Chatbots Opportunities for the Banking Sector

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Chatbots Opportunities for the Banking Sector 

Bots have existed a few years ago, but their glory moment is still coming! Companies are deepening in the best way to use them, expanding chatbots capabilities through different sectors and also arriving to the banking sector.

Possible use cases

Chatbots can be developed to be used for specific activities, as solving problems for customers in real time in the bank branch, or interacting via messaging on digital platforms. That are programmed to interpret the user activity and to be able to adapt the response to his need. 

Considering the interpretation that chatbots can make for the user activity, it’s also capable to detect products or services gaps and provide innovative ideas for product development, or solutions to system problems.

Banks could be increasingly interested in chatbots due to a higher level of customer service and service differentiation with regards to competitors, that nowadays is a must. Besides this, with the introduction of chatbots in customer service, it reduces considerably its cost, mainly in human capital.

The chatbots solution fits perfectly to the banking sector, because it can be adapted to the omnichannel service that the banks offer to their customers. This way, companies could reduce costs of services, as most of the customers are not very profitable but need constant support and service attendance. That is the reason why banks have contracted outsourced or offshored call-centers, that now can be avoided.

How data feedback can improve bot’s performance?

To take advantage of the functions that a chatbot can develop, it is necessary to allow the chatbots to access the database of the organization including customer data, activity history, customer segments or types and means of interaction with the company. Also, to improve the interaction with the chatbots, institutional data, internal regulations of the banking institution and a complete base of services offered, such as loans or bank deposits, should be taken into account to automatically offer appropriate services according to  the client’s preferences.

On the other hand, when the bot has all this information, thanks to its previous programming, the style of communication will be adapted to the type of customer who uses the service, achieving a high quality customer service.