A chatbot is a computer program that can have a conversation with humans, listening to their queries and responding with relevant information. Many companies across industries have deployed chatbots and helped differentiate themselves in a crowded marketplace. Banks aren’t left behind and have been early adopters of this conversational banking trend. Using chatbots in banking is empowering banks to offer seamless service to their customers and both banks & customers can benefit from the chatbots.
Uses of Chatbots in Banking
With advancements in Artificial Intelligence (AI) and Natural Language Processing (NLP), chatbots have come a long way in handling customer queries in real-time. They are available 24/7 to give answers to customers which helps to eliminate customer queues and enables enhanced customer experiences.
These chatbots can be integrated with either the banks’ websites, applications or social media channels such as Facebook, Twitter. Chatbots can understand the customer requirement directly and answer them or redirect them to an appropriate person in the bank to help them out. Many banks have already deployed chatbots for their customer support and this has helped them reduce the number of queries they are receiving to the customer support center.
Feedback plays a crucial role in improving the services offered by banks. One can achieve remarkable outcomes with chatbots when it comes to the collection of customer feedback. It is a far better alternative than static feedback forms. The conversational nature of the chatbots helps to boost the feedback collection process.
Deployment of innovative chatbots helps to add a novelty factor to the process of lead generation. It is a compelling alternative to the cold calls and email campaigns that are losing their effectiveness. When conversing with the users, chatbots can find out if they want to purchase the bank’s products or services and gauge the users’ interest.
Chatbots collect personal data of the customers. Banks can use this data to come up with personalized marketing services and deliver them via chatbots as suggestions to customers based on their preferences and profile information. With highly targeted services, banks can improve their conversion rates significantly.
Chatbots can play a critical role in transforming the customer services offered by banks and aid the customers at every stage of the customer life cycle. Banks have to outline their business requirements and identify the use cases to be met with the deployment of chatbots to ultimately achieve the return on investment.
Formed in 2011, ModeFin, is a pioneer in Banking software offering Omni Channel & Digital Banking solutions to banks & financial institutions across the world. With headquarters in Bengaluru, ModeFin has partnered with 60+ banks in more than 20 countries and have helped them transform their business and stay ahead in the ever-changing marketplace.