Chatbots in Banking Industry: Benefits & Future Use Cases

Digital transformation is empowering the banking industry to improve its customer interactions. As new and innovative services continue to influence the market, AI-based chatbots have drawn the attention of their users. However, even though there are digital or app-based banking options, tech-savvy customers want more – a seamless banking experience on a daily basis. This is where Artificial Intelligence (AI) comes into play: Chatbots are unrivalled when it comes to engaging customers. Chatbots can start conversations, interpret customers’ questions, decode sentiments, and offer fast responses compared to humans. As per a study, 57% of companies agree that chatbots can result in large returns on investment with minimal effort. Banks are deploying chatbots’ capabilities to improve the quality of customer interactions and reduce the time to resolve redundant queries.

What is Chatbot in Banking?

Chatbot in banking lies in the client experience, expanding the organisation’s reach. A study reckons that 90% of interactions in banks will be automated by the end of 2022 using chatbots.

Benefits of Chatbots in Banking

Better Risk Mitigation

Conversational chatbots in banking can manage and simplify the process and analyse sensitive data about loans and investments. Automation with chatbots lowers the chance of human errors by 40%, and it can detect frauds and help streamline the bank’s processes.

AI chatbots act as an opportunity that eases agents’ work by 65% and allows them to focus exclusively on more complicated problems rather than addressing mundane tasks.

Low Abandonment Rates

As per a study, 50% of the surveyed banks said that half of their checking accounts on digital platforms were abandoned. To reduce this rate, banks are adopting AI to bridge the gap between a potential company and an account opening system. In addition, with the great speed of chatbots in banking, queries are solved quicker, reducing abandonment rates and enhancing customer experience (CX).

Chatbot in Banking: Best Use Cases

Track Transactional History

Bots also help maintain records of customers’ transactional history. So, instead of users calling banks and staying in touch with them constantly, they simply use the bank’s AI and track their expenses and savings better. Take, for example, chatbots can deliver a quick update to the user for security purposes during any withdrawal or deposit. Companies like Mtalkz provide AI-powered bot services and help banks provide speedy, personalised, and multiple benefits while also helping them meet and surpass high expectations. To increase efficiency, banks are swiftly integrating chatbots into their processes to interact with customers at various stages of the customer life cycle. Using the services of AI chatbots creation companies may provide organisations with compelling reasons to use chatbots and make their websites user friendly. Chatbots for digital banking are here to stay, and the best course of action is to take charge of the situation right now!

Chatbots in Banking - FAQs

What is the future of chatbots in Banking? By the end of 2022 chatbots will automate 90 percent of bank interactions, according to a study by Juniper. Banking, as an industry, requires safe and secure technology to protect customers from frauds and mishaps while also providing a positive customer experience. Banking chatbots aims to assist with both. What are the use cases of chatbots in banking in 2022? Customers today expect personalized services from their banks and are willing to adopt digital solutions that meet their needs. Banking chatbots are an AI-powered virtual agent that helps customers with simple queries. Some of the best use cases for chatbots in banking include automated customer support, information delivery regarding account balances, upcoming bill payments, loan payment terms, lead generation, reviews and feedback and other general queries. Chatbots will help your customers manage their requests more quickly and efficiently. Additionally, your company can use a chatbot to gather information about customer habits, so you can anticipate their actions and make tailored offers. How Chatbots in Banking Are Improving Customer Experience? Chatbots have the capability of having one-on-one conversations with customers, which is why they are considered the future of banking assistance. Banking chatbots allow customers to access a customised and personalised digital environment more easily and faster than ever before.