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How ChatBots Are Redefining Banking Experience

To understand how chatbots help customer experience it is important to know exactly what they are. In basic terminology, a chatbot is a program written into a webpage that can act in the place of a live agent. The chatbot is an artificial intelligence technology that can adapt and respond to any main questions, or they can transfer the call to a human when requested. 

Let us take the time to break down how a chatbot redefines the customer experience when dealing with a bank or lender.

  1. Frequently Asked Questions-In the not-so-distant past you would have to go through a link when you had a basic banking question. A link that led you to a page with a list of the most typical questions and the answers to them. If you could not find the answer to your question, then you might have been able to get ahold of a live person. Sometimes, not so much. A chatbot gives the customer easier access to the information that they want to know. The bot will scroll through the page for you and get you the most pertinent information for your questions. It will ask some questions and use their vast data bases to find you an answer. If they have no luck getting you the correct information, they can transfer you to a person behind a computer and next to a phone. Hard to believe, but yes, there are still live agents.
  2. Expediting Loan Applications-While talking to a customer the bot can load the page of the site that will allow them the ability to apply for the loan that they are needing. If any information had previously been compiled during the conversation the bot will be able to fill out the sections of the application that they have already been given by you. Loans can be complicated, and the application process can take some time. The chatbot will be right there with you to answer any questions that you may have and will be able use programs within programs to accept or deny your request within a matter of minutes. 
  3. Marketing-You would not think that an AI program could help with marketing, but it does. While typing in your concerns on the banks platform the bot can use your chat to offer you specialized offers. For instance, if you are needing some information on obtaining a car loan the bot can explain their process, while giving you a link to an online site that will compare car loans offers for you. This is impressive to most prospective consumers. After all, why would a bank chatbot sent you to a site that will compare them with their competition. The answer is simple. To lure you into using them as your bank.
  4. Basic Banking-Some of the more advanced chatbots can complete basic banking functions, such as making deposits and decisions on loans and accounts. Opening an account can even be done through the small little box that pops up when chatting. The chatbot can list any links that you will need and can complete online what would normally mean a trip down to the local branch. Customers will no longer have to sit in a running car waiting for the drive up to move forward or stand inside in a line of people hoping that their turn comes soon.
  5. Tone-The tone of a customer can shift within a matter of seconds. A chatbot can notice any cues given by you through your typing, and adjust the direction of the conversation, and the process, in ways that will push your attitude in the direction that they want. An example would be an irate customer that is trying to reach the bank in search of a car loan. It may be frustrating for most people to take the time to chat with a bot, but AI technology makes it the best way to go in most cases.
  6. Payments-Traditionally, banks have needed to have tellers for banking functions, as well as being available to take payments for loans and services that they offer. A chatbot will be able to fill this need by processing any payments that you may need help with. Of course, since most banks have online platforms that allow you to do all your banking from home, you may not ever need the help of an AI system. But if you do, they are there to help you get through almost any situation.
  7. Customer Feedback-The best way for a bank to maintain their customer base is to listen to what they have to say and make any changes that make sense. People like to vent about things that they do not like. A chatbot can sort out comments that need to be addressed, and the ones that are just complaints that the customer wanted logged in. The AI may even be able to address some of the comments on the spot by offering guidance and links that may be useful. Much like a human operator could, without the possibility of a human agent becoming impatience and rude. An AI bot has no feelings so it will not be affected by an unruly customer. 

ChatBots are becoming a part of numerous websites around the world that rely on customer engagement for business success. All the financial sectors are finding use for them. It is an uncomplicated process to add one into an existing site, but it is not cheap.

 It is how the future of banking will be conducted so institutions that want to stay ahead of the game need to add the AI program to all their online sites. The ones that have already feel the positive affects that it can bring. Companies that have chosen to stick with face-to-face interactions are starting to run into financial problems of their own.

The tech era is upon us. Nothing can be done about it except to jump on the bandwagon and take advantage of everything that it has to offer. 

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