The banking and financial sector usually deal with giant data and a voluminous customer base. That's the primary reason why the banking industry is fostering better communication systems with a live chatbot for websites. They are prioritizing on simulating the conversations between the bank and the consumers.
Banking communities are literally praising AI technology and its applications like artificial intelligence chatbots for developing a conversational approach. If you scroll down the recent statistical data, you will find 75% of customer interactions with banks happen through online mediums. However, some people still find dealing with mobile applications and AI-based bots is meaningless.
Before we move on to unfolding the reasons behind accepting the new technology, let us have a brief analysis of what conversational banking is.
Conversational banking
Conversational banking is completely a new concept that draws attention to seamless communication between the consumers and the bank. In this conversational approach, consumers can perform various banking operations while chatting with the virtual or live chat agents over chat interfaces. The conversational interface thus offers a smooth platform for the users to meet their objectives without creating headaches or consuming enough time.
Let us now crawl in-depth to learn how AI-enabled chatbots can develop conversational banking. This will help you to understand the concept and the true need for revolutionizing the banking sector.
8 Ways chatbots can develop conversational banking
- Automated support for common queries: Chatbots are usually designed with FAQ software that can fetch FAQ pages of a website and handle the most common queries asked by the customers. Bots never face any difficulty while solving queries or managing issues as they have a huge intelligent base that always pushes them to deliver the right answer.
The chatbots integrated into the banking system automate the customer support service whenever the users come up with their common queries or issues. This can be a query related to the rate of interest, loan processing, opening or closing bank accounts, deposits, and much more.
- Proactive communication: Many banks have taken the initiative to run proactive communication and engage the customers. This becomes more feasible when they are utilizing bots in their operations.
Chatbots deployed within a website or a messaging app enable the users to communicate with the bank without browsing further or making a call. Fast and instant responses drive more attention of the customers, boosting the customer support service within the banking organization.
The NLP and machine learning feature allows the bots to understand the user intent and provide appropriate answers. In fact, it has the ability to analyze customer interests and their behaviors and serve them efficiently.
- Seamless CXO dashboard handling: A live chatbot for website can definitely serve the bank customers with their requirements. But they can even support the customer experience officers and other banking agents who are responsible for dealing with customer issues.
Chatbots assist the CXO to manage business operations and other miscellaneous tasks in no time. Earlier, CXOs used to spend enough time on such operations and even put enough effort to come up with the desired results. However, with the inclusion of bots, CXOs can quickly work on these jobs and focus more on other strategic business objectives.
- Fast-paced authentication: Another thing to pay attention to is the fast-paced authentication to improve the transaction process. Customers usually face trouble in making transactions quickly from one account to the others. With the use of bots, they get easy access to make payments as the bots take the responsibility to authenticate the overall process.
The bots make authentication based on voice samples. The customers easily communicate over the interactive voice response system and complete the transactions without any risk.
- Collect customer feedback: Artificial intelligence chatbots are incorporated into the system not just to support the customers with their problems but even to boost customer experiences. This is possible when customer feedback is collected from the customer base. For the banking industry, feedback matters a lot, and chatbots give access to this.
AI conversational chatbots are efficient at chatting with customers in a personalized way. This makes it easier to learn about the customers' interests and their behaviors towards the financial institution. The feedback they share and the ratings they offer are loaded into the database so that the managers can easily take a look over it. This helps in analyzing, optimizing, and improving banking services.
- Acquire new customers: As you know, chatbots are teamed up with FAQ software that assists the users in searching for any query. Many new prospects looking for a banking service often come across these chatbots to gain more information related to the bank. Such an approach helps the banking institution to educate the new visitors and draw their attention towards the brand. This aids in acquiring new customers and enhancing the customer base to a large extent.
Studies have found that banks delivering personalized customer services are likely to make 25% growth in their conversational rates. This is definitely a great figure and something to cherish in this competitive marketplace.
- Gaining financial advice: Gaining financial advice from the banking agent is one of those tiring jobs that consume a lot of time. Usually, the prospective consumers are asked to visit the branch in person and consult with the agents lively. This definitely takes enough time, not a good approach for the busy customers.
AI bots are extensively designed to act as financial advisors. Even if the live chat agents are not available, the bots are ready to assist the customers and provide them with different aspects of their finances. The in-built algorithm allows the bots to deliver accurate information and advice regarding any investment. If you are looking for a true guide without any delay, the banking bots are ready to answer all your concern.
