Chatbots in Banking: 10 Ways to Improve Customer Experience

Instead of searching for the page that will let them update their address, a customer can simply tell a chatbot that they’ve moved before providing the new address. For more on the benefits of banking AI chatbots, see our 9 Essential Chatbot Statistics for 2022. Chatbots can offer a convenient and accessible way for individuals to manage their personal finances, fraud prevention and more. Try these 7 call reduction strategies to make banking with your financial institution a smoother experience. Equip your team with conversational banking tools to deliver personalized advice, guide investment choices, and connect with clients when it matters most. ‍Kasisto’s KAI Banking represents a fine blend of AI and NLP functionalities for unparalleled, personalized banking services.

Customers very often find themselves entangled in the cobwebs of complex banking products, services, or processes. AI bots act like your personal banking tutor, ready to guide you through these complexities. In today’s digital age, fraudulent activities and cyber threats pose a significant risk to banks. Here, too, AI bots can play a crucial role in ensuring the security of banking services.

Educate customers

Now as AI technologies have become more accessible and affordable, AI-based solutions will be fundamental to the next wave of conversational banking innovation. Since conversations are more fluid and less structured than web or mobile forms they lend themselves to more versatile engagement. Since a banking chatbot can integrate securely with banking systems it can also access a customer’s data. This enables a more enhanced and personalized experience while also removing friction and the need for customers to continuously repeat information.

In recent years, they have become more popular as banks look for ways to reduce costs while increasing customer satisfaction. The use of virtual assistants by financial institutions to help banking customers save money, manage their bank accounts and XYZ is on the rise. Customers increasingly expect effortless and proactive customer support and banking bots are delivering the experience that customers expect.

How to use a banking chatbot

But they also have the power to extend beyond the typical inbound customer service scenarios to engage across multiple touchpoints across the customer’s lifecycle, transcending traditional functional silos. Using a chatbot can make opening a new bank account, a new credit card, or loan for a customer easier, quicker, and more convenient. The bot can automate several steps in the process, such as asking a customer to provide documentation or information as proof or obtaining their digital signature. This not only speeds up the approval procedure but also makes document gathering and transfer less difficult. The bot can also handle customer queries related to their application and update them proactively on the status of their approval. The added benefit is that customers can onboard in their own time and in their preferred channel, without having to visit a branch or wait for a contact centre agent.

Peak business hours or promotional events can flood customer service lines with inquiries. “Automated chat has unique qualities that don’t correlate exactly with legacy channels like phone or e-mail,” Lerstein adds. Instead, his team uses analytics tools built into the boost.ai platform to gather customer feedback to help prioritize content and understand what is and isn’t working. Additionally, when the support agents successfully resolve more complicated financial issues, they feel a greater sense of accomplishment.

One of the biggest concerns in the financial services industry is the data privacy. You can set bots up any suspicious activity and stop the damage before it happens. They monitor the customer’s account and identify any warning signs of fraudulent activity.

AI chatbot allows customers to complete the entire process without waiting on the phone. In today’s trend, with automation, the banking world is slowly getting self-service oriented to cater to the needs and demands of digital-savvy customers. Therefore, including chatbots in the financial industry is a remarkable phenomenon to decrease the overall banking task to a great extent. Banks have not fallen behind in providing digital services and have been catering to customer demands for self-service for some time now.

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The close imitation of a “natural” human dialogue is not a priority or even a necessity. This should be the defining factor for using AI and ML technologies to build a chatbot for banking. Other concerns regarding the implementation of AI assistants are their cost, as well as possible security issues. This is especially true for the banking industry, where data protection is the top priority. A poor-quality bot may turn into a huge open gate to the bank system, including client accounts.

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