Banking is one of the best use cases for chatbots. To fully realize the ROI from the deployment of chatbots, it is essential for financial companies to outline their business needs and strategize the best use cases of chatbot for their business. Call us and get started today!
Benefits AI Chatbots for Banking and Finance Businesses
Artificial intelligence (AI) is distracting numerous industries as it has been in the limelight due to the different benefits it has offered in streamlining the functioning of industries. However, the banking and Fintech institutes are getting the most out of AI and as per the analysis made, the banking industry will save more than $1 trillion by the year 2030 by incorporating AI technology.
AI chatbots, the virtual personal assistants are relatively a recent invention, but they have been used for years in customer service management. Nearly 63% of industry professionals report that AI has changed the face of recruitment and has helped them in hiring high-quality candidates.
The banking and financial industries are incorporating AI-based solutions to address their current banking problems. Large Fintech firms have a huge customer base, and thus they require automated customer service solutions such as chatbots. These chatbots provide instant responses in real-time; nearly 64 % of the people believe that AI chatbots are beneficial as they offer 24/7 service which makes the business functioning more reliable and efficient.
Banks will get widespread commercial success through the use of AI chatbots:
To meet the ever-evolving expectations of the customers, banks have resorted to AI smart solutions to offer the best customer experience and to enhance its approachability. These conversational interfaces conduct intelligent conversations with millions of consumers at reduced costs.
As per the latest report published by Juniper Research, the banks now save approximately 4 minutes of their agent in processing a query through the use of AI chatbots, and in the coming years, this will save billions every year. Thus, banks are actively using AI solutions to create value in their banking services
Significant benefits of AI chatbots in Fintech industry:
Some of the prominent banks are using AI chatbots to enhance their customer experience. Bank of America deployed chatbots to facilitate simple interaction with their customers, send notifications, provide them with credit reports and balance information, suggest them how to save money and much more. According to the bank, these chatbots have helped their clients make smarter decisions about banking. HDFC, American Express, HSBC, and Commonwealth Bank of Australia are using chatbots to assist their customers in performing several banking tasks. Some of the best benefits these chatbots have offered are:
Chatbots have helped in generating leads:
Email campaigns and cold calls are getting obsolete with the introduction of these innovative chatbots as they not only present a less frustrating front but also add a unique factor to the entire procedure of lead generation.
These chatbots are integrated on the website or application of the banks and start chats with the users to discover if they want to purchase products and judge their interest. Later on, these ‘leads’ can be sent to the bank’s team for further follow up until the sale is accomplished.
Companies have noticed a 600% increase in the number of leads captured using these chatbots as compared with traditional mechanisms.
Real-time customer Support
With the innovations in the arena of computing and natural language processing, chatbots now have the potential to facilitate smarter and more convincing conversation, and thus they can handle numerous customer support requests which are redundant.
These chatbots can be integrated into various platforms such as social media profiles (Facebook Messenger, Twitter), websites, and applications where they can ask users to specify their particular requirement and give them direct answers or redirect them to the appropriate person that can help them out.
Many banks have achieved success in reducing the number of queries coming to their support center after the deployment of chatbots for support.
Proficient Feedback Collection
With the continuous effort of enhancing bank’s services and the lack of the high-tech solutions in the feedback collection procedures, the use of chatbots in the collection of customer feedback has shown remarkable outcomes for a lot of companies.
Improved customer engagement
Undoubtedly, it is vital to keep your clients engaged with your brand or company. According to a report published, the companies that use social media to engage their customers were able to upsurge the customer spend by approximately 20 to 40%. Social media is doing a great job in tempting the customers, the chatbots, on the other hand, work on making the conversation more interactive than usual.
Usually, a traditional customer service interface provides more information to the users than it receives from them. However, Chatbots provide only specific information relevant to the user input and therefore does not bore the customers by delivering irrelevant and unnecessary information.
Deploying a fully-functional chatbot is much cheaper and faster rather than developing a cross-platform application or hiring staffs for each undertaking. Now the businesses have numerous options to choose from such as ready-made software developed by Facebook, Microsoft and other tech giants.
These programmed chatbots allow organizations to handle many customers simultaneously. The chatbots complement human agents, and thus you don’t have to hire employees for customer support. Consequently, you will save on employee costs and will also eliminate the problems caused by human errors. Because customers can start interaction immediately with the use of chatbots, user acquisition is also related to lowering the costs.
Winding It Up
Despite the benefits provided by the chatbots, many people believe that chatbots might make mistakes while interacting with humans. Nearly 43 % of the people prefer to communicate with the human agent first as according to them chatbots might give wrong information which could lead to random glitches later on.
However, Banking is one of the best use cases for chatbots presently. They have transformed the customer services and have brought a huge difference at every stage of a customer’s lifecycle. Also, new Artificial Intelligence and Chatbot solutions from companies as for example e-bot7 offer a hybrid Agent+AI ® technology. It is possible to increase efficiencies up to 80% and, furthermore automate the majority of all incoming queries. Moreover, hybrid solutions can ensure that no wrong answers are sent out which holds special importance for the financial sector.
After achieving a certain degree of maturity in chatbot utilization, financial institutions can look for other innovative ways to collaborate with technology firms and leverage AI technologies. To ultimately realize the ROI from the deployment of chatbots, it is essential for financial institutions and banks to outline its business needs and recognize the use cases to be met through the use of chatbot.