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Chatbots in Banking: Benefits, Use Cases and Case Studies

# Chatbot, #ConversationalAI, #ContentStrategy

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Jay Anthony

22 February 20228 min read

 Chatbots in Banking: Benefits, Use Cases and Case Studies

Most advanced inventions that have gone on to reach significant profitability have been pioneered by banks. When Artificial Intelligence became a realistic option for businesses, it was only a matter of how long before banks turned to AI for better industrial automation to accommodate their customers ' ever-increasing aspirations!

In recent decades, conversational AI has sparked a lot of attention, with several banks introducing AI-powered conversational alternatives. Bots, whether chatbots or voice bots, can have intelligent and captivating interactions with millions of customers on behalf of the bank at a portion of the expense of hiring traditional customer service representatives. Conversational AI's proactive character, as well as its effectiveness and quality, go a long way toward improving customer experiences.

Individualized banking and customer support have been altered by digital agent assistance and chatbots. “With the introduction of conversational AI Chatbots, fast computational constraints, specific client demands, safe data handling and 24*7 accessibility have all been accomplished.” Banking chatbots improve multidimensional customer engagement while also expanding the reach of the bank. 

Let's look at some examples of effective Conversational AI deployments from around the world. to gain a better grasp of how it has benefited the banking sector.

What Are the Benefits of Investing in Chatbot Services for Banks?

Improving Customer Experience

Conversational AI Chatbots are the digitization of banking. Numerous fundamental components of customer care and support, such as quickness, accessibility of information and delightful interactions have become more viable with the introduction of banking chatbots.

A Unique Banking Service

Customers are increasingly demanding personalized experiences that suits their specific needs & requirements. As per reports, “Personalized experiences and services are expected by 75% of users.” That’s Huge!

Expenses Should Be Kept Minimum

Chatbots in the digital banking and healthcare industries might save more than 12 billion USD in a year by 2022. According to several estimates, financial organizations might save 2 trillion USD by 2030 by implementing artificial intelligence and cutting costs by 35%.

Improvements In Reducing Risk

Conversational AI Chatbots can help regulate and streamline the process of reviewing vital data about perception of service quality' mortgages, market dynamics and the lender's most recent financial movements. As well as issuing credit information and offering risk advice, chatbots help identify fraudsters and optimize processes by reducing human mistakes.

Increase Organizational Productivity & Decrease Work Pressure

Customers will not have to stand in queue for a cashier or sit on the telephone clutching their pearls if an AI Chatbot can manage their questions. Instead of handling common consumer inquiries, employees aided by AI smartbots may focus on resolving complex issues.

Top 4 Banking-Related Chatbot Application Scenarios

In the digital banking business, Chatbots can be used to automate a variety of functions in addition to enhancing everyday operations and the universal consumer experience.

Fund Transfer

Chatbots can be used to pay bills, track funds transfer and schedule or reschedule transactions. Chatbots can also be used to debit prepaid cards or pay off credit card balances.

Notifications & Alerts at the Right Time

Chatbots can be set up to provide important notifications and warnings on a routine basis, such as bill payment schedules or the delivery of particular investment activity paperwork. They can also provide vital alerts, such as financial improvements and upgrades in credit scores.

With just one tap, you can get help from a Customer Service Representative

Chatbots enhance performance by automating service experience. In banking, SmartBots promote the customer experience by minimizing connection speeds and enabling customers to get answers to specific questions as quickly as possible.

Simple Lead Generation 

The use of Chatbots in the banking industry has revolutionized the overall marketing strategy. Chatbots are installed on the bank's official website/app and interact with customers to see if they really are interested in owning products from the bank.

Testimonials of Banking Chatbots from all over the Globe

Bank of America's Erica

Erica, a virtual financial adviser powered by AI, was introduced by Bank of America, a leader in the US banking business. This Chatbot met the bank's service quality needs in a variety of ways, including sending clients reminders, delivering balance information, giving money-saving ideas, updating customers' credit reports, simplifying bill payments and assisting consumers with secure transactions. Erica's skills have subsequently been improved in order to assist clients in making more informed financial decisions by offering customized and preventative recommendations.

HDFC Bank's EVA

EVA (Electronic Virtual Assistant) is an AI-powered banking Chatbot created by HDFC Bank to offer a better quality of service to HDFC clients. EVA interprets customer inquiries and retrieves the necessary information from thousands of available sources in milliseconds, thanks to the power of Natural Language Processing. Getting information about branch locations, IFSC codes, loan and borrowing costs, and so on are just a few of the usual customer requests that EVA handles. 

“Chatbots for digitization are all here to remain, even without them, banks would be unable to operate. The best approach is to take the initiative right now. To save every day hours that can be focused on more profitable duties, contact a trustworthy financial software development firm.”

 

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WRITTEN BY

Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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