Article

Mary Rybakova
Mary Rybakova 22 November 2019
Categories Technology

[INFOGRAPHIC] 10 Ways AI Chatbots Can Transform the Banking Industry

Chatbots have started to make waves across industries, and that includes banking and finance. View the infographic to see ten ways businesses in this field can benefit from a bot.

A chatbot is a piece of software that can share information and answer questions in a conversational style. Especially when enhanced with artificial intelligence technology, bots can interact with users in a very humanlike way. These personable virtual assistants exist in chat platforms like Facebook Messenger and can help automate support, increase sales, and more for businesses across industries. 

Bots are revolutionising the way brands interact with prospects and customers. Besides being constantly available and consistently helpful, chatbots are enjoyable to interact with. They allow businesses to share information about their products and services in an engaging new way. Prospects and customers will leave the interaction with answers to their inquiries and details about what a brand has to offer. More than that though, they'll be left with a sense of the company's commitment to their satisfaction. A business that creates a bot to better serve customers shows that they care and that they've invested in the constant improvement of the experience.

Banking is just one industry that has begun to recognize the power of this exciting new tool. First, bots can add a more personal, approachable element to this field where businesses are often perceived as serious and formal. An AI chatbot can also provide tailored advice and information to customers, saving human support agents time. Finally, a bot can gather and sort customer data, allowing the bank to qualify leads and retarget users in with relevant offers in the future. These are just a few of many examples of how AI bots can impact banks and their clientele.

To see more, view the infographic below. It shares ten different ways bots can benefit banking businesses in the following areas: service and support, sales and marketing, and customer relationship-building.

Info-Graphics-01.png

  1. Reduce customer wait time. Bots are available to provide instant support 24/7. Customers don’t have to wait on hold or look for an email reply days later.
  2. Improve customer-service efficiency. AI bots can handle a large percentage of customer inquiries. Banks need fewer customer-service agents as a result, saving time and money.
  3. Simplify communication. Facebook Messenger has 1.3 billion users. Most customers are already familiar with the interface, eliminating the learning curve and user time cost of a separate app. 
  4. Personalise the customer experience. Bots have access to basic information from a user’s Facebook profile, and they can gather more in an easy, conversational style. That way, all advice and information can be customized to the user.
  5. Provide service in context. Messenger saves the chat history with each user, so the bot—and any human who may take over later—always has context. As a result, the service experience is more customized, quicker, and always relevant.
  6. Segment users based on behaviour. A bot can save user actions and behaviours as attributes. Banks can then use this data to learn about their audience, and to retarget them with customised offers later.
  7. Generate and qualify new leads. A bot can ask qualifying questions to segment its audience based on fit for a particular service. It can then be linked to the bank’s CRM to facilitate agent follow-ups with qualified leads.
  8. Build trust and a positive relationship. A bot’s constant availability, personalised service, and humanlike, conversational style can build trust and show your brand’s commitment to great service.
  9. Educate and engage. Bots share information in a conversational style, bit by bit. It’s a more effective, engaging way to share updates and advice than a user reading long-form content on their own.
  10. Supplement a full banking app. Bots don’t have to replace a separate banking app. They can be used for a single purpose or campaign instead for banks that already have a robust app.
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