Chatbots in Banking Industry:
One of the biggest reasons banks lose customers is due to poor service Long response times, the need to repeat the same information every time you call support, and the lack of toll free operators don't give your bank any credit Due to the personality of the individual and the general importance of finances, customers usually feel a sense of urgency when trying to contact a representative at a bank or financial institution.
So when Artificial intelligence applications became viable for businesses, it was only a matter of time before banks turned to AI for smarter automation solutions to meet ever increasing customer expectations One of the most effective technology solutions in banking and finance today is chatbots. Not only can these systems improve customer support, they can also help employees, automate routine tasks, and attract new customers
Top Use Cases of AI Chatbots in Banking Industry: 1. Chatbot use cases for lead generation:
Because chatbots exist in the banking industry, the whole process of lead generation has not been complicated. The chatbot is anchored to the bank's official website/app and interacts with the user to determine whether they are interested in purchasing bank products
After the initial interaction, the 'lead' can be sent to the appropriate bank team for further follow up to complete the sale Banks have seen a surge in the number of leads they collect via chatbots than they collect using traditional methods.
2. Chatbot use cases in customer service:
Chatbots have a significant impact on customer service and are a valuable asset to the banking industry One of the most pressing potential use cases for chatbots in banks is the customer service sector in the industry
3. Chatbot use cases for money transfer:
Users can pay bills, monitor remittances and cancel payments according to their requirements. Another advantage of chatbots is that they can also charge prepaid cards and pay by credit card
The next step in technology is reflected in the chatbots that allow you to send money to friends, family, and business, as well as set reminders and schedule money transfers
4. Use case of chatbot when checking balance:
Of the many chatbot use cases for banks, one of the most important is to allow users to check the balance of an account in their own name. Artificial intelligence in accounting and finance can also provide balance estimation and alerts when the balance falls below a certain amount
Consumers can better manage their accounts without having to log into e banking or visit a bank branch
5. Chatbot use cases for account review and reconciliation:
Banking's chatbot allows users to inspect other aspects of their accounts, such as recurring payments, expenses, and transfer limits. Users can also retrieve account information and change information such as phone numbers or addresses
6.
Example of sending notifications by chatbot:
AI based chatbot service for financial industry the market have played an innovative role by bringing exceptional use cases. Bots are used to send notifications to customers, such as bill payment deadlines, or to submit certain documents for financial purposes
Customers become fully aware of what was previously impossible. It also helps customers avoid missing important deadlines and prepare ahead of time
7. Chatbot use cases in transaction history monitoring:
Chatbots greatly improve banking functions and allow customers to get an overview of their transactions. They can get weekly or monthly reports on their expenses and provide insight into better financial management
The bot is also programmed to send an alert to the customer whenever a charge, deposit or deduction is made to the account
8. Cases of using chatbots when applying for services: The chatbot allows users to apply for services such as loans, new cards, or rewards programs You can provide your customers with information such as a list of documents that must be submitted for the smooth completion of each process
9. Chatbot use cases to solve urgent problems:
In banking, with the help of chatbots, users can get solutions for tasks like locking or unlocking cards, resetting passwords or checking bank details.
Bots allow you to instantly respond to uncomplicated tasks, avoiding customers having to wait for calls to get a response.
10. Chatbot Use Cases to Handle Suspicious Activity:
Customers often encounter suspicious activity that threatens their bank accounts and funds. The chatbot will notify customers if their account has been hacked, provide support and give them a priority to connect with an agent
Of all the use cases of chatbots in banks, this is very important as it prevents account holders from engaging in suspicious activity and protects their hard-earned money.
Chatbots are increasingly gaining wide acceptance in the financial sector It not only simplifies business processes, but also provides quick access to services that were previously limited to apps In fact, the chatbot business benefits are many when financial services are delivered using it, as it can always increase customer engagement
The role of artificial intelligence in banking
Here is a list of artificial intelligence applications for the banking industry.
1- Personalized Financial Guidance: The Power of AI and ML technologies in banking and finance is up-to-date market intelligence to help customers make quick and accurate financial decisions As a result, it can be assumed that AI can assist customers with personalized financial guidance
2- Digital wallets: Digital wallets undoubtedly take the digital currency movement to a new level Customers can purchase anything online by simply submitting a mobile phone number or one time password (OTP), a unique feature of digital wallets.
3- Interactive Voice Response System (IVRS): Contacts customers via an Interactive Voice Response System (IVRS). The main purpose of this application is to provide customers with a great banking experience by correctly answering their queries
AI chatbots can guarantee a number of advantages in financial services, including:
Enhanced customer experience: Chatbots can effectively handle financial services and perform tasks that were once handled by agents, allowing them to provide faster responsiveness and personalized service to their customers
Task Automation: Financial companies have consulted the best Chatbot app development company in USA for developing the chatbots to enhance the customer experience by automating most tasks such as handling customer complaints, answering questions, providing investment advice, and more
Onboarding: Bots are often used in the financial industry for onboarding purposes as they allow customers to seamlessly set up a new account without going through the usual steps at the branch
Reduced Support Costs: Financial chatbots can help businesses cut customer service costs by up to 30%, so they can be used in the financial industry to resolve issues quickly without support staff.
Increase Revenue: Companies that implement financial services chatbots in their processes can acquire new customers with fast support and great service that helps them increase their bottom line
The Future of chatbots in banking industry:
Banking systems have long been a popular use case for chatbots, but the technology has only recently become sophisticated enough to make chatbots truly useful
Initially, chatbots were simple FAQ engines that could only answer questions already in the database With the advent of ML and Natural language processing in AI , Chat bots can interpret questions that are not in the database to have more meaningful conversations. However, when it comes to responses, responses are usually templated
You can expect more non-template responses from bots in the future. We are rapidly moving into an era where it is difficult to guess whether a customer has just spoken to a human or a machine
Conclusion:
Automation is clearly the most vital need for financial services as it will help reduce operational costs and improve the digital experience for customers With this in mind, banks and insurance companies need to find ways to implement financial services chatbots into their processes and deliver value to customers
With a robust chatbot strategy, it would be possible to redefine customer engagement and open the door for customers to access most facilities from the comfort of their homes This is how both the clients of the parties and the financial players will benefit and keep up with the changes of the time. Now don't be late to talk with professional AI chatbot Developers from the best Mobile app development company in USA, Who can give the successful banking chatbot application
Author Bio:
I am Harika I work as a SEO Executive at USM Business systems, The best Mobile app development company IN USA , experienced in the creation of iOS and Android apps. As a technical content writer, I am curious to explore and write the Articles on latest Mobile app development trends, Artificial intelligence and Internet of Things, For more reference you can Also follow me on LinkedIn.