How Chatbots Help Banks To Improve Customers Banking Experience

Chatbot use cases to provide effortless digital banking services

Dhara Sharma

May 21 • 3 min read

chatbots for banking

Implementation of chatbots is now a 'must have' rather than 'can have'. Name any industry, from hospitality to automobile, from banking to teaching every business is trying to reduce the hustle with the help of digitalization.

The banking industry can never stop. Even amid COVID, few industries were at work, banking being one of them. Gone are the days when even a fund transfer required a bank visit. Banks are early adopters of digital solutions that minimize the cost and loosen the burden of the human workforce. With engaging conversations and quick resolutions, an AI-based chatbot can save time and money for banking institutions.

A report by Juniper Research suggests that issues resolved by chatbot can save 4 minutes of an agent's time per query. Given the long-term benefits and saving up a significant sum of money, banks are always quick to get ahead of the competition.

We might sound impractical, but there are many examples of chatbots in the banking sector, proving how it is practically possible.

Let's dive into some business applications where chatbots performed well.

Generating Leads

Given the current situation, the pandemic brought a lot of changes in our day to day life. When the nation was locked down, all we could look upon was digital platforms. Even the known alternatives like customer support couldn't help. Chatbots can start a conversation without making customers irritated and can bring convertible leads.

Almost every bank has its chatbot. They are there to help the customer with repetitive and simple queries. Also, the data so gathered can be used to bring business to the company.

Personalizing Services

As digitalization is increasing, it plays a critical role in the banking sector. When the customer is dependent entirely on digital means for banking, they will find issues now and then. The chatbot can provide services like notifying the bank balance, financial advice or informing about the offers. It also helps them out with services related to payments.

This way, customers will be assisted and left delighted. At the time of conversation, the banking virtual assistant gathers the data, which helps in product and service improvements, leading to improved efficiency for providing services.

how banking virtual assistants works infographic

Support Round the Clock

Customer support depended on human agents a few years back. Your human agents can solve complex issues, but they have their limitations. They'll get frustrated answering similar queries again and again. The productivity of your agents will get affected due to this. Chatbots can give 24X7 support without getting tired and solve repetitive issues efficiently.

There are many queries that banks receive that are repetitive and informative. Agents can work on complex issues and convert the leads into sales rather than spending their time on tasks that can be taken care of by bots over chat and voice.

Gathering Feedback

The majority of the banks fail to perform well or meet their goals because of poor customer service. Believe us; customers are loyal. They always will come back if you serve them well. Collection of feedback can help you a lot in terms of improvement and get better in the future. With the advancements in natural language processing (NLP) and computing, chatbots have shown the ability to perform analytics and provide valuable insights.

With the help of surveys and conversations, these bots can gather a lot of information in terms of feedback and help you grow and provide customers with the best financial services. The ultimate goal is a delightful customer experience.

Be the champion of digitization in the banking sector.

We can conclude that the banking industry is always the forefront player in adopting cutting-edge technologies. People around the world are the customers of banks. Chatbots play an essential role to help banking and other financial institutions to offer services effortlessly.

GenieTalk provides an intelligent, no-code bot platform to help banks offer a delightful experience and stay connected with their customers round the clock.

Written by

Dhara Sharma

Content Strategist

Dhara is a Content Strategist with, with 7+ years of extensive experience in content marketing. Other than marketing communications she loves to read, travel, write prose & do yoga.

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