Conversational Banking: Customer Interaction in the Digital Age
Hi, I’m Alejandro Murcia, and I’m Director Financial Services at Sinch
As responsible for helping clients with our unique blend of capabilities in communications to support digital banking transformation, I’ve had the privilege of delving into the world of cutting-edge technology and innovative customer experiences. One fascinating aspect that has captured my attention is the concept of Conversational Banking. This revolutionary approach transforms the way we engage with our banks, making interactions more seamless, personalized, and efficient.
Imagine having a conversation with your bank through text or other non-traditional channels, rather than navigating through the labyrinth of a traditional contact center. Conversational banking, at its core, aims to provide users with an automated yet human-like real-time conversation — much like talking to friends or family — delivering quick responses and contextual information right when they need it.
From the customer’s perspective, they have a lot more options to address their financial needs and receive quick, one-on-one support from just about anywhere. Using any mobile device, they can easily text, call, or video chat with virtual and live human agents to get the relevant advice they need at any time.
Of course, when we have day-to-day concerns of users, such as checking balances, making payments, or managing cards, we can use FAQ bots to address those low-value tasks, freeing up valuable resources in the customer service center for more complex queries.
One compelling example we can mention is the loan simulator. This digital tool engages users in a conversation, guiding them through the loan process, answering questions, and even allowing them to visualize repayment terms. Such interactive experiences bridge the gap between automation and human interaction, fostering trust and understanding throughout a crucial decision-making journey.
For banks, the benefits are clear in terms of dollars and cents. Investing in smart, scalable customer engagement solutions to enable conversational banking pays off in many ways, from the moment of implementation and well into the future. Ultimately, the benefit of conversational banking is twofold: Satisfied customers stick around, engage more, and spend more. Banks operate more efficiently and spend less while growing new and existing revenue streams. It’s a win-win strategy.
If you want to deep your knowledge about conversation banking, I truly recommend you look at our article about customer experience in banking.
