How Chatbots in Banking Can Improve Customer Experience

Chatbots are improving the customer experience in many industries, but perhaps nowhere more than in banking. Banks have been using chatbots to help customers with questions, give financial advice, and keep people engaged with their bank throughout the day. Today, let’s take a look at some of the ways chatbots are helping banking improve their customer experience. We’ll also see how an artificial intelligence company like ours can help banks make these chatbots even more successful.

How Chatbots in Banking Can Improve Customer Experience

What are chatbots?

Chatbots, also known as personal assistants, are one of the most common technologies being used by businesses today. They are programs that answer questions and help with tasks like buying products, checking the weather, getting flight information, and much more. The chatbot can use natural language to hold a text or voice conversation with users. 

They typically mimic human-to-human conversations so that it's easier for people to interact with them. 

For example, if you ask your chatbot what is bitcoin? the bot will respond with a question asking whether you want to know what bitcoin is or how it works. You'll then be able to select from different answers about what type of content you're looking for and get an answer tailored specifically to your needs.

Easy to use FAQ

If you are concerned about security, know that some chatbot systems encrypt all the messages that take place on the platform. As for adding features, chatbots can learn based on user behavior and offer prompts to certain transactions with pre-filled information. It's not hard to see how this could save customers from having to repeat themselves or inputting data more than once. 

For example, if someone asks a question about transferring money out of their account and a customer service representative is unavailable at the time, a chatbot could still answer questions like: What is my balance? What is my last transaction? What does 'deposit' mean?

Relevant information and increased conversions

Currently, banks are using chatbots to provide better customer service. Banks want to increase the number of transactions they make while also providing more personalized and quicker responses. But, the ultimate goal is to use chatbots in a way that increases conversions--it's crucial that banks work on this balance of providing great customer service and increasing conversions in order for a chatbot to be successful. 

Chatbots in banking can't stand alone: One of the biggest issues with chatbots right now is that people tend to interact with them when they need something or want something--the issue with this type of interaction is that it doesn't solve problems; it just creates more. 

It's important for bank employees to be able to step in and handle these types of interactions as well. Otherwise, customers will lose faith in their institution because there'll always be an issue or problem that isn't being addressed.

Timely notifications

The customer's information can be retrieved from the customer profile and accessed for up to a year. Customers will then be notified about recent transactions, current account balances, and scheduled transfers by email or text message. For example, a customer who is transferring money internationally will receive notification about their outgoing money transfer along with the expected time of arrival in local currency and the amount of money that was transferred. The customer is also given a notification on their phone when they have reached a set balance goal. They are then able to review which accounts contribute towards this balance, how much each one has contributed and which ones need attention before reaching the next goal. 

What does this mean? A customer knows what actions need to be taken at what point before it becomes too late for timely intervention. 

By making use of chatbots in banking, customers are provided with greater access and control over their finances as well as more accurate updates and reminders.

Collect and verify data and documents

The function of chatbots is to not only answer customers' questions but also gather information through conversations. Customers might be more comfortable with this interaction method as they can feel secure that they're not giving away sensitive or personal information and yet are still able to use the banking service with minimal effort. 

In order for a chatbot to effectively carry out its duty, it would need to have access to a bank's databases and have some understanding of user behavior patterns.

What are the benefits of financial services chatbots?

Financial services chatbots can deliver a cost-effective way to save customers time and efforts. They can also make it easier for customers to find information about different products, policies and providers. Customers often find that bots are more friendly and responsive than their human counterparts. Bots can also be trained to offer personalized customer service based on customer’s needs. 

If you would like your own financial service chatbot, get in touch with our team of experts from Banking & Finance IT Solutions. They will provide you with the best advice on how to use bots as an effective marketing tool while making sure they won't disrupt your workflow or lead to any data breaches. Get in touch now!

Quick information about customer finances and advice

It is not an easy task to help someone that needs guidance and advice on how to handle their finances. There are many factors that go into this, such as income, expenses, and the person's financial goals. With some help from a service that employs chatbots, it could be easier for those people who need assistance understanding their bank statements or investing money wisely. 

A chatbot can also provide you with useful information without having to speak to a customer representative. Banking & Finance IT Solutions will help you find out more about how these chatbots work and how they can improve your customer experience. 

These systems use data analytics and machine learning to process different queries and answer questions related to personal finance. As banking continues to evolve, so do the systems within them. These tools are able to learn over time, improving customer experience based on input received. Banking & Finance IT Solutions can show you ways these tools are currently being used in modern banking.