AI chatbots have gained huge popularity in today’s time and are used in almost every sector. The banking chatbots help the customers as well as the bank. It helps the customers complete their banking transactions with ease, whereas, for banks, it helps reduce the operational cost and improve customer satisfaction. Do you wonder what is chatbot in banking? Yes? Keep scrolling through to know the details.
What are Chatbots in Banking?
With technological advancement, banks have been entering a new conversational banking era. Banking chatbots also referred to as conversational banking, virtual financial assistants or virtual banking assistants, are the Artificial Intelligence (AI) application that helps in executing all the banking transactions of the customers. A banking chatbot helps automate the relationship between the customer and the bank and promotes a seamless transaction.
According to Juniper research, 90% of the transactions in the bank will be automated using chatbots in 2022. Also, Accenture research shows that 57% of companies strongly accept the fact that chatbots result in large returns with minimal effort.
Benefits of Banking Chatbots
Banking chatbots benefit both the customers and the banks. Below are the benefits of chatbots in banking :
For Users:
- Convenient to Use: A chatbot can be easily combined with different other platforms like conversational platforms, mobile apps etc. Thus, it can help to promote easy communication. Moreover, these bots are getting easier to access and smart options to use.
- Increasing User Engagement: Banks are constantly creating new and personalised financial plans. An AI chatbot makes it easier for the customers to choose the best products and obtain the required information.
- Faster Customer Support: Connecting customers with the representatives of the banks can be a time-consuming task. The chatbot helps to effectively and seamlessly process the task without making customers wait for the available customer representatives.
For Banks:
- Reducing Cost: Deployment of chatbots in your banks will help to reduce the cost and offer faster customer services. Since chatbots are 24*7 hours available, thus it helps to ensure all-time customer satisfaction services. In addition, all the services are automated through AI rather than human agents. Therefore deploying chatbots helps to ensure a reduction in costs.
- Fraud Reduction: One of the most common problems credit card users faces is online fraud and scams. Banks are deploying the best reliable services that help users prevent fraud.
Use Cases of Banking Chatbots
- Lead Generation: Artificial intelligence chatbots can engage with customers and help to generate quality leads.
- Customer Service: Chatbots are tireless AI-generated software that is consistent in nature and are 24*7 hours available for the customers’ support and convenience. Thus, it helps in offering the best customer experience without any hassle.
- Feedback Collection: A chatbot can engage with the customer to generate feedback. Now, say goodbye to the boring and inefficient traditional practice of generating feedback via surveys and polls from the customers.
- Personalised Marketing Strategies: The conversation with chatbots can be analysed to personalise the services for customers.
Various companies like Mtalkz offer AI-powered chatbots that help banks offer speedy, personalized services and many other benefits to their customers. To increase efficiency, banks are using chatbots to interact with customers. Therefore, Chatbots in banking sector are extremely beneficial. You can connect with Mtalkz anytime to get the best-personalised chatbot services backed by enterprise-class platforms, supporting a high level of availability!