Banking & Financial Services Industry: How can Chatbots boost the Customer Experience
Smartphones are now ubiquitous worldwide, consumers are using them for many daily tasks, calling, texting, socializing, navigating, scheduling and recently as well, processing payments.
E-payment terminals are spreading, from public transportation to grocery stores, digital user interfaces have improved for websites and apps, all the tools we need are literally available at our fingertips, minimizing the need for human interaction in many transactions, more and more consumers are adapting electronic payment methods, and prefer using the latest digital payment transactions that don’t involve physical cards or cash.
The emergence of the e-payment industry lured in new digitally savvy companies, and Fintech startups that have found success attracting consumers with user-friendly offerings, this poses a challenge to legacy banks and financial institutions that will have to adapt their traditional services by incorporating more robotics that will attract more tech-savvy customers.
According to a recent Accenture report; Banks that invest in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average 34 percent and their employment by 14 percent by 2022.
So, what can you do?
There are multiple tactics financial institutions can deploy in order to be the front runners in this race, one direct, relatively inexpensive way to do that is through Conversational User Interfaces or simply; “Chatbots”.
With the current growth in popularity of messaging platforms, and the reduction in costs of cloud storage (many Chatbot as a Service providers are cloud based, still botique.ai is the only Conversational platform that also supports on-premise installation to comply with the highest security standards in the financial world), in addition to the short implementation time (due to botique.ai pre-built and pre-trained AI modules), Chatbots emerge as the saviors.
By introducing a digital agent or a “Chatbot” to interact with customers, banks will be able to improve their customers’ experience, reduce human customer service costs, streamline their operations , and serve more people, more quickly through different channels. (botique.ai is omnichannel, supporting implementation over Webchat, Social Media, SMS, Email, In-App, or other)
Many major Financial institutions are already taking this step, Capital One, for example, deployed the chatbot (Eno) to allow consumers to conduct basic account inquiries, including the status of balances and transfers between accounts, the Bank of America launched Erica to help check balances, bill payments and answer bank related questions (Question answering is the most basic function botique.ai conversational platform provides and the most straight forward to build through the Chatbot builder platform), Liberty Mutual offers similar functionality with the addition of fraud risk prevention.
Customers are getting more comfortable interacting with digital assistants with each day passing, and as the technology keeps improving, the service is designed to make the customer feel like they’re talking to a banker (botique.ai platform supports full customization and personalization of the Chatbot giving each customer a unique context based experience). Banks love the idea because it allows them give their customers a personalized service, in a consistent way, and while a human call center rep might experience a bad or a long day, a Chatbot won’t!
botique.ai is an enterprise platform that automates chat interactions using proprietary Conversational AI. We compose Chatbots using a wide selection of pre-built, pre-trained AI modules, which makes the integration process quick and easy.
Originally published at www.blog.botique.ai.
