More and more companies embrace chatbots to increase engagement with their audiences in the last few years. Especially for some industries including banking, insurance, and retail chatbots started to function as efficient interactive tools to increase customer satisfaction and cost-effectiveness. A study by Humley found out 43% of digital banking users are turning to chatbots – the increasing trend shows that banking customers consider the chatbot as an alternative channel to get instant information and solve their issues.
Gartner predicts that chatbots will power 85 percent of all customer service interactions by the year 2020. It states that, by 2020, the average person will have more conversations with chatbots than with their spouse. It looks like chatbots will play an important role in customer engagement in the coming years.
Benefits for Customers
For customers, the chatbot is a fast way to get information on products & services and solve issues. Some of the benefits include:
- Chatbots promise a better, faster experience.
- Less time spent waiting for call center service.
- Accessible 24/7/365.
- Users are already familiar with the easy-to-use interface on a smartphone.
Banks can use the chatbot as an efficient communication channel to decrease operational costs and increase customer satisfaction via instant responses.
Benefits for Banks
- Reduced customer response time.
- Reduced operational support costs.
- Always on engagement with the customer.
- Interactions at customer convenience and speed.
- Delivery of special promotions to increase sales opportunities.
- High operational efficiency.
- No need to set up tech personnel and infrastructure.
How can banks use chatbots to increase engagement with their customers?
Let us summarize the practical uses of chatbots for banks:
Streamline Everyday Tasks
- Transfer money between accounts.
- Transfer money to a third party.
- Get account summary and account details for checking and savings accounts, credit cards & loans.
- View current balance.
- View and pay bills.
Help Customers Find What They Need
- Find the nearest bank branch.
- Find nearby ATMs.
- View current foreign exchange rates.
- Get credit card recommendations.
- View current interest rates.
Deliver Personalized Customer Experiences
- Report lost or stolen cards.
- View past bank statements.
- Stop recurring or one-time payments.
- Schedule a callback.
- Inquire about the status of a credit card or loan application Report lost or stolen cards.
- View past bank statements.
- Stop recurring or one-time payments.
- Schedule a callback.
- Inquire about the status of a credit card or loan application.
Feel free to contact us to have additional information on chatbots.
