The days of waiting in a long queue to deposit some amount in your bank accounts are gone. The digitalization of the world has improved many concepts, including the ones from the banking and finance sectors. With the help of online banking, performing transactions has become quick and easier.
While the era of mobile apps and online support services is heartily welcomed by most of the customers, it is evident that the comfort and convenience of users have become primary concerns of every company. As the number of internet users globally is climbing new heights, it becomes essential to offer services through online portals and mobile apps to please your customers.
Chatbots for Financial Services: How Do They Fit?
While the technical revolution has just begun, it is crucial to note that artificial intelligence and machine learning concepts are on the rise. As solutions powered by Artificial intelligence secured their places in Gartner’s top technology trends for 2020, there are many new inventions on the way that will enhance the experience.
The word chatbot is made up of two words, chat and robots. They are programmed robots that can interact with your customers using the concepts of Natural Language Processing (NLP) and Artificial Intelligence. They take up the work of completing customer service support and deliver services following the commands and feedback integrated into it.
But are they a good fit in the banking and finance sectors? To solve the complex issues and problems of users, the chatbots might not seem an excellent option. Still, the changing trends of artificial intelligence have powered the chatbots with advanced features that help in providing excellent services.
The continuous growth of chatbot technology guarantees excellent solutions and provides excellent support for running your business errands efficiently. While you can focus on other essential aspects, chatbots can fulfill customer expectations by delivering outstanding performance.
The benefits of chatbots help in running the banking and finance services efficiently and securely. As the increasing threat to user security is becoming the center of every technical debate, chatbots got you covered on the security front also. As the modern concepts of artificial intelligence are put in effect, they assure the security of your users’ data while providing excellent services to them.
Benefits of Using Chatbots in Finance Services
The chatbot industry is overgrowing. And if we believe the reports, chatbots can save 30% of customer support costs by delivering excellent customer experience while answering their queries quickly. However, there are more benefits of using a chatbot in any financial services to achieve outstanding results.
Gives You Benefit of Technological Updates
The increasing competition in winning the customers over has become a headache for many businesses. And the time is ripe to implement a chatbot in your system before your system becomes outdated, and customers start finding support in other agencies.
Implementing a chatbot is a recent trend among businesses, and if you are not one of them, you are missing on the greatest opportunity to give your business an essential boost that it needs. Also, integrating a chatbot in your system has become easier with multiple companies delivering support for easily integrating chatbots in your system as per your needs.
Attract Target Audience Easily
To secure your future, you should depend on the millennial generation to keep your business running for a longer time. And as 40% of millennials admit they interact with chatbots regularly and find it very convenient, it becomes an excellent source of gaining the trust of them and attract more customers.
As chatbots make it very easy to perform various operations relating to financial services, millennials prefer it over the traditional methods. A business serving customers with modern aspects that increase their convenience easily succeed at becoming popular among companies and earn more profits than others who don’t.
Fraud Detection
As mentioned earlier, the continuous progress of artificial intelligence empowers chatbots with the support and extended features that ensure the security of transactions along with the comfort they offer to customers. According to reports, the number of security breaches has increased by 11% from 2018. This puts a big question over the services you deliver online as phishing, frauds, hacking, social attacks, and more make it extremely difficult to store the information securely.
Also, chatbots are excellent at preventing fraudulent activities. They can enable extended security constraints forced over each transaction to make data breach almost impossible to take place. As they can monitor the banking activities of each customer in real-time, it becomes easier to search for and catch any fraudulent activity and take action immediately.
Save on Expenses
Chatbots help you save expenses that you have to dedicate after customer service support specifically. Not only this, as chatbots are excellent at converting the mundane tasks to automatic, they provide excellent outputs without asking for salaries. While a software development company can easily integrate an excellent chatbot in your system, it helps you eliminate the excessive staff requirement.
Also, if you are concerned about the data storage requirements and the chatbot integration, these are already covered as there is no need to invest in expensive data storage systems. Cloud storage makes it easier to access data from anywhere and extends the limits of data storage systems. You can generate the best outputs without having to invest in recruiting people to complete tasks.
Automate Your Marketing
Chatbots are not only useful for providing customer-centric services, but they also are excellent at making your marketing efforts count. While you can manage to promote your products and services to your customers without needing support from any marketing agency, why not use it?
Chatbots provide an easier and more user-centric way of promoting services to customers. As you already have customer data stored, you can personalize your marketing efforts to generate better results than before. While you keep your best resources in use, chatbots provide excellent outputs by driving an excellent conversion rate as the user-centric marketing efforts always turn out successful.
Offer Assistance
Chatbots can help your customers throughout the day by assisting in every task. Whether they are performing any transactions, any finance-related operations, or they have any queries regarding any services, and more, chatbots can pave the way to offering 24×7 support to your customers.
While you are offering excellent support to help them perform tasks efficiently, chatbots can enhance the user experience by guiding them through the entire process and creating an effortless and seamless procedure. Also, this personalized approach results in increased user engagement and benefits the financial organization at the end.
Live Agent Contact
Even when your chatbot is loaded with the latest technological approaches, it sometimes misses out on specific points and complex queries asked by users. This is the time when a live agent should take over the conversation and help the customer. As technology trends are evolving, the live agent and chatbots are connected, and the conversation can be transferred to each other seamlessly.
Chatbots keep learning from the queries posted by users. However, during the situations when a chatbot is not able to answer the question, it can be transferred to a live agent who can answer the queries. This transaction is made as seamless as possible, and customers are enjoying the benefits as it serves them with the best services.
Easy Management
No customer is dedicatedly using a single bank or financial organization for all their services. And it becomes difficult to handle different operations from different organizations. However, chatbots can relieve them of those worries. Chatbots can be used efficiently to manage the operations across all organizations efficiently and deliver excellent services.
Not only increases productivity, but it also saves a lot of time for customers. While customers love the easy management feature of chatbots, more and more organizations are paying attention to integrating the same functionality in their chatbots to serve users efficiently.
Conclusion
Change is inevitable. Without the help of technology, many tasks that we conduct today might become impossible to perform, and the updated concepts of technology guarantees to provide even more convenience. With artificial intelligence and machine learning bringing up the best aspects of every industry to life, the future will see extended use of chatbots and virtual assistants that deliver excellent personalized services to customers.
The Financing and Banking sector can benefit from the best practices of chatbots as the customer gets personalized experience delivered for the utmost comfort and convenience. Many companies have already started providing the best services through chatbots, and financial services have become more accessible than ever with it.
