Chatbots In Financial Services: Top 4 Reasons To Have Them Today

Chatbots In Financial Services: Top 4 Reasons To Have Them Today
Summary: Chatbots in financial services offer quick and simple solutions to providing payment tools, reporting a lost card, checking account information, or providing wealth management advice.

Benefits Of Chatbots In Financial Services

In industries such as healthcare and financing which depend on handling a large influx of consumer calls and queries, chatbot-based AI can connect with people and respond to their needs, thereby reducing the need for people to attend to them. Chatbots have become the first port of call in many industries, and financial services are no exception. Read ahead to know the top four benefits of using chatbots in financial services.

1. Faster And Better Customer Experience

The primary intention of any business is customer service. Similarly, the main motive of a financial institution is to provide a better customer experience.

Chatbots in financial services have the central purpose of using technology to make an improved and positive customer service experience. Most chatbots function as an optimized support system for customer-bank interactions, such as automating routine tasks, initiating rapid responses to customer queries, and sending personalized messages. Owing to their ability to talk face-to-face with customers, chatbots are seen as the future of financing,

Chatbots in financial services can enhance the omnichannel customer experience. Chatbots have the potential to help customers with a variety of financial activities in an entertaining way. They answer commonly asked questions and permit financial institutions to assign their staff to solve complex customer service problems. Chatbots’ conversation interface gives customers a helping hand.

Similarly, their use does not require much effort from the user. According to the latest statistics, 86% of financial institutions agree that the use of chatbots boosts their engagement with millennials.

2. Train Your Staff More Effectively

Chatbots not only improve customer service but also help the staff of the financial institution to automate routine tasks. With the use of chatbots in financial services an average of four minutes can be saved per customer. To elaborate, we can say that chatbots take 60% less time than traditional call centers. However, can chatbots replace capital manpower in any financial institution?

The answer is no. On the contrary, chatbots can be effectively used to train and serve your employees. Chatbots can be used to manage internal documentation processes, train new employees and provide automated support for long and time-consuming tasks. By using chatbots in financial services, you can automate repetitive customer service tasks and thus manage the work that is time-consuming and affects the performance of your support team.

The inclusion of chatbots in HR deployment can help relieve pain points in shared paper-based workflows. Chatbots in financial services can also connect employees to the information they need. For instance, a chatbot can function as a real buddy for employees. It can assist the employees with all their queries. From vacation details to tracking reimbursement claims—it is indeed the friend in need of the employees.

3. Personalized Services

As of 2021, over 95% of Americans have smartphones in their hands. The attraction of chatbots for financial services is the massive satisfaction rate among users. Over 86% of users prefer using chatbots for personalized services in financial institutions. Retail financial institutions can use chatbots to offer their customers more robust services and stay ahead of the competition. Chatbots in financial services are powerful enough to collect a ton of data from customer interactions, which helps financial institutions get a better picture of their customers.

However, personalization is ubiquitous. Chatbots help you boost your customer retention and acquiring strategy with hyper-personalization. Leading financial service providers are turning their chatbots into virtual voice assistants that send notifications, give savings tips, make product recommendations, and help customers manage their finances. For instance, you can customize your chatbot to provide customers with information about your bank branch or ATM location, opening a new account, credit card application procedures, etc.

Financial institutions can integrate chatbots into their websites and apps to inform potential customers about financial institutions' new products and services. For example, when a customer purchases a travel ticket, a chatbot can approach them and offer them related products like travel insurance, foreign exchange accounts, etc. Thus, by introducing evocativeness, chatbots use hyper-personalization to increase customer satisfaction.

Chatbots can also be instructed to access bank details and engage customers in conversations in accordance with data protection policies. More alluring is the fact that 30% of chatbot conversations are engaged in by non-customers. Therefore, chatbots have proven to be one of the most effective customer acquisition strategies.

4. Prevent Fraud

Chatbots are quintessential for both financial institutions and their customers. Chatbots in financial services can also monitor and detect warning signals of any type of fraudulent activity. Further, they can send warnings to customers and financial institutions. Chatbots can use mobile financing apps to remind customers of upcoming billing, account changes, and expected transactions.

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