Customer experience has always been the top priority for every industry. And, the world of banking is no different. Today, financial institutions realize the power of conversational bots to drive productivity, automate and streamline operations. This, in turn, creates a powerful impact on customer satisfaction.
While some of the earliest bots were simply response platforms, today’s AI-powered chatbots in banking can perform much more. These bots are re-writing the rules of engagement and creating a competitive edge for the industry. As the users rely even more on their mobile devices, they also look for simplified ways of banking. The bots of today help to do just that. Through their choice of device, they help customers transfer money, check account balance, request check/card and more.
Currently, chatbots in the banking sector are transforming the customer experience. They aim to understand, replicate human behavior and respond to deliver similar experiences. Let’s take a look at the various ways in which banks are now re-imagining customer journeys that enhance engagement.
It is an Artificial Intelligence-enabled application that recognizes and executes different bank banking transactions of customers. They help automate the customer and bank relationship. The chatbots can do much more than just responding to customer queries. If customized in a particular way, they can reply to questions with much more ease.
Well before the pandemic, banks were already interacting with digitally connected customers. The ones who wanted to manage their finances in an even more convenient and interactive way. The outbreak situation of 2020 only accelerated this trend, especially since most banks had shut the physical outlets or operated at minimal capacity.
Here are some statistics to help you understand why banking chatbots are important.
Rishabh Software can help you develop an intelligent solution that redefines customer experiences and accelerates your digital journey
An ideal virtual assistant should include the following features:
To help you understand how a chatbot performs all these actions and more, let us take a look at some of the illustrative scenarios of such implementations.
1. Transfer & Receive Money
As mentioned earlier, chatbots are a trustworthy virtual assistant that helps with money management. At any time, a customer can transfer funds, cancel transactions and even receive payments. It also integrates other functions like money recharge opportunities to further pay off mobile & credit cards.
2. Review & Customize Accounts
Beyond transactions and payments, users can even explore and customize other aspects of their accounts. They can view transfer limits, card bonus points and recurring payments. Users can also change & update the account with personal details easily.
3. Respond to FAQs
These bots are also trained to respond to any other queries that customers may have. These could be questions that people would ask customer representative, bank staff, or search on Google. Some of the questions could include, “What’s the interest rate for my savings account?” or “How do I apply for a credit card?” or “How do I apply for a loan?”
4. Provide Location-Based Answers
The questions you ask a chatbot can vary from one location to another. The answers are very specific to your area and can guide you to the nearest bank if necessary. The chatbot can answer questions like, “Where is the nearest ATM/bank?” or “What are the additional transaction fees for this card?” Once they have your location via GPS, chatbots can respond more accurately to each question.
5. Push Notifications
Chatbots are programmed to send important reminders to users. These could be for bill payment, loan application processing, or necessary documentation. The notifications serve as important cues that make the customer aware of things they may have forgotten about.
6. Assistance During Suspicious Transactions
One of the biggest concerns that most customers have is the security of their accounts. However, chatbots immediately respond to customer concerns about suspicious transactions. The bot will provide immediate assistance and redirect them to a live agent as quickly as possible.
Chatbot development utilizes a whole range of technologies to maintain a balance between performance and functionality.
And, several programming languages can be used for developing chatbots for mobile or web apps. It includes PHP, Java, Ruby, Closure, and some others. However, Python tends to be used most for this type of development for the advantages it offers with an extensive set of libraries and frameworks. More importantly, it also has several useful libraries for machine learning to combine with language processing.
In an already competitive financial landscape, banks must fuel their strategy with innovation by bringing conversational ai in banking. However, innovation can come across as a challenge for banks that lack technological resources. In such cases, most banks turn to a custom software development company to help develop a solution that transforms the banking experience. These partnerships not only help reap big rewards but also empower you to develop custom solutions at a competitive cost. Banks, financial advisories and credit unions that compete with larger institutions often turn to a partner who helps design, develop & deploy solutions with all the right resources & technologies.
For banking enterprises, the bots offer a way to create a more personalized and engaging customer experience. We understand the diverse business needs to develop custom chatbots. It would be best to have a chatbot development partner, like Rishabh Software who can offer required skillsets, a superior technical interface with a seamless process management practice, and a mature infrastructure for optimum results.
Take advantage of our custom chatbot solutions that help solve queries in real-time