How Chatbots Facilitate Customer Finance Operations?

By: Banking CIO Outlook | Tuesday, September 22, 2020

Creating a chatbot that can work on different customer touchpoints is cheaper than building a custom banking app, particularly when operating on a cloud-based framework.

FREMONT, CA: Conversational banking is where financial matters are managed via voice or text interfaces. User can speak or send text messages to an AI program that perform the functions asked. Banking chatbots helps this financial management method by enabling customers to carry out various tasks, from simple routine jobs to complex ones.

Here are five ways how chatbots are impacting the banking industry:

More Reach than an App

Chatbots can function on channels that customers already visit, making it easier to offer support, cultivate leads, and develop omnichannel customer experiences.

Anytime Customer Support

Chatbots offer a real-time filtering system that can significantly decrease the customer service team's workload by engaging with customers, resolving their issues, and other complex demands. Currently, AI-based chatbots can offer solutions to up to 80 percent of customer queries. By learning to manage more complex problems, chatbots allow customers to limit the bank’s customer support division's human footprint, saving them time and resources.

Fast Intuitive Interface

Chatbots respond directly to questions in a conversational mode, unlike mobile banking apps, which need to be downloaded, installed, and navigated using buttons and menus.

Chatbots imitate the human interaction pattern and learn from each engagement, allowing users to interact smoothly with enterprises and carry out financial tasks quickly.

Lower Operational Costs

Chatbots have lower operational costs when compared to human workers. It has a one-time development cost that needs to be updated with information in a short time before managing a vast number of customers over various channels. Besides, creating a chatbot that can work on different customer touchpoints is cheaper than building a custom banking app, particularly when operating on a cloud-based framework.

Analytics and Advice

Evaluating user data like purchase patterns, spending behavior, credit information, budget planning, and cost savings can offer insights to enhance their financial management. Thus chatbots are capable of being a personal money manager better than humans.