Chatbots — The name you can bank upon
As computing power expands and artificial intelligence algorithms get better, it is but natural that we will use chatbots in all domains. No wonder every bank wants one.
The banking and financial industry traditionally tends to be the largest spenders on technology given the performance needs of the industry and the complicity of most financial transactions.
Chatbots are going to change the basic nature of the industry and the way we bank in the future.
Chatbots have been quite popular in the banking industry recently from answering queries to making and scheduling payments and other financial transactions. Swedbank AB’s Nina answers 40,000 customer calls every month, and resolves about 80% of queries at first contact. Moreover, HSBC’s virtual assistant “Amy”, was recently introduced to respond to general customer queries.
Banks are aiming to cut down operational costs and make services more accessible and convenient to perform 24x7x365 without the need to go to a branch. This automatically provides an advantage to expand services, offerings and capacity.
According to a report by Juniper Research, chatbots are expected to help save global banks over US$8 billion per year by 2022. In fact, the report estimates that a single chatbot inquiry will save approximately four minutes in comparison to traditional call centre inquiries. Imagine the amount of time saved per executive per year. In fact, banks will save a lot more money that they can invest in other domains. It's indeed the job of the bank to make more money, isn't it?
Pain-points in the banking industry
- Long on call waiting time
- Inconsistency : Different customer service agents give different answers (41%)
- Customer service agents don't know the answer (34%)
- Can't find answer on website (31%)
- An exponential increase in the number of new applications
Many of them can be resolved with right implementation and will bring better customer satisfaction. Hence, better business results with lower operational costs and better retention.
Features to implement for banking chatbot
- Current Balance inquiry
- Transaction History
- Payments and reconciliations
- Locate nearest ATMs and branch based on the user's location or zip code entry
- Transfer Funds
- Customer feedback & measurements
- Switch to categorised hotlines for exceptions
- FAQ – Customer Service Queries across Categories
These are just some of the basic ones that we currently target. There are many more that can be implemented to provide for an always available intelligent interface for a customer to transact on to fulfil their banking needs. Chatbots can be extremely beneficial for banks to reduce their service volumes to more automated channels. More like, bank executives should not be investing time on solving customer queries but making sales.
For the customer
- Chatbots promise a better, faster experience
- Less time spent waiting for call centre service or ineffective web chat support
- Accessible via a conversation medium from a ubiquitous smartphone
For the bank
- No need to setup tech personnel and infrastructure
- Out of the box / cloud hosted or on-premise technology solution
- Minimal setup and easy integration
- A rich set of analytics, utilisation & trending reports
- High Operational efficiency
- 24/7 always on intelligent customer service
- Eliminates the issue of mobile app uninstalls
A lot has been said about the potential of chatbots in the Finance industry. They have made many processes far easier and faster than before.
We have already seen many of the banks like SwedBank & HSBC taking the initiative and cutting their costs with more operational efficiency. Banks still have to improve the chatbot experience to make it the first of choice for customers. Rest assured chatbots are here to stay for obvious advantages. Sooner or later, they will become an increasing part of our lives. In fact, they will become primary access path for satisfying all our banking needs in the not too distant future.
Create your own banking chatbot with Engati using advance Machine Learning & NLP. Use analytics to enhance business process and create a differentiated experience for your customer. We will do this by collecting ample data because that's how bots function. Moreover, we can store this data for any and every customer requirement and that will help make the experience even better.
Building a business bot with Engati is free. You can ask for customisations and our developers will work on it at a nominal charge. In fact, you can integrate all your work apps on one single platform and save time because there's always something more important to do.
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