According to Gartner, 85% of customer interactions will happen via Chatbots by 2020, making this a high time for companies to take action. In order to gain a deep understanding of customer behaviors, habits, and backgrounds, big banks will utilize the power of AI and machine learning, with their ultimate aim being to provide suitable and in-time contents for promotions as well as great customer experience.
1. Why is the existence of AI Chatbot important to banks?
Banking is one of the most high-tech and automatized fields, as the banking systems need to process extremely high amounts of information. Customers also require fast, easy and convenient services, adding to the work of these systems.
However, many banks still handle customer services and inquiries using counseling employees, causing interruptions, inconvenience, and long waiting time.
The need for premium services is urgent. Thus, large banks often use chatbots to push interactions with customers with virtual assistance. Thanks to artificial intelligence (AI), chatbots can understand customers and give appropriate answers. Machine learning and natural language processing technology also provide chatbots with constant training, leading to a variety of answerable questions and structures.
With chatbots, banks can easily solve problems including customer service and user data collection, in order to provide personalized experiences to customers. To reach this aim, however, chatbots not only need to understand the users’ implications, but also the context of conversations. If the chatbot is unable to provide the necessary information and directions in time, it will considerably affect the service quality. Therefore, it is important that banks understand the needs of customers, in order to provide needed information.
2. What are the responsibilities of banks’ chatbots?
Customer service: The importance of customer service is mutually recognized: it is a key competitive advantage. Chatbots in customer service work as an automatic tool that helps save time and expenses. With chatbots, customers will not need to call and wait for a response, nor to search for information on the banks’ websites. Rather, these all be done by chatbot, automatically, and in mere seconds.
A bank’s chatbot can be pre-scripted so that it can respond to customers and provide solutions to their problems 24/7. It will also be allowed to the bank’s database, in order to quickly provide necessary information to customers. For example, customers can easily ask the chatbot for their account balance, past bank statements, as well as saving packages, all in no time. For circumstances where the chatbot is unable to provide an answer, it can connect the customer to an employee.
User data collection: Banks’ chatbots are readily available at all time, and are always active to attract potential customers. These chatbots are programmed to collect data from potential customers for the banks’ CRMs, thus assisting them in choosing quality ones. Later, the chatbots will play a part in finding the needs and behaviors of these customers, in order to cater to them.
Personal financial counseling: AI-integrated chatbots are able to gather and analyze customers’ information, buying habits, as well as card transactions. From these data, banks can give out proper financial counseling plans with notifications of bank balance, reminders of unpaid bills, offers of saving packages, and so on. All these are crucial to the bank by creating added values, and maintain distinctions to competitors and customer loyalty.
Chatbots are also trained to automatically respond to questions regarding the banks’ services.
Detect and prevent financial frauds: Security has always been vital to banks, as it helps ensure trust and reliability. Say, a bank’s chatbot is programmed to supervise and detect alarms regarding frauds. It can, therefore, notify the affected customers in real time by simply messaging the customers. Furthermore, the system will also be able to respond immediately and will ask customers to verify the questionable transactions before moving on to the next steps.
Cross-selling: Chatbots can provide selected promotions of the banks’ products and services to different categories of customers based on analyzed data files. The promotions will also be sent out at proper times, via the most frequently used messaging platforms, thus increasing the cross-selling rate considerably.
3. What features do banks’ chatbots need?
At the moment, there is a myriad of different chatbots on the market: some are simple and can only answer generic questions, while others are more complex. For banks, simple features are not enough: their chatbots have to be smart and customizable for different situations. The baseline for banks’ chatbots features is:
AI integration: Constant developments in natural language processing systems and machine learning means that chatbots will grow smarter and smarter by day, with profound knowledge in specific areas. They will, therefore, be able to solve a variety of problems, bringing forth professionalism, as well as close interactions.
Chatbots can act as a supporting tool in detecting and predicting customers’ needs, thus act as immediate assistance and counselor. As such, they are a key factor in helping banks build their brand distinction and maintain customer loyalty.
Integration with business information systems: It’s important that the chatbot platform lies well with the bank’s internal system (like CRM, ERP), as well as its transaction and customer service software. This will help quicken data derivation, alteration, and input, thus saving time for both the bank and its customers.
Support various messaging platforms: Interactions with customers via messaging will increase overall customer engagement. True to this, many banks now support chatbots through various messaging apps like Zalo, Viber, Facebook Messenger, Livechat on website… With these, customers will no longer need to log in or use a different app, and therefore find the banks’ services extremely fast and convenient.
The development of artificial intelligence has allowed finance and banking to take gigantic steps. With chatbots, banks throughout the world can process billions of conversations, provide online counseling, and connect businesses to customers regardless of time and location, making all tasks easier and faster than ever before.
In Vietnam, FPT.AI Conversation is an AI-integrated chatbot platform, researched and developed by FPT Technology Innovation Department, FPT Group. FPT.AI Chatbot allows businesses to converse with customers naturally, thus improving overall customer experience. Furthermore, the platform supports popular messaging channels like Zalo, Viber, Facebook Messenger, Livechat on the website and various more. At the moment, FPT.AI is in partnership with many large companies and enterprises and provides optimized and comprehensive solutions to AI platforms, all for the businesses’ growth.
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