As automation of services gains pace, artificial intelligence has a significant role to play and its reach extends to digital banking. Take chatbots, for example. They can offer relevant advice in an engaging way, 24/7 and at the customer’s convenience - saving time and increasing satisfaction. However, when it comes to banking, security is a major question. Can we be sure that interactions via a digital interface are fully compliant? A commitment to security is vital if banks are going to maintain trust as they continue to automate services.

#1: The rise of chatbots

Chatbot usage is increasing. Many already interact with bots to solve banking problems and are increasingly happy to do so. For example, 59% of millennials and 60% of Generation Xers in the US were reported to have interacted with chatbots in 2016 (Business Insider, 2016). If banks are going to keep up with current trends and respond to changing expectations, they need to embrace the exciting potential of chatbot technology.

#2: Speeding up customer service

Chatbots allow companies to deliver customer service faster and more efficiently, therefore increasing productivity. Their appeal lies in their speed. Among people surveyed across 4 markets who use messenger to contact businesses, the majority expected a faster response than with more traditional modes of communication (Facebook, 2018). A hybrid model whereby customers can begin talking with a chatbot before transferring to an advisor allows faster communication but maintains a personal touch.

#3: The role of AI

Automation is transforming digital banking with artificial intelligence now able to replace various roles previously held by advisors. For example, by 2020, 85% of consumers will interact with businesses without even speaking to a human (Gartner, 2019). This frees up advisors to focus on more complex inquiries - such as those customers requiring guidance through the delicate process of choosing a mortgage.

#4: A personal touch

Despite their successes, chatbots still can’t totally replicate the nuances of human conversation. Advisors still have an important role to play. Indeed, as the complexity of their issue increases, customers are more likely to seek out a face-to-face interaction (23%) or a real person on the phone (40%) (American Express, 2017). The ideal option is a combination of chatbots and live chat, allowing customers to transfer to an advisor for complex issues such as payment disputes.

#5: Staying safe and secure

Any new technology that comes on the market inevitably raises questions of security. Banking is no different. In fact, 29% of organizations say they haven't adopted chatbots or intelligent assistants due to concerns over security and privacy (Spiceworks, 2018). In banking, where money is involved, maintaining customer trust through rigorous security reviews of new technology is vital.

#6: Quick and convenient

Chatbot technology allows banks to automate more of their customer interactions, freeing up advisors for other tasks. Customers would appreciate this. 34% of respondents in one study said that, in online retail, they would prefer to answer questions from a chatbot or a virtual assistant (Statistica, 2017). Banking customer service teams can learn from this, giving customers the option to get answers to queries quickly and easily via chatbots.

#7: Chatting with businesses

Instant messaging now seems to be pulling ahead of other more traditional communication methods for contacting businesses. Across Colombia, Germany, Mexico, and the US, 71% of people surveyed say they're open to messaging businesses (Facebook, 2018). Banks can profit from this trend by giving customers the option to use messenger to resolve problems, providing fast and efficient customer service.

#8: Virtual assistants: keeping up with demand

Finally, voice technology continues to grow as a trend, with virtual assistants like Amazon’s Alexa now part of everyday life. However, there’s a gap between what customers want and what customer service teams are providing. 54% of customers say they would use voice-activated assistants but only 20% of customer service teams offer this channel (Salesforce, 2019). A conversational interface like Unblu allows customers to move between texting, voice conversations, and video chat, while also using tools like co-browsing and document sharing.

Chatbot software integration & Unblu

When it comes to chatbot software integration, choosing Unblu offers your customers the perfect hybrid experience of chatbot interactions combined with the human touch of an advisor.

 

Customers can transfer seamlessly between chatting to a virtual assistant and speaking to a real person, building a bridge between the digital and personal. Book a demo here to find out more.

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