How AI Based Chatbots are Profoundly Changing Customer Service Experience in Banking Industry

In an effort to gain a competitive advantage and better serve their customers, businesses of all sizes have embraced digital transformation. There are many new innovative trendsetters like Artificial Intelligence (AI) that have been quickly adopted by the banking sector to improve their online banking and internet payments models with client interaction platforms.

In addition, Covid-19 has helped to speed up the adoption of these technologies. Despite the rise in internet banking, banks didn’t anticipate to be without face-to-face contact with customers for an extended period of time or without workers working in offline mode. Consequently, banks are gearing up to tackle these new difficulties and avoid repeating the same errors in the future. This entails swiftly reacting to crises, such as epidemics, and identifying solutions that may ensure company continuity regardless of the issue.

Whether for transaction processing, analysing information, or obtaining customer service, banks must spend in strengthening their touch points with clients beyond their office locations or automated call centres. Digital solutions have given the banking industry a competitive edge.

Chatbots for Banking Industry

Today’s most prominent AI advancement are chatbots. Chatbots serve crucial roles in industries where automation is a must, from small start-ups to multinational corporations. Whether in banking services or service and support, chatbots ease human-machine interactions.

People’s propensity for errors and miscommunication has sometimes led to inefficient services. An interactive AI chatbot may be an organizations staff around-the-clock, since it is always available, never gets ill or forgets things, and is never inefficient or uninterested.
A growing number of financial institutions are including chatbots into their mobile applications. This is an easy approach to keep in contact with their customers while also reducing the need for human intervention.

Reasons for Banks to Invest in Chatbot Services

• Enhancing the Quality of Customer Service: When it comes to customer service, financial services chatbots can now answer a broad range of questions that are repetitive in nature, thanks to advances in computing and natural language processing technology.

  Customer contact points such as social media platforms can be integrated with these bots. Users are asked to describe their issues, and then they are either given immediate answers or referred to the appropriate person.
  Many banks have significantly reduced the amount of enquiries, especially basic procedural inquiries and FAQs handled by their service centres and personnel, by using customer care bots.

  
  
• Lead Generation: Cold calls and e-mail efforts for lead generation are gradually losing their potency. In addition to being less obtrusive, a conversational interface, such as a banking chatbot, may help to generate leads by adding a novelty aspect to the process.

  Bank websites and apps can have inbuilt lead generation bots that talk to customers to see whether they’re interested and to see how much interest there is in the bank’s offerings. It is possible to forward these leads to the bank’s sales staff for extra follow-up until the deal is finalised.

  
  
• Enhanced Risk Mitigation: Conversational AI chatbots may organize and streamline the process of analysing crucial data relating to potential customers’ loans, market trends, and the borrower’s most recent financial activities, creating account statements, and delivering risk advise. Chatbots help to decrease human error in identifying fraud and expedite processes, which is why they are becoming more popular.
  
  
• Collecting Feedbacks: Collecting customer feedback is becoming more important for banks as they strive to continually improve their services. Because of the emergence of Conversational AI, feedback collecting has undergone a much-needed technical revolution. Banks have reaped enormous benefits from using feedback bots.

  Conversational survey formats like feedback bots are a considerably more attractive alternative to the usage of lengthy, conventional survey questionnaires, therefore increasing input collection.

  
  
• Assistance in Personal Banking Activities: An annual assessment of ongoing expenditures and charges for particular months or locations may be provided by chatbots, and can also provide knowledge on the user’s spending patterns. As data gatherers and analysts, they are also able to function as basic financial advisors. For people who are unable to seek financial advice because of a lack of funds or geography, chatbots in banking may be a useful tool.

Are You Ready to Improve Your Customer Service Experience?

Although Chatbots cannot do everything, they can greatly assist at practically every point of the customer care life cycle.

Automate your Customer Care flows with “PinBot”. PinBot is one of the best platforms where you build Chatbot channels to make your brand talk and sell to customers through real-time messaging.

With PinBot you create bots that open automated sales, customer service, scheduling or any other type of relationship channels. It is an artificial intelligence platform that interprets customers’ input or behaviour and produces feedback in form of text messages, Images, GIFs, Audios or Videos during the chats conversation. PinBot works with predefined actions and menus provided by your company, it serves and talks to your consumers 24/7.