How to Improve Banking Services with Chatbots?
Remember when was the last time you went to the bank? It’s probably a while, right? In most cases, it would a lot more time. All of these are due to online banking facilities.
Now, one can do all the tasks directly from their computer or better yet their mobile phone only. They don’t need to go to the bank as they can get all the things directly on their mobile or computer.
With that being said, banks need to improve their online services if they want to provide better customer service. One of the least known ways to improve banking service is by using a chatbot.
We will see how to improve banking services with chatbots.
Use Basic Banking Services
Let’s start with the account services. With chatbots, you can provide the best account services.
What are the first services that come to your mind when you hear “Banking services”?
- View account balance
- Send money
- Pay money
- Receive money
- Last 10 Transactions
All these can be done with the help of a chatbot. The customer can easily ask for the current balance with just one click.
Further, you can also allow the customers to send money to other users. As soon as the user types send money, the chatbot will ask the customer to enter the customer account number and all the similar things.
You can also allow the users to pay the bills. Along with that, you can also allow the users to check the last transaction with ease. We also mentioned receiving money from the chatbot. Here, the chatbot can send the message when the money is received.
Spend Analysis
Reports are the best way for the person to know how they spend money. A chatbot can do all the work here.
Users might want to know their transactions on a specific day or week. No doubt, the reports provide all of these but it consumes a lot of time.
Further, users can also see the spend analysis. The chatbot can show the user the exact amount of the percentage of money used for specific purposes.
For example, the chatbot can tell users that they spent 45% of their money on the bills and all the other things
In this way, the chatbot can be used for various analysis and reporting.
Deep Linking
A bank provides thousands of services starting from net banking to loans. It won’t be possible for the users to find all the links.
If a customer wants to know Fixed Deposit (FD) rates, they will have to go to various menus to find it. Having a chatbot will make all the work easier.
It will provide the best navigation options. It’s always harder for the people to find the services on a banking website. Some people don’t even know how to apply for a credit card online using net banking.
The chatbot will link to specific articles or links and make it easier for the customers to take any action they want.
There are two benefits here.
- Customer will like the support given by the bank
- Customer can easily find what they are looking for which is ultimately beneficial for the customer as well as for the bank
People will no longer have to Google looking for “How to apply for a credit card online”, they can simply ask the chatbot about it and the chatbot will answer all the questions in just a few seconds.
Add/Remove/Modify Services
The next way to improve banking services with chatbots is by allowing the customers to add, edit, remove, or pause any services with just one message.
Your customer might want to disable or enable some of the services. It is quite a lengthy process to do it. The chatbot will make all these work easier.
The customer can simply send a message saying they want to enable them to pause a service. The chatbot will either help them disable the service directly or it will provide the link to the page.
Either way, it is helpful for users. As the users don’t need to look for the specific page, it will save a lot of time.
Therefore, this is one of the best ways to improve banking services with chatbots. Therefore, you should surely do it.
Location-based Answers
Now, let’s get into the location-based answers. Banking is a place where most of the customers are from different locations.
Different people based on different locations will have different questions. The chatbot can answer all of these questions.
Some of the questions that chatbot can answer are
- Where is the nearest branch?
- Where is the nearest ATM?
- What’s the IFSC code of XYZ Branch?
- What’s the branch code of ABC code?
These are some of the examples of location-based questions. The chatbot will detect the location and give you the exact answer. So, your customer can find the exact answer to the question.
Reminders and Security
One another way to improve banking services with chatbots is by setting up reminders.
There are many types of reminders that you can set here such as minimum balance reminders, bill pay reminders, etc.
Further, the same thing can be used for improving security. If there is any transaction, the Chatbot can send a notification saying the same thing. This will increase the security of the customer account.
Final Words
To conclude, these are some of the ways to improve banking services with chatbots. There are various types of chatbots that you can use. One of them is an AI chatbot and another one is the regular chatbot. AI chatbot proves to be a lot more beneficial than the normal one.
Users can also get answers to urgent or emergency services. If there is some unusual activity seen in their account, they can directly chat with the chatbot and know what to do next.
Finwin Technologies provide AI-based chatbot for banking and financial services. We specialize in working with artificial intelligence and deep learning to provide cutting edge solutions to businesses.
