Chatbots for Banking Services

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Today, companies are competing with artificial intelligence to make it a part of their digital marketing strategy. This new heat wave has touched the banking industry as well.

Why Chatbots for Banking Services?

Chatbots have the ability to keep up with the customer expectations and provide them with the best experience. It can automate most of the repetitive tasks like answering to user’s queries which can be time-consuming and also lowering employee’s performance.

Chatbots are now used for banking services to simplify employee’s work and provide customers with the optimum response.

How Chatbots are Useful for Banking Services?

Personal Banking Service

There were days when customers had to stand in a long cue for accessing general banking services. But with the introduction of the chatbots, they can now simply check their account information and transaction details via an interface provided by artificial intelligence. A unique identifier is provided to the customer for executing account activities.  With this, the customers can also see their expense and earnings.

Customer Support

For banking services, an uninterrupted customer support is vital for growth and development. Chatbots can provide 24*7 supports to its customers. The can perform tasks like:

  • Resolving queries
  • Provide information on new schemes and services
  • Update client KYC
  • And perform all these tasks by giving a human-like experience
Personalized Marketing

Several products and services are available to the customers in the banking industry but not many customers know about this. However, chatbots can personalize the range of products and services for a particular customer based on his life events and profile data. Thus, customized messages can be promoted at the right time with the right set of services. Thus, banks can gain higher value in the market.

Employee Self-Service

With the help of chatbots, the employees can:

  • Access personal details
  • Update contact details
  • View payroll details
  • Review timesheet
  • Apply for leave
  • Request overtime payment
  • View compensation history
  • Submit reimbursement slips and

Do a lot more with directly an interface without much human interference.

Benefits of Chatbots to Banking Industry

24*7 Support:

Chatbots can operate day and night without any interference which serves as an essential customer service tool.

Fraud Prevention:

It can automate the process of fraud prevention with high accuracy and also collect relevant affected bank user’s information.

User Engagement:

It collects data from the user’s search queries and activities to provide tailored messages and notifications and also drive user engagement.

Performance:

To err is human. But this is not with the case of chatbots as they are machines driven by artificial intelligence. They can perform very well during peak hours as well. Thus, the response rate is consistent throughout.

Brand Identity:

Chatbots can be enabled with a single tone and voice for each customer; thus, providing consistency and brand identity.

Great Examples of Banks using Chatbots

Bank of America

One of the biggest banks in the USA, Bank of America is leveraging the benefits provided by the chatbots in the banking industry. It introduced ‘Erica’, a text and voice-based chatbots. Erica helped its customers in encouraging payment of bills within banking application, suggesting ideas on how to save money, giving reports on FICO and sending them with notifications.

Capital One

Capital One introduced text-based chatbots named Eno. It helps customers to manage their money using their mobile application. It also helps customers to view their account balance, credit limit, transaction history and pay a bill within a short time duration.

In the past, they have introduced voice-enabled chatbots called Alexa. This voice-based bot helps customers to know about their upcoming payments, check balance, pay bills and view transaction history using their voice only.

JPMorgan Chase

They introduced a bot called COIN to analyze the complex contracts quickly and proficiently compared to human lawyers. It also handles back-office operations. It allows access to software systems and handles IT operations like resetting passwords too.

Conclusion

Traditional methods used for providing user experience and support in the banking industry are sure to be replaced with the introduction of the Chatbots today.

It can streamline the whole workflow by providing better support, assistance to staff and automating many basic operations. And what’s more? It requires minimum integration and setup for absolutely fantastic results.