Artificial intelligence is shifting paradigms in the banking industry. The technology is minimizing human intervention in mundane tasks, promoting productivity and speeding up service delivery to customers.
The banking and financial services industry has greatly benefited from digital transformation especially with the advent of AI-driven conversational banking. Banks and financial institutions interact heavily with customers daily hence making relationship building a critical part that drives business development.
AI-driven conversational banking is carried out by chatbots. Banks and other financial institutions are now able to effectively serve their customers without spending colossal amounts of time, resources and manpower. Resources that could have been used to set up customer service centers and hire agents to run them can be directed to other critical areas of business.
Some of the globally renowned companies using banking and financial services chatbots include Bank of America, Mastercard, American Express, Capital One and Stanbic Bank Kenya.
Here are some of the important use cases for chatbots in the banking and financial sector which have proved to be extremely effective.
Seamless Customer Support
We live in an extremely competitive business environment where it’s increasingly becoming hard for businesses to differentiate themselves. To be ahead of your competition, delivering delightful customer experience is a must. In order to win and retain customers, make your customer experience as exceptional as can be.
Chatbots in banking and finance are playing a key role in driving exceptional customer experience. You see, a human can only do so much in keeping up with the needs or demands of customers given that banks register numerous customer support queries in a single day. This is where chatbots in banking step in to respond to repetitive customer support queries on a 24/7 basis. Customers love it when their needs are addressed in a timely manner, instantly if possible. They gain trust and confidence in the business and are highly likely to refer their friends.
A common type of chatbot used in banking and finance is the WhatsApp Chatbot which runs on WhatsApp business. This chatbot is able to drive interactivity between the customer and the bank to a whole new level. WhatsApp chatbots can help with tasks such as customer KYC, resolving customer queries, and engaging users on new products and service offerings.
Chatbots are great for process and workflow automation. The banking sector is the greatest victim of fraud with billions lost annually as a result of fraudulent activities. Chatbots in banking have been proven to protect bank fraud to a large extent. Certainly, you have received a message from your bank immediately after a transaction informing you about an activity in your account. From a cheque deposit to a withdrawal.
Chatbots in banking and finance have the ability to detect transactions and quickly update the customer. Fraudulent transactions can therefore be easily detected and flagged before things go out of hand.
In addition, chatbots in banking have the ability to fetch analytics and capture crucial customer data. In today’s digital world, business success heavily relies on analytics which is exactly what chatbots deliver. Chatbots data capturing and analysis drives data-backed decisions that help businesses navigate complex environments while understanding their customers in a deeper way.
Increase User Engagement
The banking industry offers a wide array of products and services. You want to add value to your customers by constantly updating them on what is new and how they stand to benefit. With a chatbot, for instance, WhatsApp chatbot in banking, you can easily launch these updates straight to your customer’s inbox. Who doesn’t open a WhatsApp message?
Moreover, with the convenience of WhatsApp, customers are more likely to engage with you further which increases chances of conversion, and from an overall perspective, promotes customer brand attachment and loyalty.
Chatbots in banking and finance can drive the formative stages of lead generation for banking products. They gather important customer information that can later be passed to the sales team for follow up.
Chatbots in banking have the intelligence to qualify leads. By engaging potential customers, they can gather crucial insights such as customer behavior which in turn can help with lead ranking and qualification.
Managing Personal Finance
With chatbots in banking, customers can check their balance and history of transactions with just a few messages and can track their expenses whether daily, weekly, or monthly. These insights help to evaluate their money habits and adjust accordingly. Chatbots in banking and finance can also help enforce financial discipline where customers can receive reminders to stick to certain financial discipline e.g. saving 10% of their monthly earnings.
Ease of Payments & Money Transfers
Chatbots, e.g. WhatsApp chatbot for banking, can facilitate easy peer to peer transactions. It can make the process of bill payment and money transfers hassle-free. By linking their bank or PayPal accounts to the bot, you can have your customers shop, check their current financial balance and pay bills much faster.
We create intelligent, interactive, and customizable chatbots for an array of different business sectors including real estate. Through conversational A.I, we build chatbots that offer an effortless and intuitively understandable interface, instant responses, 24/7 availability, personalization, easy to navigate & much more. Feel free to engage us on all matters chatbots, we are more than happy to help. For more information, visit globbot.ai