Conversational Chatbots and Its Benefits for Banking Industry

In the era of Artificial Intelligence, Banking Industry which basically works closely with customers and depends on customer relationship for retaining them, makes good use of technology to assist and engage them effectively. Conversational banking is refers to facilitating transactions and grievance redressal  between the  bank and its customers via conversations through text, voice or visual media. Conversational engagement adds an extra personal touch  in customer relationships.

Banking Customers can do basic account operations with chatbots such as checking account balance, getting statements, setting up a new account, paying bills, authenticating transactions, etc.

It always happens that the customers have some questions or enquiries for the services being offered by the bank. This is the basic functionality of Banking. Conversational Chatbots, can easily provide an automated service which answers to frequently asked questions like “Where is the closest ATM or branch”, “How can I reset my password”, “How can I block my lost card”, etc. Especially in crucial times when every minute counts, as in the incident of losing your wallet with a credit card, a trouble ticket can be seamlessly registered using an Artificial Intelligence based technology i.e. Chatbot.

Benefits of conversational Chatbots for Banking Industry

  • Lead Generation – Conversational Chatbots mostly deployed on the bank’s website/app and start conversations with users to find out if they wish to purchase products and pull out their interest. All the captured ‘leads’ as a data can be sent to the bank’s sales team for follow up and sale conversion.
  • Better Customer Support – Conversational Chatbots are sufficiently capable of having effective and consistent conversation which means they can handle a wide range of customer support queries which are redundant in nature, in a consistent and error proof manner.
  • Feedback CollectionConversational Chatbot are able to provide the better mechanism for collecting the feedback from the customer end. This is so because studies have proved that people tend to give more accurate feedback when they are sure not to hurt or emotionally affect the person who is listening to them.
  • Cost Reduction –  Chatbots could reduce these costs while maintaining quick and high-quality customer service.
  • Hassle Free Banking – Conversational Chatbots make banking process hassle free for the customer. Customers can have instant banking and there is no need of waiting in long queues to deposit money or to get passbook.
  • Save Time and PapersConversational Chatbots helps in saving paperwork. All requests and requirements can be fulfilled with deployed solution. If the user follows traditional procedures, it would consume a lot of time too, meaning, using Chatbots customer as well as bank-staff can save time as well.