A chatbot is a conversational application that interacts with a human user via live chat interface. It is a voice-enabled software that serves as a virtual assistant to a customer seeking support from a brand.
A simple chatbot has a stock of common customer queries and their answers. When a customer poses a question, it churns out the pre-recorded response to that question. More sophisticated chatbots are powered by Artificial Intelligence (AI) and Machine Learning (ML). They use Natural Language Processing (NLP) and Natural Language Understanding (NLU) to device answers to more layered questions specific to the user.
In the banking world, AI banking chatbots are redefining the way business is done. They are replacing traditional banking services with more advanced and personalized services. According to a Gartner report, about 85% of the world’s banks will employ AI to interact with customers by the year 2020. A Juniper survey indicates that chatbots in banking will result in an estimated savings of 8 billion dollars by 2022.
AI bots save time and increase productivity. With their introduction, banks are witnessing a rise in customer satisfaction and employee productivity. Let us analyze in detail the top 3 ways in which AI conversational apps can enhance customer banking experience.
Personalized services in real time
AI chatbots are quick. They waste no time in answering customer queries. They rely on NLP and NLU to come up with the most appropriate answers to the specific questions of customers. They also converse like humans so users do not experience any difficulty in interacting with them. Whether it is account details-related or loan-related, chatbots provide personalized answers, suggestions and tips to users in real time. They also resolve issues, market the bank’s latest schemes and inform users about changes in banking regulation. This helps the bank build a fantastic relationship with its customers and fosters customer delight and customer retention.
Enhances employee productivity
Because chatbots do most of the menial work related to customer services, they free up the bank’s employees and help them focus on more pressing issues that cannot be handled by AI. Employees find more time to devote to complex decision-making tasks and leave the day-to-day simple customer queries to the bots. Chatbots also manage employees’ personal details like salary, leave, etc., and allow them to access, review and update the data with minimal hassle. This saves plenty of man hours for the bank and enables workers to make better use of their time in office. This in turn translates to improved customer service and more happy customers.
24x7 customer support
Chatbots are available round the clock. Consumers can chat anytime they like and have their queries answered and complaints registered. They don’t need to wait to speak to a human customer care executive on a weekday during business hours. It simplifies communication and makes things very convenient for the user. It saves time, aids prompt action, and prevents small problems from snowballing into larger unmanageable ones. Most importantly, the customer feels valued and cared for, which is vital for building a healthy relationship with the customer.
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