How Banking Chatbots are Reshaping Finance

Financial Services

Many digitally savvy companies have been picking up on the advantages of implementing chatbot technology and integrating it into their customer service systems with resounding rates of success. The finance industry, however, is one industry that has been a little slower on the uptake of banking chatbots. Those that have implemented chatbots in the financial sector are reshaping the whole industry.

How Banking Chatbots are Reshaping Finance

The banking and finance industry is one of the largest and most lucrative in the world. Everyone needs a bank account, and everyone needs to interact with their bank from time to time. Typically, when you think of engaging with a bank’s customer service, visions of sitting on hold for 45 minutes, or waiting for a reply to an email that never comes are all too common. This is where chatbots are coming in and reshaping the world of banking.

24/7 Customer Engagement

Chatbots are a low cost, highly customisable, and very efficient way of increasing the levels of customer service and keeping clients happy. Developing and maintaining a banking chatbot is more simplistic than developing a banking app and if implemented correctly, will deliver much more satisfactory results. The chatbot will not only interact with customers 24 hours a day, 7 days a week, but it can gather information on their preferences, questions, and feedback to help you offer a more well-rounded, and personalised service. The capabilities of such software go far beyond customer satisfaction, and for companies that run on figures, statistics and data – a chatbot is a no-brainer solution.

Automating Repetitive Tasks

Another way which the power of banking chatbots can be utilised to reshape the financial sector is through the automation of operations. Tasks such as checking a customer’s balance, making transfers or deposits, and even changing personal information or ordering a new card can be done instantly and at any time. A banking chatbot can also be utilised to automate fraud prevention processes, collect KYC and AML documentation, and generate incremental revenue whilst keeping overheads to a minimum. This would release a lot of the strain that is put on call centres and branches in terms of performing small tasks that could instead, be delegated to a chatbot.

Security

Of course, some may be concerned that their information may not be safe or secure with a chatbot, but the reality is that the same verification protocols used to identify a customer on a call, can also be leveraged electronically. That aside, there really is no difference between inputting your details on your internet banking website and inputting them into the chatbot that you are engaged with.

How Banking Chatbots are Reshaping Finance

For banks and financial institutions to remain competitive, they will need to continue to focus on adapting their traditional services and providing new and more convenient ways for their clients to interact with them. As their customers become more technologically savvy, expectations placed on companies such as banks increases. From the banking institutions point of view, a chatbot can save money, time, and resources, as well as increase customer satisfaction and provide valuable insights through in-depth data collection.

Banking chatbots like ebo are a useful and competitive tool and one which is set to continue revolutionising the way we do business in years to come. Contact us today to request a free demo.

Published December 2017

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