Exploring the Power of Banking Chatbots: Inspiring Examples and Best Practices
In the dynamic world of banking, chatbots have emerged as game-changers, completely transforming customer interactions and providing indispensable support to employees. These intelligent virtual assistants provide unmatched convenience. But what makes a banking chatbot successful, and how can banks ensure a seamless implementation that ensures such convenience and customer satisfaction?
To answer these questions, let’s look at some well-known examples of successful banking chatbots and what sets them apart.
Best banking chatbots examples
Ally Assist, one of the first banking chatbots in the world, developed by Ally Bank, is accessible through Amazon Alexa and allows customers to complete essential functions such as checking their balance or making bank transfers via voice commands. Ally has five different mobile apps, one for each of its products, which makes it convenient for people who only use one or two products.
Erica is Bank of America’s AI-powered virtual financial assistant, launched in 2018. Erica is available 24/7 and offers improved security features, including fraud protection and immediate notifications for suspicious transactions. It also provides proactive insights by monitoring recurring charges and alerting customers to refund or duplicate charges. Erica enhances the banking experience by offering convenience, security, and personalized recommendations.
Eno from Capital One is a user-friendly banking assistant that simplifies account management through a seamless and convenient interface. Accessible via multiple platforms, Eno’s advanced natural language processing allows it to understand a wide range of queries. Eno offers advantages such as spending monitoring to track transactions and provide insights, account management through conversational interactions, continuous learning for personalised experiences, and shopping assistance with unique virtual card numbers.
NOMI, available in the RBC Mobile app and RBC Online Banking, is an artificial intelligence-powered feature that offers personalized customer engagement. It provides insights into monthly spending, helps with savings by identifying extra funds, assists with budgeting through reminders, and offers a rolling forecast of payments and deposits. NOMI’s advantages include finance insights, assistance with savings, budgeting support, and accurate finance forecasting. NOMI empowers customers to make informed financial decisions and achieve their goals.
Cardi is a virtual agent for an international insurance provider BNP Paribas, offering timely assistance to customers during loss events. With a branded avatar that reflects the company’s identity, Cardi provides friendly and polite support. It facilitates prompt claim processing, guiding customers through the claims process and assisting with policy management. Utilising natural language processing and AI, Cardi engages in intuitive conversations, answering inquiries and providing information about insurance policies. Cardi ensures seamless and effortless customer interactions, enhancing the overall experience.
Chatbots best practices
Although these chatbots differ in purpose and design, they also share common features that serve as valuable practices for any bank aiming to implement chatbot systems successfully. They include:
- Branded avatar
- Chatbot competence
- Natural conversation
- Personalised customer experience
- Continuous learning
- Compliance and security
By following these best practices, banks significantly up their game by offering customers a modern and seamless experience.
Want to dig deeper on the topic?
We are happy to share our comprehensive blog post where we delve deeper into the best examples of banking chatbots and their key features that contribute to their success. Gain a complete understanding of each “factor of success” and get additional learning resources on this topic. Read the full article now.
