might question the authenticity of the chatbot.
To this end, we will integrate the chatbot into your bank’s existing tech stack. This will allow the chatbot to gain access to critical systems, like your knowledge database and customer support database, to provide useful information to customers.
Analytical
Banking chatbots should pack more features than just basic question answering. Our banking chatbot features an analytical component, that helps leverage up-sell and cross-sell strategies, to the fullest. The chatbot is adept at collecting information and arranging it into reports for the management team to review.
For instance, if a huge number of customers report the same issue in the mobile app, it will be easy for the development team to solve the issue. Moreover, the consistent analytical data that our chatbot brings to the table, can help you have an upper hand in the area of products and services.
Continuous Improvement
Although most chatbots employ some form of machine learning, we will perform extensive checks for continuous improvement. We will use the data that the banking AI chatbot generates to further improve your system and provide value to customers.
Continuous improvement will make your system more effective and efficient over time, thereby reinforcing your value proposition to customers. Not just that, we will also ensure that the adjustments and improvements made to the chatbot align with your brand image and customer expectations.
How APPWRK Can Help You Create AI Banking Chatbot?
In this intensely competitive banking system, standing still and falling behind are the same thing. Implementing banking chatbot websites ensures 24×7 availability, omnichannel self-service, and customized engagement. You can count it as one of your bank’s digital concierges, as we will design it in a way that it can handle a plethora of banking tasks, that might be cumbersome for most humans.
We, at APPWRK, will integrate a wide range of pre-built templates that would fast-track the automation process. From simple tasks like account creation to more complex ones like credit card purchases and loan applications, the chatbot we design can take care of anything and everything. But, wait that’s not all. The best part is that you can fine-tune these templates to align with your bank’s specific requirements and complex applications.
The term “seamless” is somewhere lost when it comes to banking AI chatbot integration in this day and age. But, with APPWRK, it’s a promise. Our supremely engineered banking chatbots do not exist in a vacuum. Rather, they seamlessly integrate into the current digital landscape. Whether you are working with popular software systems, proprietary apps, or specialized bespoke tools, with us, chatbot integration is as smooth as butter. Fill out our consultation form and our experts will get back to you within 24 hours.
FAQs for banking chatbot
Banking chatbot employ machine learning and artificial intelligence to respond to customer queries. They also use natural language processing to facilitate human-like conversations with customers.
Banking AI chatbots can offer a wide array of services crafted to suit the needs of both you and your customers. While most chatbots can answer only basic questions like customer spending habits, payment due dates, and available financial products, our supremely engineered chatbots extend beyond answering the commonest questions, like transferring funds, sending money, and pave the way for loan applications.
Chatbots in banking websites and apps offer immediate assistance round-the-clock, thereby reducing wait times.
They can effectively address most of the common inquiries, like providing information on transaction history, and account balances, and even guiding customers through multiple banking processes.
Banking AI chatbots are certainly a secure form of communication for your customers. The best part about our supremely designed chatbot is that it does not rely on third-party providers. This ascertains all valuable data and information is kept in-house, and completely safeguarded from external threats.
AI-driven algorithms examine patterns and abnormalities in accounts, transactions, and customer behavior. In this way, banking chatbots can detect unusual activities, and potentially fraudulent transactions, thereby ensuring top-notch security for users.
Continue Reading : Importance of AI in chat and voicebot.
About author
Whether you are planning a start-up or want to enhance your existing business, APPWRK is a one-stop solution to satisfy your goals and expectations. We have action-oriented experience in UI/UX, Mobile, and Web App development. Also, you can knock on our door for Quality Assurance and Digital Marketing services.
Book A Consultation Now!
