bankingciooutlook

Key Benefits of Chatbots for Banks

Banking CIO Outlook | Tuesday, November 10, 2020

The utilization of chatbots frees a part of employees' time and improves the efficiency of customer support. It also empowers companies to focus on the efforts of seasoned specialists and other important things that cannot be solved by AI.

FREMONT, CA: Machine learning and artificial intelligence are gradually becoming an integral part of many industries. Customer service is one of the most common application areas of advanced digital technologies. Banking chatbots are a good example of such implementations.

Let us look at some benefits of chatbots in the banking industry:

Faster Communication

Chatbots enable fast-paced communication. Employees often complain about slow phone calls with their colleagues. Live communication may be quite stressful for customer service employees since they have to deal with mostly angry clients. Furthermore, they have to do it on a daily basis and follow the protocol regardless of how the caller's attitude is. In this case, properly programmed chatbots can politely respond to customers.

Improved Productivity of Bank Personnel

Staff's assistance is not often necessary for clients' problems. Artificial intelligence can efficiently deal with minor issues, enabling employees to work on other urgent and complex issues that need "human approach." So, the utilization of chatbots frees a part of employees' time and improves the efficiency of customer support. Such use also empowers companies to focus on the efforts of seasoned specialists and important things that cannot be solved by AI.

Communication Made More Convenient

Chatbots may combine a variety of functionalities that would make them suitable for customers of different age groups. Generally, younger people prefer instant messaging over voice communication, so chatbots may fulfill this requirement. On the other side, older people may feel typing their requests troublesome. Hence, voice bots may be much more convenient for them.

24 Hours Support

Employees need to take breaks. They may not always be available to respond to customers' queries. In that case, Chatbots can provide 24/7 client support, allowing potential and existing customers can get their banking problems solved after work hours and on weekends. Undoubtedly, this can leads to a better customer experience.

Check out: Top Chatbot Solution Companies

Weekly Brief

Read Also