Chatbots Archives - Tech InShorts https://techinshorts.com/tag/chatbots/ A scoop of Technology Mon, 13 Jun 2022 02:47:34 +0000 en-GB hourly 1 https://wordpress.org/?v=6.1.1 https://techinshorts.com/wp-content/uploads/2020/07/cropped-techinshorts-32x32.jpg Chatbots Archives - Tech InShorts https://techinshorts.com/tag/chatbots/ 32 32 AI enabled Chatbots: – Harnessing the power of Chatbots to transform CX in the Banking Sector! https://techinshorts.com/ai-enabled-chatbots-harnessing-the-power-of-chatbots-to-transform-cx-in-the-banking-sector/ Mon, 13 Jun 2022 02:47:34 +0000 http://techinshorts.com/?p=3061 Do you know what irritates customers the most when they visit their nearest banks? It’s their poor customer service. Today, customer’s want their queries to [...]

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Do you know what irritates customers the most when they visit their nearest banks? It’s their poor customer service. Today, customer’s want their queries to get resolved soon, however, long response time and lack of free operators make them switch from one bank to another. If you want your customers to stick with you, you need to make sure that you provide them excellent CX. With the help of AI Powered Chatbots, banks can deliver exceptional customer service to their clients.  

Chatbots are known for boosting customer experience. It also simplifies the process of customer communications management. At the same time, it helps bank staff in automating their routine work, so they can focus on other important tasks. With this, they attract more new customers. It’s all because chatbots have now become more mature and secure. Earlier, chatbots only deal with customers’ predefined questions. But, now, the advancement in Artificial Intelligence technology has transformed these bots into digital assistants.

Want to Know the Future of Chatbots in Banking industry?

Financial institutions today take a more urgent approach to adopting new technology, it helps serve a much higher number of consumers through digital channels than ever before. The role of banking chatbots in the near future will be significant and ever expanding. 

With the help of AI enabled chatbots, banks are able to handle routine tasks right from resetting a mobile banking password, to paying bills, transferring funds between accounts, opening a new checking account, etc. As a result of technological advancement, in the near future, one can see that chatbots in banking will be capable of handling far more complex tasks, like helping a customer to get pre-approved loan.

The most important aspect is that chatbots in banking have become much more advanced because of its ability to take the customer experience to the next level. It helps turn interactions that have traditionally been very transactional into an experience that would be closer to the real life. The future of enhanced customer experience will be a concoction of serving customers both in-person and virtually.

Chatbots are mobile optimized and they provide higher user engagement. Therefore, mobile customer engagement is possible with AI powered chatbots. As per a latest report, chatbots can also considered to be a popular technology and enterprises around the world can integrate them into their mobile marketing strategy.

Transforming the Face of Banking Operations with Chatbots

While banking chatbots continue to evolve, many financial institutions are now making the best use of conversational AI technology, with early successes associated with call center automation and marketing campaigns. “Bank of America announced Project OpenWhisper”, which is an open-source platform. This platform is designed in such a way, which help developers build better “digital banking chatbots”, using the same underlying AI technologies that power its digital assistant, Cindy.

AI enabled chatbots have transformed the personalized banking and customer service experience. Secure data management, unique customer requirements, rapid processing, and 24*7 availability have all been met with the arrival of conversational AI Chatbots.

Chatbots in the banking segment can enhance the omni channel customer experience and it also helps broaden their reach. Banks are highly effective at striking the ball and integrating bots into their daily operations. Banking enterprises are expected to save billions by the end of 2022 simply by saving time explaining customer questions.

Why Should Banks Invest in Chatbot Services?

The below mentioned pointers talk about some of the most significant roles of chatbots in the banking sector:

  • Affordable & Cost-Effective: Chatbots are a one-time investment. It means cost is less than hiring a digital assistant in person. Unlike other separate apps, chatbots need less coding, which means low cost and it is also supported by a wide range of platforms.
  • 24/7 Support Center: The all-the-time support feature of chatbots attracts customers the most. All those banks that support this feature can hold their customers for a more extended time period.
  • Give Suggestions on Financial Matters: Banking enterprises are now making the best use of advanced bots for accessing customer data. These bots can easily track how much the customer spends, manages their budget, and sets spending limits. Such bots also provide recommendations for money management. Isn’t it great?
  • User-Friendly: As compared to other traditional apps, chatbots are easy to use, more user-friendly, and provide a personalized user experience. While using chatbots there is no downloading process. All this is because of Artificial Intelligence and Machine Learning technologies.

Some Best Uses of Chatbots:

Chatbots Improves the Customers Onboarding Process

With the help of Banking chatbots, customers can easily fill out application forms for different purposes. At the time of form filling, the AI-based chatbots provide help in requesting the customers for the needed documents and images. The digital client onboarding brings new opportunities for businesses to enroll in more new customers. While this process through chatbots might result in higher usage rates, it’s also a plus point for the banking enterprises.

Personalized Banking

Chatbots provide a personalized banking experience to their customers. The customers don’t have to visit the bank branch quite often to know about their account balance, for updating their credit card details, inquire about the latest schemes, and get the monthly statements. Chatbots do all these tasks and it saves much time, which leads to a higher customer experience level and more business productivity.

Measuring Customer Satisfaction

AI enabled Chatbot helps identify the users’ behavior patterns. They collect massive user data about their moods, preferences, and behavioral patterns. In this way, banks get a chance to improve their services and introduce new ones if required. Their main aim is to provide users with a more personalized approach, which can lead to more conversion rates.

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