Chatbots in Banking: Benefits and Trends

AI based Chatbots can really change the way Banks are handling their customer’s queries. According to one research, a chatbot can save minimum of 4 minutes per inquiry. With the help of experienced Chatbot Building companies advanced chatbots for banking industry could be developed to replace most of the physical data collection and other mundane and repetitive tasks. Many Banks have now have their own mobile and web application. But it is high time now to shift to Conversational interface bots to provide frictionless experience to today’s generation customers.  AI based chatbot take in input a lot of data during training. This data is trained on through NLP Engines which help chatbots to imitate humans.

Benefits of Chatbots in Banking

AI has the capability to transform digital banking industry and contribute value of ease to customers as well as Banks. With the help of AI extremely Intelligent chatbots are developed. These bots can do tasks like scanning QR code and transferring amount through chat conversations. Chatbots also bring range of other benefits to banking industry, which are as follows 

• Better Customer Service: With Chatbots bank can provide 24*7 Customer Service. The customers need not wait for banks to be start at 9 or 10 am and get their solution. Solving queries can be super easy with chatbots. 
• Personalized Experience: Chatbots can easily leverage Customer data/analytics concepts. They can provide personalized conversation, personalized query solving and even personalized offers. 
• Automated Banking Queries: Chatbots can be an excellent tool to automate banking queries related to product, services, offers etc. Human cannot handle multitasking effectively. While chatbot can handle mutliple clients and multiple task at the same time.
• Productivity of Banking Agents: Chatbots work like automation in day to day life. They can make human agents productive than before by providing them with free time. Thus allowing them to focus on critical issues. 
• Reduced Customer Support Costs: Conversational AI Bots are a fantastic opportunity for banks to automate most of their customer-centric processes and spend less on humans. 

Future Trends for chatbots in Banking

Banks are leveraging AI to generate great digital financial capabilities. It is important to keep up with the modern trends in IT Industry and to provide the best customer experience. There are also some banks who combine the features of AI with finger-print authentication, facial recognition, security and many more. Future trends of banking chatbot include: 

• Operational costs of more than $7.3 billion will be saved by 2023 due to increasing usage of chatbots in banking institutions. 
• The role of AI is going to increase in quickly detecting and resolving usability problems against the system and applications. 
• Banks can also use AI systems to understand the best time to reach a customer and provide personalized offers. 
• Chatbots can also be used to replace physical data collection methods of paper forms. 
• Banks in future will also deploy chatbot with intention to solve problems like payment order execution, clearings etc. 

Conclusion

Streebo is a leading Chatbot builder and has more than decade worth of experience in this field. We are an IBM Gold Partner and have extensively worked in this technology. Streebo has also built a technology called Bot-Builder technology. Using this technology chatbots could be built in less than half of built up time. Also, client can use NLP engine of his/her choice. This technology is built on ideology of plug-and-play architecture. So Client can either connect his WhatsApp to NLP of Google, Amazon or IBM depending on their choice.

Chatbots can be completely responsive means they will have perfect UI/UX on mobile, tablets and desktop devices. Chatbots are going to be the next important thing in sectors like banking, retail, fiance,health etc. Omni-channel chatbots are the ones  which can work on social media platforms, web and mobile apps in the same manner. Streebo’s bot-builder technology can develop omni-channel chatbots. So single chatbot can be deployed on various platforms. 

Big Enterprises are adopting chatbots at great speed. Some of the exmaples are HDFC banks’s AI powered Eva, Peoplestrong’s HR chatbot Jinnie. Microsoft’s desi chatbot Ruhh and Tata Capital’s AI based chatbot are also good examples. Banks and Mobile Wallet Companies need to understand the continuous changing technology taste of the customers and should integrate the same in their applications.