Revolutionizing the Banking Landscape with Intelligent Banker-Bots

Banking CIO Outlook | Tuesday, July 30, 2019

By helping banks with last-mile service delivery, chatbots are redefining the customer experience.

REDMONT, CA: The world is not far from the time where the majority of interactions will be automated. Given that chatbots are playing a crucial role in almost every industry. Industries are utilizing them as they offer more significant opportunities when it comes to customer engagement. Designed to communicate in a meaningful way, an increasing number of banks use it to talk to their customers. They cut costs for them. And they are favoring quick responses to customers with round the clock service. Below are three ways in which chatbots are redefining banking experience.

•  Customer Queries

Banks provide much information on their website, but navigating through this information is often tedious and complicated.  Finding the right information at the right time becomes a daunting task. With the introduction of chatbots, customers are asked about their needs. By responding to the popup for the service request, the customer is navigated to the right page with the correct information. The bot reduces the time taken for finding accurate information in a much simpler way.

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•  Payments

Banks are also introducing chatbots to help their customers with payments. These chatbots collate the different offers that customers can avail and help them complete the payments. They also make the payment process simpler without the customer having to take additional efforts to pick the right offer and avail. Chatbots performing underlying transactions are introduced n the market. Through this, a customer can apply for a selected loan, insurance, and even credit cards.

•  Interactive Voice Response System

Banks have set automated voice response systems to interact with the customer. Chatbots can find out what the customer needs and direct them to the right place.  If there is information that it can provide by itself, chatbot lets the customer select those options and provides the data. It also connects to a customer care executive if the customer wishes. These voice response systems also call the customer to verify transactions made on a credit or debit card.

Bank chatbots are redefining the way customer interacts with the banks and are making it easier for them to access information and fulfill their requirements.

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