7 Conversational AI Benefits In Banking and Finance Services

Post by
Sten Koobas
June 2, 2021
7 Conversational AI Benefits In Banking and Finance Services

Chatbots that use conversational AI provide several benefits in banking and finance services. They can be programmed to answer any question, and also offer a personalized approach.

The main conversational AI benefits in banking are 24/7 support, valuable insights and analytics from conversation history, saved cost, personalization, reduced customer service agent workload, get new customers with less friction and customers do not need to repeat their questions.

1. 24/7 Support

Time is of the essence and when a customer wants to place an order or is complaining about service they want action. The more channel channels there are, the easier it is to address customer needs at scale with the lowest cost. 

In this case, conversational AI in banking is a perfect solution to the customer journey's last mile. They can reduce the workload for customer support by being available around the clock and tackling any question that comes their way.

2. Valuable Insight And Analytics From Conversation History

Finance service chatbots can be designed to do more than just recommend products! They can deliver information about your website visitors and provide you with useful data for your business.

One of the major problems with the traditional business intelligence solutions is that the data is locked inside the system as audio files where insight is difficult to gather. With chatbots the data is already in text format and using either the chatbot software vendor’s analytics or business intelligence tools it is possible to discover valuable insights. 

Things such as customer behaviour, preference for products, feedback to services, common issues with using services, common complaints and what products serve the most value and satisfaction. These business intelligence solutions have one-click customer contact and the ability to get reports in real time at the location, which will make your customer experience more valuable.

3. Saved Costs

When agents are doing 50% less work as chatbots are answering customer service queries, this means that 50% of the payroll cost that otherwise went to FAQ answering can now go to more value-add activities. Having a conversational AI in banking will give your customer service agents more free time to do sales or solving complex customer service issues.

4. Personalization

Integrating AI based banking chatbots into existing back office systems means that the bot can do the bulk of the work for the customer service teams. By authenticating the customer, the bot is able to provide personalized information about things like invoice payments, order status, available discounts, any trouble with specific services or products used. 

Authentication is possible with some of the AI customer service software companies. All this provides customers detailed information about their queries and is something that previously only customer support agents could handle.

5. Customer Service Agent Workload Is Reduced

Finance service conversational AI can become a master of the conversation by being intelligent about what information is required and what actions to take. Chatbots can build a positive experience for customers and establish trust by answering common FAQs. This translates into decreased work for customer service agents. 

There are in general 4 metrics you should keep an eye on when developing your chatbot in customer support. Average deflection rates by using chatbots hover around 50%. This translates into reducing customer service agents’ workload by 50%.

6. Get New Customers With Less Friction

Ever since companies started using forms and emailing customers, they've lost the attention of their audience. Customers now expect instant response, and are making more impulse decisions based on how they're treated by the company.

With that in mind, offering finance service conversational AI in social channels or in website chat gives a simple interface for new potential customers to submit information and as such capture leads that otherwise would have gone missing.Ever since companies started using forms and emailing customers, they've lost the attention of their audience. Customers now expect instant response, and are making more impulse decisions based on how they're treated by the company.

7. Customers Do Not Need To Repeat Their Questions

Conversational AI in banking stores the conversation with customers so that when customers are forwarded to agents, this conversation history gets forwarded as well. It is beneficial for agents to use this feature because then they can quickly read through the conversation between the bot and the user and start solving the question without having to waste time.

8. Conclusion

Use of conversational AI in banking increases the customer experience and satisfaction while it saves business costs. Although bots are not perfect yet they are the best way to achieve the goal of providing a personal experience to the customers 24/7 instantaneously. 

If you are looking for AI chatbots for your customer service, then feel free to sign-up for an account with alphachat.ai In just 5 minutes you can get your own natural language understanding AI chatbot that you can connect with your website.