Chatbots in banking: best use cases in customer service - Pluris Srl

It’s understandable that some banking services such as adjusting mortgage terms or discussing investments will still require a meeting with representatives. Unfortunately, booking a meeting over the phone tends to be inconvenient and slow. Thankfully, banking AI chatbots can be used to ease the process of booking meetings. From inside the chat window, a chatbot can gather any information that’s needed, suggest available timeslots, and add the meeting to a calendar. Because banking AI chatbots can be integrated with a variety of systems and channels, they can also be used to authenticate customers through existing systems.

• Along with high call volume, several financial institutions also face limited staff issues in the call center due to the requirement of social distancing.
• The State Bank of India began working with an AI-powered chatbot back in September 2017.
• Chatbots indeed have the potential to replace the tasks of humans to a lot of extents.
• Bots can also simplify the financial operations and deliver great value to your clients by performing activities, such as balance checks and funds transfers.
• Japan’s Sumitomo Mitsui Financial Group also has begun trials on an AI chatbot developed in partnership with Microsoft Japan.
• Moreover, chatbot assistants prove more efficient as people tend to feel at ease talking to virtual assistants.

All contacts with clients begin with the first impression of the bank employee and, at the same time, of the bank itself. The professionalism and quality of service of the entire bank are assessed by the work of the operator, and if he works poorly, then the whole bank is bad for the client. As a result, the active use of internet sales technologies, mobile phones, and banking agents is changing the entire sales system at a commercial bank. The old schemes for organizing the work of departments and services are no longer effective.

Chats Can Be Saved

Considering that in most cases, banks offer similar products and services, clients often choose the bank where they are comfortable and that is convenient. It is the quality of service that comes to the forefront in banking industry competition, which can become a competitive advantage. Using a bot, one can do all, such as check their account balances, send money, pay their bills and monitor money transfers.

Use the power of AI to interpret customer’s queries and offer quick replies. They will become more “human,” and will learn to interpret requests much better. As a further development, chatbots will predict human behavior more accurately and use this information for self-learning. The survey conducted by Spiceworks shows that 59% of chatbot users complain about various misunderstanding issues that arose during the communication with AI. The logical result of such lack of understanding is the execution of inaccurate commands that were encountered by 30% of responders.

Ceba from Commonwealth Bank (Australia)

Everyone who comes into the bank is a potential client, even if they made a wrong turn. If they encounter employees with a positive attitude, the next time they come to the bank, it will be on purpose. Poor operator productivity

No employee is on the line for eight hours without a break. According to the standards for call center operators, the time in a conversation should not exceed 40 minutes from each hour for an incoming line; for an outgoing line, it’s 50% of work time.

To understand the problems that chatbots solve in banking, let us first address these gaps and shortcomings. It’s no secret that customers want banks to solve their problems immediately, as money is a delicate issue. Therefore, when the customer’s financial situation is unclear due to the lack of communication from the service provider, they get distressed. The importance of customer service and focus from front-office employees for the success of a retail project for any organization, not just a bank, is great. When creating a chatbot, machine learning and NLU technologies are not used.

Top 5 benefits of chatbots for banks and clients

All this allows to provide clients with the most efficient and prompt service possible and enables banks to cut expenditures significantly. Contact our team for further guidance in terms of adoption and development of efficient artificial intelligent solutions that will help you to achieve your business goals. Cyber fraud is a significant issue in the contemporary financial industry, specifically metadialog.com for the banking sector. Due to rapid technological development, digital fraud attacks are getting more sophisticated, easier to execute and harder to detect. Banks are now a subject to various kinds of cyber threats like fishing, malware, spam attacks, credit card, and identity fraud. Moreover, the financial TMS and ERP systems are highly predisposed to various kinds of ransomware attacks.

• Regardless of where a customer inquiry comes in, and regardless of the language they speak, Watson Assistant quickly and effectively responds in real-time.
• The Aida chatbot has been operating since 2017 and solves about 13% of issues related to the bank’s IT support, helps bank customers with card problems, account inquiries, and reservations.
• It requires careful and thoughtful design in order to meet the requirements of the end-users.
• Eno from Capital One is an excellent example of an advanced chatbot in the banking industry (see the screenshot below).
• Some of the frequent reminders that customers often get are regarding their bill payment deadlines, the last-day offer of loans, and so on.
• With over a decade of experience in the media, Aaron previously worked on politics, business, sports and entertainment news.

From opening a bank account to providing balance information, assisting in simple transactions, giving debit and credit card reports, accessing specific bank details, and so much more. Moreover, you can use an artificial intelligence bot to provide real-time customer support and answer clients’ questions about account balances whenever needed. That can improve customer satisfaction and help retain customers who may otherwise switch to competitors with better customer service. Banking AI chatbots are computer programs designed to understand natural language queries from customers and respond with helpful solutions. These bots use conversational AI technology, enabling them to communicate with the customer as if they were real. Banks can use banking AI chatbots to provide more personalized customer service while increasing operational efficiency.

Infographic: 6 Ways AI Chatbot can Transform Banking Industry

RPA system can assemble and consolidate the transaction data and store it in your enterprise resource planning system. This creates advantages not only for accountants who can focus on tasks that are more significant, but also for executives who will receive financial insights much faster. Chatbots indeed have the potential to replace the tasks of humans to a lot of extents.

Such biometric authentication strengthens the safety of valuable user information and prevents unauthorized access to accounts. It also helps protect the data from identity theft, card hijacking, skimming, and phishing. Furthermore, AI algorithms make it possible to implement such essential banking functions as AI-powered chatbots, biometric security systems, etc. All this provides an improved quality of service, increases profits, and reduces expenses.

Want to build your own banking chatbot?

Chatbots require startup investments, continual maintenance, and technical repairs like any other digital solution. Physical branch bankers benefit from reduced lines and smaller help-ticket inquiries, while call centers and support teams experience dramatically fewer workloads. 68% of survey respondents said they like how fast the chatbot could answer a problem. Some clients are hesitant when it comes to giving feedback to their bank due to privacy concerns or feeling that it won’t make a difference anyway.

It is a convenient mode of communication for your digital users, and as a rapid method of online access to information, it helps to boost consumer engagement with your brand. To get a feel for how your banking service can use a chatbot, check out some of these banking bot favorites. For example, a person may visit the bank’s website without being greeted at all. Intuitively designed chatbots can add a touch of warmth to a moment like this. You can even automatically send your customers transcriptions of their interaction with the chatbot.

Personal Banking

You can choose to publish your chatbot as a chat widget on your pages, as a standalone page on your website, or on WhatsApp. Chatbot pricing varies depending on the service provider and what you need them to do. If you just want to provide an omnichannel customer experience, the cost will be quite low.