Conversational AI for Banks

Dec 22, 2021


Conversational Banking with AI-Powered Voicebot and Chatbot

Consumers use multiple channels - SMS/Text, Messenger, WhatsApp, Apps, and more - to access services from eCommerce, Healthcare, Travel & Hospitality companies. The similar level of services they expect from banks. Thus, banks around the world have started leveraging conversation AI chatbot and Voicebot to interact with customers and provide banking services through simple, human-like conversations. 


After the pandemic, banks are adopting conversation AI at a fast pace. According to a study by Cornerstone, only 4% of mid-sized banks and credit unions had used a chatbot at the beginning of 2020. By the end of that year, the percentage had grown to 13%. And another 16% were planning to invest in conversational AI in 2021. 

What is Conversational Banking?

Conversational banking is a way of availing core banking services—from requesting account statements to reporting stolen cards to transfer funds—through simple, human-like conversations on multiple channels, such as banking apps, Text/SMS, Messenger, and WhatsApp, and more.  

Gone are the days when customers had to visit the bank or website/app portals to access banking services. Now they can interact with AI-powered Chatbots and Voicebot to find information and make transactions using simple human language.   

Also, customers don’t have to use a particular arrangement of words for banking bots to understand. Thanks to Natural Language Processing (NLP), conversation AI Chatbots and Voicebots have grown mature enough to understand intent, sentiments, and the context of the conversation.  

HOW CONVERSATIONAL AI IS HELPING BANKS

Consumers love to interact with bots. According to a study by Harvard Business Review, 81% of customers attempt to solve matters themselves before reaching out to a human representative.  Thus, banks are including AI-powered Chatbots and Voicebots in their customer support strategy. 

AUTOMATE FAQS

Automating FAQs is arguably the first use case that banks addressed with conversational AI technology. Also, this is one of the most typical use cases across banks since the early stages of implementation of AI-powered Voicebots and Chatbots.  

For customers, FAQ automation is a life-saver. Instead of sifting through dozens of pages to find answers to their queries or information related to banking products or services, they can directly ask Chatbot or Voicebot. 

Respond Immediately to Customers

Customers love it when you provide instant assistance when they want information or try to make transactions. Making them wait until your human agent is available implies lower customer satisfaction. 

According to a report by Salesforce, 89% of consumers are more likely to purchase again after a positive customer experience. 

Conversational AI can help you automate your customer support. Be it the middle of the night or a holiday, Intelligent Chatbot and Voicebot can enable your customers to interact with the bank. 

Enable Seamless Transactions and Payments

Your customers don't have to visit dull payment portals to make transactions. Conversational AI enables them to make quick transactions through human-like interactions with AI-powered Chatbots and Voicebots.  

Processing payments conveniently leads to better cash flow management. Bots can proactively remind customers of due dates of upcoming payments. Also, they can help customers seamlessly access payment history and account statements. 

Also, banks are leveraging Voice Biometrics to secure transactions and provide a convenient method for customers to authenticate their identity. 

Increase Revenue

AI-powered Chatbot and Voicebot enable your customers to seamlessly find information about your products and services, make quick decisions, and purchase faster.  

You can leverage advanced analytics options to get powerful insights into customer behavior, intent, and sentiments. Also, you can leverage bots to Cross-sell and upsell, making appropriate recommendations to your customers according to their needs. 

Automate Customer Onboarding

Onboarding is one of the most crucial processes of the customer journey and an opportunity to gain the trust of your new customers.

63% of customers consider the company's onboarding program when making a purchasing decision, Says Wyzowl.  

Leveraging AI-powered, intelligent Chatbots and Voicebots, you can onboard customers with a new bank account, credit card, or a loan. 

Challenger Banks and Conversational AI

Delivering an exceptional customer experience is one of the key attributes that set challenger banks apart from traditional banks. Thus, conversational banking is prevalent among them.  

Since challenger banks always look forward to implementing advanced technologies, they leverage Conversational AI to transform their customer interactions. 

To Sum Up

To address the rising expectation of customers, leading banking majors across the world are enabling conversational banking. With simple, human-like conversations with Chatbot and Voicebot, your customers can access banking services - from providing account statements to making transactions to availing banking products and services. 

Written by:

Ashok Bishnoi

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