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How Chatbots Drive CX in Banking

By: Banking CIO Outlook | Tuesday, April 14, 2020

Chatbots are enhancing the customer experience unimaginably, from answering the simple customer queries to performing miscellaneous tasks. 

FREMONT, CA: Gartner report revealed that 85 percent of banks and businesses would achieve customer engagement with the help of AI chatbots. To deliver services quickly and enhance the productivity of tasks, striving to replace human intervention as much as feasible is a smart move. One of the most effective ways that can aid banks in enhancing their effectiveness on a large scale is AI-driven chatbots. Chatbots that are powered by AI technology have the potential to revolutionize the banking world. Here's how chatbots drive CX.

Quicker Help with Frequent Questions                   

Top 10 Customer Experience Solution Companies - 2020Today's consumers expect services to be faster and more convenient than ever before, with most expecting near-instant answers on social media and responses to emails within a minimum of about an hour. Social media is swiftly becoming the favored medium for customer service, with many requiring instant chat or direct messaging depending on the platform. Chatbots in banking fill this requirement, enabling banks to provide instant, automated replies.

Delivering Conversational Self-Help

Millennials and Generation Z are gearing towards support and self-help, requesting online opportunities to set up accounts, resolving problems, adding on to existing services, or request and purchase new products. This has emerged in increasingly complex digital banking and self-service banking kiosks, but it does take away enough of the human element of banking. Chatbots in banking gives those who favor self-service a way to talk to their bank as a person and to have a chat, even when requesting information.

Customized Financial Information

Chatbots that are increasingly sophisticated and with the integration of big data can be remarkably useful for customers. In-app chatbots can obtain user account details and offer completely customized information and help or even financial advice based on data. A banking chatbot is equipped with algorithms to track credit scores, spending ways, and can tell customers where they're spending funds, how much they spent on a particular transaction, and the amount spent on a specific item like food or gas.

Chatbots are enhancing the customer experience in banking, facilitating customers to transfer money, check their account balances, change their billing addresses, study about interest rates, and more. Chatbots are available, simple to set up and customize, and need less code than a standalone app. Many are also accessible as part of customer experience platforms, where banks can deliver digital portals and banking alongside apps.

See also: Top Chatbot Solution Companies

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