Using Chatbots in the Banking Industry:Redefining Customer Experience in FinTech

When was it last that you were standing in a queue in front of ateller’s window in bank? Can’t remember? Well, it’ obvious! TheInternet and smartphones have already reshaped our bankingexperiences, isn’t?

That’s not all. Gear up to witness more disruptive changes in thebanking sector in this FinTech era. In today’s post, we would put aglance on one such disruptive force – Artificial Intelligence poweredchatbots for banking!

That’s not all. Gear up to witness more disruptive changes in thebanking sector in this FinTech era. New to this term FinTech? Well, it isa portmanteau, rather say, a blend of the words –financial technology.It is the innovative use of technology in the design and delivery offinancial services.

In today’s post, we would put a glance on one such disruptive force –Artificial Intelligence powered chatbots for banking!

What is a chatbot anyway?

A chatbot is a shortened form of “chat robot”. It is a computerprogram that is either powered by rules or machine learning in orderto stimulate human response to facilitate communication withcustomers.

They are conversational UIs that can help you not only with your chatby anticipating your next action but also with your day to dayactivities like ordering a cab, buying things online e.g. eCommercechatbot, so on and so forth.

In this post, we are keeping ourselves confined to the banking sectorand taking a look at the various roles chatbots are playing to reducecustomer pain points and drive customer satisfaction to the next level:

• Alleviate complexity of banking apps

• Become your personal financial advisor

• Detect and prevent fraud

• 24/7 customer service representative

• Promote products and gather feedbacks simultaneously

Alleviate complexity of banking apps

Don’t you hate your banking app? We all do! Traditional banking appsare struggling to keep pace with fast-changing customer expectations,mostly due to their complex UX. Therefore, progressive banks haveturned to chatbots to simplify the overall banking experience of theircustomers.

1) Now you can do your banking transactions from your preferred channels like messaging platforms.

2) You can view your recent transactions, check balance or even transfer an amount without having to log into a website or an app, all with the help of a banking bot.

3) The bots will not only understand your needs but also the context. Yes, they will predict rather than react to you. Thanks to technologies like machine learning and natural language processing!

Become your personal financial advisor

What if you had a personal assistant to take care of your financial life?Your banking bot will not just help you with transactions! They willkeep a track of your card transactions, analyze them to understandyour spending habits and guess what, give you budget planning tipsbased on this data. Thus, it will help you to keep your finances undercontrol.

Wondering how? Here are some of the tasks that your bankbot can perform:

• Inform you about the state of your budget at regular intervals

• Save you from missing important payments with timely reminders

• Suggest you different savings plan

• Make you aware of suitable and personalized financial products

• Notify you about important and time sensitive information

• Provide you with an investment portfolio update

Being an artificial intelligence software bots can easily connect to theinternal systems in order to access your financial information. Forinstance, Bank of America has unveiled an artificially intelligent chatbotcalled Erica. It will leverage artificial intelligence, predictive analytics andcognitive messaging to handle sophisticated queries and help customersmake smarter decisions.

Detect and Prevent Fraud

Neither you nor your bank can ever afford to lose the mutual trust. Whena fraud happens, it’s obvious that you would get skeptical about a bank’ssecurity practices and they would lose your trust. Therefore, fraudprevention is a critical activity in banking.

The good news is that a banking bot can effectively monitor andrecognize warning signs of any sort of fraudulent activity. It will not onlynotify you on real time via your bank’s messaging app but also advise youabout the steps you should take for fraud resolution.

Whenever you swipe your card, you get a notification right! What if youget a notification for a charge that you do not recognize? You would callthe bank to enquire and contest the charge. And if your bank getssuspicious they may decline a charge by blocking your card attempt.

A chatbot, however, can make this a simple, real-time as well as pain-freeexperience; let’s go through a bot-driven conversation to understandthis:

24/7 Customer Service Representative

Today’s tech-savvy customers expect their banks to providepersonalized support and faster resolution to issues which probablymay not be supported by a bank’s website or app. However, leadingbanks understand that excellence in customer service is the key tocompetitive advantage. Hence, they are looking at chatbots toresolve customer issues 24/7.

• When it comes to customer service, chatbots can act as an automationtool and also bring down cost dramatically.

• You would no longer need to undergo the frustrating experience ofcalling a call center or searching help section on your bank’s website.

• Your banking bot can instantaneously resolve your issue with the rightcontent as well as relevant answers by accessing the bank’s knowledgebase.

Promote Products and Gather Feedbacks Simultaneously

Banks often offer a wide variety of products and services. Howabout your banking bot delivering personalized offers, products andservices based on your profile data or important life events? Hey,it’s absolutely cool! Don’t you think so?

Moreover, your bankbot won’t be that pushy to annoy you withfrequent messages. In case, you are not interested in the offers, youcan text back “stop” to your bot so that it doesn’t keep messagingyou. It’s that simple!

Thus, a banking bot would ensure that you never miss out on theproducts and services that are best suited to you.

Another thing is that bots are the best analytic tools. They wouldefficiently gather data about your specific needs and pain points.Based on these data, the bots as well as your bank would be able toprovide you with personalized services.

Final words!

That’s not all! Bots are still evolving and they are getting smarter,more intelligent and omnipresent as we are moving towards an AIfirst world.

Keeping pace with technological advancement, we at Helios areproviding chatbot development services.

Are you alright with Bankbot handling your finances? Let’s begin aconversation; please leave your comments below.

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