- Easy notifying customers: The AI conversational chatbots integrated into the banking operations are efficient at sending notifications and reminders. Be it is about any payment dues, deadlines, or loan processing news, you can easily set a reminder and notify your customers about this. Timely notifications prevent the customers from making extra payments or compensation and boost the banking cash flows.
The Bottom Line
A live chatbot for website is thus pretty demanding in every industry and of course, the banking and financial industry is no exception. The way the bots are centralized to perform various banking activities and serve the customers promptly, they have uttered a new dimension to the overall industry.
Not just uplifting the customer experiences, the bots are even teamed with human resource management software to enhance employee performance and their experience. Certainly, this can be a one-stop approach to augment the overall business growth. Don’t miss out on this!
Both RPA (robotic process automation) and AI (artificial intelligence) have seen immense advancement in the present decade.
While both technologies are dissimilar, it is interesting to see that when it comes to businesses, both help achieve the same ends—growth.
AI + RPA solutions is a formula that is being increasingly adopted by numerous organizations to achieve business growth.
“AI is an area of computer science that maintains the creation of intelligent machines that operate and react like humans.
Some of the actions of computers with artificial intelligence are created that include speech recognition, learning, planning and problem-solving”
“RPA is the practice of automating everyday business practices with "software robots" that perform tasks automatically..
In the last few years, many big companies have invested in some sort of process automation with a thought to bring transformations in the operation and other processes.A report from Gartner, predicts that the estimated revenue of global Robotic Process Automation is forecasted to reach approximately 1.89 Billion Dollars by the end of the year 2021.Robotic Process Automation allows the configuration of digital workers for the capturing and interpretation of tasks that are already available on the pre-existing applications.
For RPA, the most optimal use these days is to set the workers free from the repetitive and boring routine tasks, so that they can focus on other higher-value tasks.The tasks that are repetitive, recurring, rule-based, and prone to human errors are the main and ideal targets for automation through various Robotic Process Automation tools.
A notable benefit is also observed with improved retention rates of employees and reduced demand for additional human resources.
The need for heavy training that was to be provided to the newly joined employees has also reduced.Some additional benefits of RPA are -Improved quality of servicesLow costsImproved analytics and reportingEnhanced employee experience and engagementsBetter security and complianceIncreased agilityReduced implementation time and costRobotic Process Automation Tools - FeaturesThe field of RPA is very vast and a variety of Robotic Process Automation tools are available in the market.
Prioritizing of the Manual WorkflowsAfter this, the companies can be innovative and move faster consistently.
when integrated with some smart automation platforms, empower the citizen developers in the achievement of digital workflows for uplifting productivity and accelerating work to a new level.3.
Market HighlightsAccording to MRFR, The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.Robotic process automation (RPA) is an application technology where software with capabilities of artificial intelligence and machine learning are used for handling high volume, repeatable tasks.
RPA allows employees to configure and program computer software or a robot to interpret existing application in the organization for manipulating data, processing transactions and communicating with digital systems.
The RPA is similar to traditional IT automation, but the major difference between these technologies is, RPA is capable of learning itself and adapt to changing circumstances which a conventional IT automation system lacks.Robotic process automation has been proven to be boon in the industries such as BFSI, supply chain, accounting, CRM, and human resource management (HRM) among others.
High efficiency at low cost is one of the major driving factors for the market of robotic process automation.The factors that have provided impetus to the RPA market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries.Whereas factors that may challenge the market growth of RPA include - complex pricing model while implementation and dealing with clients, the risk of data security that obstructs the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2209Segmentation:The global RPA market can be segmented by process, operations, type, and industry.Process-based analysis includes automated solution, decision support and management solution, and interaction solution.Based on operations, the market comprises spend analysis, e-sourcing, e-procurement, contract management, and supplier management.Type-wise the market consists tools, services, and travel & logistics.On the basis of industry, the market is segmented into BFSI, Healthcare & pharmaceuticals, manufacturing & logistics, IT & Telecommunications, Retail, Travel, Hospitality, Transportation, and others.Regional Analysis:The region-specific analysis reveals that the RPA market dominates regions namely Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
North America is spearheading the market as the region incorporates advanced technology faster than any other region to attain the best possible result.
At the same time, their infrastructural superiority has assisted them with a favorable market condition using which they can easily steer the global market towards market supremacy.Europe comes next with their significant acceptance of the technology to provide better customer service.
