Banking Chatbots in 2023: Benefits, Use Cases & Best Practices

The insurance industry is highly reliant on iterate activities like purchasing, renewing insurance policies, processing claims, and responding to queries & resolutions. To assist, clients in securely conducting end-to-end seamless processes, a conversation AI chatbot can be a helping hand. The most common chatbot in the insurance industry is home insurance, travel insurance, life insurance & others.

These issues include unlocking or locking cards, resetting, checking bank statements, and completing fund transfers. AI chatbot allows customers to complete the entire process without waiting on the phone. Users can ask chatbots to provide them with account balance details under their names. Chatbots can also alert customers if their account balance is in danger of falling below an average balance. Users can use chatbots to pay bills, set or cancel payments, and track monetary transactions. Artificial intelligence and machine learning are slowly becoming conventional territories for several industries.

Pros of Chatbots

Since the pandemic started, the financial industry has seen people willing to move towards digital transactions across financial institutions of all sizes. In addition, customers are now more willing to move towards more digital activity. To meet the customer’s expectations, financial industries are now taking more approaches towards adopting new technology to serve more customers with the help of digital channels. After using Kommunicate, we saw an increase of 980% in customer conversations. The chatbot-based automation does a lot for us – trigger a conversation, resolve customer queries, and even generate business opportunities that we can redirect to our sales executives.

Easily integrate your chatbot with your websites, web apps, CMS, and mobile apps. With Chatfuel, the bot-building process is streamlined, so the most complex parts are already handled. To get a feel for how your banking service can use a chatbot, check out some of these banking bot favorites. For example, a person may visit the bank’s website without being greeted at all. Intuitively designed chatbots can add a touch of warmth to a moment like this. For example, because of chatbots, banks are projected to save over 7 billion dollars next year.

Value of Chatbots for banking industry

In conclusion, AI can also understand more short-form and slang than chatbots. Along with this is used NLU (branch of natural language processing , which involves transforming human language into a machine-readable format). As we can see, chatbots and other types of AI assistants are of great use in any industry that has to provide high-quality customer support. One such industry is the finance or banking area, and it is rapidly integrating these technologies into its workflow.

The supported functionality will also grow and will result in more use cases for chatbots. Chatbots have simplified and streamlined the lead generation process in the banking industry. Chatbots embedded in the bank’s website or app interact with the customers, gauge their interest in purchasing the bank’s products, and forward this information to appropriate teams for a follow-up. Conversational AI has proven to be a much more effective tool for lead generation in the banking industry than traditional methods.

AI in banking industry

Once they are installed, they use the provided data to solve multiple customer queries simultaneously while collecting more data from customers to update information and improve the quality of service. Deliver an amazing digital experience with AI Chatbot for Banking a customized banking chatbot. Provide 24×7 automated support and quickly resolve queries without making customers wait in support calls. Get a bot developed specifically for your needs to ensure personalized touch to all banking services.

Data is based on country, industry, monthly tickets volume from different channels, mean time to response and amount of people in the team. If you need a custom-made high-quality AI solution for your bank or any other financial organization, we are ready to help. Contact us, and our specialists will develop a chatbot that would bring you significant savings, as well as better customer experience. For some implementations, chatbots are required to imitate human behavior to the point when a user cannot distinguish a dialogue with AI from a dialogue with a human.

Review how to secure transactions

Click any of the links below to get more of our insights on FinTech customer service solutions. Along with high call volume, several financial institutions also face limited staff issues in the call center due to the requirement of social distancing. Besides, due to the sudden upsurge in Coronavirus, the FinTech industry was struggling with the transition of settling their employees to take up calls from home.

Using sharp AI, Clari also learns new skills over time to create a more helpful customer service experience. The Citi Bot SG chatbot allows users to interact with their bank via Facebook Messenger. This convenient tool integrates right into Facebook so customers can get info for their bank accounts without leaving the Messenger app.

HARO and DORI from Hang Seng Bank

Train your bot to deliver faster and effective answers to customer queries. A bank chatbot is an AI-enabled conversational interface to interact with customers and provide help. It either uses artificial intelligence or simple if/then statements to recognize words or phrases and respond accordingly. ” In this scenario, the chatbot will answer depending on the user’s location. In addition, Chatbots can track the location through mobile GPS, thus providing correct answers every time. Make your own banking chatbots using AI chatbot builder, integrate any third-party chatbot, or request a custom chatbot from us – you have got them all.

Another great benefit of using chatbots is that it will increase the productivity of your other banking employees. Rather than having each of your employees help with frequently asked questions, you can allow a chatbot to take over all of these responsibilities. Covid-19 has accelerated the deployment of these technologies even further. Despite the increase in online banking, banks hadn’t expected not having face-to-face contact with people for a prolonged time or not having employees working in their offices. Banks are consequently preparing themselves to meet these challenges in the future and to not fall for the same mistakes. This means responding efficiently to challenges such as outbreaks and finding solutions that can guarantee business continuity regardless of any crisis.

Plus, it can send instant alerts if there is suspected fraud in the account. Use a chatbot to stay available 24×7, automate routine tasks and give quick replies to queries. With an AI banking bot, consult people on finances and money without any human intervention. Leverage the advanced features of AI chatbots for banking to streamline your workflow and get more effective. Let artificial intelligence make people feel comfortable seeking information and sharing sensitive information. For a personalized experience, chatbots can be one of a bank’s strongest assets.