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Chatbot- A digital assistant in Banking Industry

 

Chatbot- A digital assistant in Banking Industry

Financial institutions across the globe are assessing the viability of deploying chatbots for varied objectives, consumers of information range from end customers to CXOs, FS industries are testing out various approaches to proactively deliver insights to the customers based on his/her transactional history and digital profile, example

  • Suggesting investment options depending on savings bank balance and risk profile
  • Giving market related news and impact on portfolios
  • Recommending ways to use reward points of credit cards

Firms are experimenting to authenticate customers based on voice samples from natural conversation and help complete transactions quickly, chatbots is proved to deliver predictive insights to CXOs across all key areas such as sales insights, performance of partners, fraud prevention, risk management, customer profitability and risk analysis, regulatory reporting, market information and benchmarking, customer lifecycle management, survey insights, net promoter score and customer feedback analysis across channels, Internal employee management etc.

Which branch in Singapore has had the maximum business since the beginning of the day ?

Can you check from RBI document of the last 5 years if i can host my card disaster recovery system in Australia ?

What is the on-ground feedback for the eKYC offering launched 2 months back ?

Growth in digital payments post-demonetization in India is unsatisfactory, please schedule a meeting with digital team


Chatbot is changing the face of the communication interface by adopting Artificial Intelligence, it brings huge change and simplifies overall banking experience for the customers, each customer is served with a most personalized approach, provides 24*7 support, resolves query, updates client KYC, Information on new schemes and services around the clock etc. it is predicted "By 2022, 40% of customer facing employees and government workers will consult daily on AI virtual support agent for decision or process support".

By using chatbot channel for communication with customers, banks can achieve a higher market value without annoying the customer. AI is tremendously empowering banking institutions and retail banking customers further by taking large amounts of data, and making it easily accessible anytime to the individual account holders, in the mode of a chat interface.

Chatbots on their current form has reached certain level of maturity, they are developed for specific tasks and unable to suitably handle specialized queries requiring knowledge outside the functional domain, so the capabilities and features of chatbots still has to be enhanced in order to create a completely different experience for banking customers by combining knowledge across all relevant segment areas and providing better insights to the user. This will give rise to a new conversational banking where results are delivered instantly through real time conversations, thus facilitating better decision making, below are some key factors to consider,

  • Significantly drive customer loyalty by adding a new dimension to the power of 'personal touch' and massively enhance customer delight and loyalty.
  • Create a cognitive financial institution by developing cognitive capabilities and deeply customized offering is a key idea for moving to the higher level of conversational banking.
  • Analyze and experiment with integration with other latest upcoming technologies by partnering with technology giants and leverage innovative technologies.

One of the study reveals that the majority of consumers prefer getting speedy information that resolves their immediate requirements which should be identical to traditional search engines, In some scenarios, they would prefer to talk to a person more than they want to deal with any form of artificial intelligence (AI) machines, according to a new study from STARTEK, why? Its because

  • Support for customers by anticipating and acting on needs,
  • Assure customers about their choices,
  • Identify and resolve confusing or complex situations, and
  • Build relationships

However, researchers also found customers don't need a steady diet of personal contact always. While 85% of customers prefer talking to a customer service representative most of the time -- especially when the issue is so personal or complicated -- but they're OK with digital channels as well for more routine issues. In fact, almost a quarter of customers said they initiated their most recent contacts with service through email and chat, care is what matters to customers most.

 

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