bankingciooutlook

3 Things Proving the Magnitude of Chatbots in Boosting Customer Experience

Banking CIO Outlook | Monday, February 24, 2020

Among the many ways that banks are improving customer experience, the deployment of chatbots seems to be the most promising.

FREMONT, CA: A business is as successful as its customers want it to be. In the case of the banking industry, this is especially noteworthy today. Banking services are becoming customer-centric, and service providers are well aware of the trend. Thus, modernizing customer experience is of critical value to banks at every level. Provided that digital literacy has already attained a peak, and digital banking is now becoming the norm, introducing the latest and smartest solutions in the service of bank customers is a must. And chatbots are the innovation that fits the bill perfectly in this case. The following points trace the relevance and role of chatbot technology in enhancing customer experience in banks.

Personalizing Query Redressal

Banking customers often have numerous queries regarding issues they face with transactions and payments, cards, mobile banking, account-related actions, credits and loans, and interest rates. The use of chatbots to address these queries allows a certain level of personalization. Traditionally, customers had to walk into a bank branch or dial-up customer-care associates to get these doubts clarified. With chatbots, customers are able to get personalized answers at their convenience.

Onboarding Potential Customers

Top Customer Experience Solution CompaniesThe conventional means of onboarding banking customers involved tedious processes that required the filling of forms and interaction with banking staff. With the use of chatbots, both conversational and textual, banks are now able to iron out the creases in the onboarding process and make them highly convenient and attractive for customers. Chatbots  help potential customers navigate easily through various stages and expedite onboarding.

Analyzing Customer Behavior

Chatbots, combined with analytical engines, can give banks insights regarding customer behavior and mood. Such insights allow banks to identify negative sentiments. Subsequently, banks can reach out to concerned customers and address issues intelligently. Such capabilities are not as accurate and impactful when customer executives are deployed.

As intelligent mediums of interaction, chatbots are an asset in the modern banking ecosystem that prioritizes customer satisfaction. With chatbot technology attaining new levels of optimization, its role in enhancing customer experience in banks is only poised to grow further. 

See also: Top Banking Technology Companies

Weekly Brief

Read Also