Why banks need to embrace Conversational AI … quickly …

Why banks need to embrace Conversational AI … quickly …

Hey Bank! Listen! Do me a favor and just get a chatbot to talk to me. Enough of the long waits, unending IVR menu items, and dumb customer support agents

-A frustrated bank customer

For customers, dealing with banks once meant visiting the branches, waiting in line and getting the work done. But in this digital age, websites and mobile apps are the go to communication channels between customers and banks. This has made it very easy for banks to reach their customers and have enabled customers to have their financial information at the click of button. This shift in communication channels has led to customers expecting quick, delightful and personalized experiences from the banks.

Banks and Financial institutions have always been slow in adopting the latest technology and hence are falling short of customer expectations. They are also missing out on an opportunity to build a relationship with their customers through efficient and cost-effective digital channels which would lead to higher customer LTV(Life Time Value). Financial institutions need to stop waiting for customers to approach them and rather become proactive and start interacting with customers to build better relationships.

The easiest way for banks to engage with customers and build long lasting relationships is to use CONVERSATION. Customer Support chatbots and Smart Assistants are the tools that can automate customer support and also provide delightful customer experiencesChatbots? Virtual Agents? Smart Assistants? RPA? Find out the difference here

Banks need to embrace AI-powered chat software (chatbots and virtual assistants) to engage customers through familiar text and voice based interfaces. These virtual assistants are programmed to solve common customer queries and guide them with various processes and procedures in a conversational manner. These interactions can be done over well known channels like FB messenger, WhatsApp, IVR and many others.

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What are the benefits, you may ask. Here are a few

  • Improved customer experience — Virtual assistants provide consistent support to your customers, 24×7
  • Greater reach — Virtual Assistants provide delightful customer experiences through the channel of their choice be it voice or chat
  • Low maintenance — Virtual Assistants need not be monitored continuously and can be updated easily using a chatbot platform (Check out the Smartbots Platform )
  • Higher Productivity — Virtual Assistants handle common tasks so that human agents can concentrate on complex tasks at hand
  • High self-service rate — Virtual Assistants are designed to resolve customer queries without human intervention
  • Greater Customer insights — Virtual Assistants provide insights about customer queries & requests leading to greater engagement, relationship & loyalty

Conversational AI and chatbots in Banking are redefining how banks talk to their customers by making two-way communication possible. Today’s customers expect exceptional digital experiences. AI-powered Virtual Assistants not only ensure automated, delightful, personalized customer experiences but also provide useful information and insights that prove to be a great advantage for the banks.

Check out Smartbots.ai to start your journey with enterprise Conversational AI

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Why banks need to embrace Conversational AI … quickly … was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.