It is no secret that Chatbots  offer a way to deliver a superior and more personalised experience but when it comes to banking , the question is

Do Banks Really Need These Chatbots?

You would think that with all the banking and financial planning and tracking apps out there, there would really be no need to introduce a chatbot as well.  Chatbots can do a lot more than a simple app because they offer a personalised  conversational experience while assisting the user to perform the intended tasks . And, if you think they are simply there to help improve sales, you would also be wrong. Sure, there are chatbots out there geared towards helping clients make buying decisions. A good example of this is the Nordstrom customer service chatbot that helps you narrow down the deal that matches your preference but the role of the chatbot is fast transitioning into that of the ‘adviser’.

Take the Bank of America’s chatbot, Erica, for example. Erica is able to advise clients on what their current FICO score is and how they can improve it. It is a service that is not netting the bank any direct sales, but it is providing extra value for clients at a very low cost to the bank.

The market is changing rapidly, and banks have to change along with it. There is a lot more competition for banks now, and so they need to offer clients a mix of great service, convenient solutions, and good value in order to survive.

Chatbots Can Perform a Range of Different Functions

What really sets chatbots apart from apps, though, is that they have the capability to learn. Conversational bots can be taught to understand natural language, and so fulfill a range of different functions.

So, if I wanted to find out what the bank’s business hours were, I could check on  the app explicitly navigating to the hours of operation section or querying it. The bot would however be able to gauge the intent and advise a visit to the bank and suggest the business hours , maybe even the best time to visit and take a booking.

The chatbot is available 24×7 with services on demand – advising , taking down requests and offering call backs with a more personal touch in addition to offering assistance to navigate through complex bank websites and apps .

Chatbots can help to automate functions within the bank as well. J.P. Morgan, for example, uses a type of chatbot to analyze contracts and has saved hundreds of thousands in attorney costs as a result.

Bots can be used for a range of different functions. They can process vast amounts of data quickly and efficiently. Say, for example, someone used the bots to inquire about rates of interest on fixed deposits with a particular bank.

The bot could make a note of this request on the client’s file. As the client interacts more with the bot, it creates a fuller picture of who the client is and what her needs are. It can then use this information to create more personalized marketing offers.

So, while your marketing department would send out offers for credit cards at random to thousands of clients, your bot would know that this particular client was looking for options for fixed deposits.

It is a fair bet from there that the client is more interested in savings than credit, and a quick check of her credit history could confirm that. The bank would not have to waste money sending out a credit offer that is unlikely to be accepted and can instead focus on options that allow the client to save money.

Overall, the possibilities regarding bots are only bound by our own imagination. With careful design, they can boost customer service and also sales. It is a win-win. Scroll below for an absolutely mesmerising info graphic that tells us how Chatbots are Conquering the World , one organisation at a time.

It also tells us about how most users perceive chatbots and how businesses trust chatbots with services to execute and information to process  and most importantly which markets , chatbot roles and businesses have seen maximum success.

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