Chatbots in the Banking Industry

Chatbots have become a common type of customer service in the Banking industry. According to Juniper, it predicts that 90% of interactions in banks will be automated by 2022 using chatbots. The research also suggests that “dramatic cost savings” can be made in banking sector.

Here is an example from Bank of America.

The chatbot works in working hours and replies immediately when a customer chooses one of these areas. Once the area is selected, the chatbot will need your name and last four digital account numbers in order to run identification and then it will try to answer your questions. However, as for now, there are only three areas that the chatbot can work with customers. The usage of chatbot is limited and not matured.

Marketing Objectives

There are two aspects about a bank’s marketing objectives, one is from customer aspect and the other one is from the bank’s aspect. As for a customer, the chatbot is easy to be used when you need certain help, it can provide faster customer support and increases in customers engagement. As for a bank, the chatbot can reduce service cost for the bank and fraud for customers. If you integrate the two aspects, you will see that the chatbot service is mainly focusing on customer experience in a bank. As a service industry, customer service and experience are the №.1 marketing objective because a good customer service and experience can bring ultimate benefit to the banking industry.

The Reason I like it…

Sometimes, when you visit a website that has chatbot service, the chatbot will be shown automatically in order to increase the interaction with customers which will bother customer experience. The chatbot in BOA will not provide the customer experience like that. The chatbot service hides in Contact Us on the side of the page. Once you click it, the chatbot will appear and offer service which provides the best customer experience.

The Future of Chatbots in the Banking Industry

I think the chatbot service in banking industry will stay and be better in the future. When banks build better functions on chatbot service, customers will fully rely on chatbot service like telephone banking. As I mentioned previously, the chatbot service can convenient customers and benefit banks on both aspects, why wouldn’t banks keep the type of service and make it better?