Companies that use chatbots in banking and finance services offer several benefits.These chatbots can answer any enquiries and offer benefits such as increased productivity and customer satisfaction.
The main chatbot benefits in banking are 24/7 support, higher NPS scores, up-sell and cross-sell, collect data and engage with customers, always available customer support ,higher number of customers that can be self-served.
Finance service chatbots can become a master of the conversation by being intelligent about what information is required and what actions to take. Chatbots can build a positive experience for customers and establish trust by answering common FAQs. This translates into decreased work for customer service agents.
There are in general 4 metrics you should keep an eye on when developing your chatbot in customer support. Average deflection rates by using chatbots hover around 50%. This translates into reducing customer service agents’ workload by 50%.
Customer satisfaction management and NPS dashboard are coming to the forefront. Different companies are experimenting with different metrics in order to measure customer satisfaction. The Net Promoter Score is one of the most common metrics that’s used to measure the satisfaction level of a company's customers. Basically, it’s just a number that shows how many people rated your company as ‘extremely satisfied
New customer satisfaction management and NPS dashboard are emerging. Companies are experimenting with multiple metrics for measuring customer satisfaction.
Chatbots that use Artificial Intelligence help to increase customer satisfaction scores. They reduce customer waiting time and effort to service. Customers will get a simple reply and the customer service agents can concentrate on more complicated conversations with a customer.
By learning what customers want to buy, the chatbots in customer service can upsell and cross-sell products and services. As an example, when a user asks about roaming fees from its telecom provider and is satisfied with the answer, the bot can suggest purchasing a new phone that comes discounted with a data plan.
Many chatbots in the market are designed with business logic, like recommending products to customers, or delivering information about a website visitor, which can contain useful business insight.
One of the major problems with the traditional business intelligence solutions is that the data is locked inside the system as audio files where insight is difficult to gather. With chatbots the data is already in text format and using either the chatbot software vendor’s analytics or business intelligence tools it is possible to discover valuable insights.
Things such as customer behavior, preference for products, feedback to services, common issues with using services, common complaints and what products serve the most value and satisfaction. Business intelligence solutions that have one click contact and the ability to get reports in real time at the location make customer experience more valuable.
Most businesses would like to service their customers constantly, but that’s often not possible due to lack of personnel or resources.
Chatbots, though, are always ‘on’ and can cater to your customers whether it’s morning, afternoon or after midnight. Even if they can’t answer user questions, they can still save a customer’s details and their query and reassure them that their question will be passed on – much better than leaving the customer frustrated until they can speak to an agent.
The benefit of having self-serve channels is the ability to not have to wait for the customer to transfer to an agent. Agents need to be available for the next available customer as much as possible but it is possible for the agents to have too many in-bound requests so that all the customers have to wait a long time.
A benefit for a chatbot in customer support is that it does not really have an upper limit on capacity. And it is becoming easier to build a chatbot with no-code tools in a simple step-by-step process. By understanding customer requests through intent detection and Natural Language Processing, chatbots can self-serve customers.
Forms and emails do not appeal to customers these days. The expectation is to get instant response and make more impulse decisions based on the service received from the company.
With that in mind offering chatbots in social channels or in website chat gives a simple interface for new potential customers to submit information and as such capture leads that otherwise would have gone missing.
Fintechs often have a variety of services and goods from which their customers can choose from. There is a high possibility that the majority of the users who land on their website most likely are not aware of these products or services. Chatbots in banking can be a beneficial resource by increasing user engagement and spreading knowledge about these products or services.
8. Increase User Engagement
Fintechs often have a variety of services and goods from which their customers can choose from. There is a high possibility that the majority of the users who land on their website most likely are not aware of these products or services. Chatbots in banking can be a beneficial resource by increasing user engagement and spreading knowledge about these products or services.
Chatbots in banking may combine various functionalities that would make them convenient for customers of different age groups. Psychologically, people of younger generations prefer instant messaging over voice communication, so chatbots may satisfy this requirement. On the other hand, elderly people may have trouble typing their requests, so voice bot may suit their needs better.
There are several benefits of using chatbots in banking. Although bots are not perfect yet they are the best way to achieve the goal of providing a personal experience to the customers 24/7 instantaneously.
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