We are entering the age of automation and, in banking, the rise of artificial intelligence is already evident in the form of chatbots. These AI-powered interfaces are able to stimulate human conversation and engage with customers. They can interact with clients, guide them to the right information and answer queries. As a result, they can help ease the workload of advisors.

Implementing chatbot technology brings a diverse range of benefits. Advisors can delegate some of their tasks and instead focus on more complex queries. This reduces support costs. Meanwhile, customers can find solutions faster, boosting satisfaction. Finally, sales teams can use chatbots to generate leads. Overall, the customer service experience is smoother, and life becomes easier for banks and clients alike.

1. Pay bills

Chatbots are an ideal first port of call for customers who need help with simple everyday banking operations like paying a bill. This is a low-stakes issue where customers need a resolution as soon as possible. They don’t want to go through the hassle of calling up and waiting for an answer. They want a solution instantaneously. Chatbots can provide this just as well as advisors, guiding customers through the process and avoiding abandonments and drop-offs.

2. Send money

Another common and low-stakes banking operation is sending money to another account. Again, customers want to be able to do this as fast as possible before moving on with their busy day. They will become frustrated if they have to resort to calling up their bank for help with this apparently simple problem. Chatbots can step in here, providing instantaneous help in the natural and intuitive form of a conversation, solving the problem just like an advisor would.

3. Help find transactions

Customers want access to information about their recent transactions so that they can keep an eye on their banking activity. If they run into a problem when trying to find this account information, they want a solution there and then. Using natural language processing, chatbots can recognize simple questions such as “Did I have any supermarket purchases over 100 €?” or “Can I see transaction activity for broadband and calls?” They can then retrieve the necessary information to answer the customer’s query.

4. Answer FAQ

If a customer doesn’t want to waste time on the phone or waiting for an email response, they can scroll through an FAQ page looking for an answer. But FAQ pages are often written more for SEO purposes than to help customers. And so chatbots offer a superior option. Capable of increasingly more refined conversations, they can provide instant advice in the context of a conversation, which is a far more engaging way for customers to seek help.

5. 24/7 customer support

Advisors are humans and are bound by human limitations. Chatbots are machines. They can work around the clock. Therefore, for customers who are dealing with their accounts late at night and run into a problem, chatbots are a blessing. They can help 24/7, whenever customers need it, and at their convenience. The result? Happy customers, improved loyalty, and increased sales. As for advisors, chatbots can ease their workload, freeing them up to focus on other issues.

6. Complex customer support

For complex and sensitive queries such as mortgage guidance or help with insurance-related decisions, customers seek expert advice and reassurance. At this point, they may want to transfer from a bot to a real advisor. By integrating chatbot technology with a live chat solution, this transition becomes simple and seamless. Banks can rely on chatbots as a first port of call while safeguarding against customer queries going unresolved. The option to speak to a real person is always there.

7. Learn about a new product

Chatbots also provide a bridge between sales and customer service teams. During conversations with customers, bots can suggest particular products and use natural language processing to gauge customer interest. Doing so in the form of a conversation is less pushy and overtly sales-orientated than a cold call or email. And if a customer is interested, they can then send this lead over to the sales department for follow up. This is a cost-efficient way to generate leads with no extra work for advisors.

Chatbot software integration & Unblu

Unblu offers banks chatbot solutions with a human touch. By integrating AI-conversational interfaces with live chat technology, we offer a hybrid approach to customer service, improving efficiency while prioritizing meaningful conversation.

 

Learn more about how Unblu’s conversation banking tools can help you to connect and build a new level of trust with customers. Book a demo here.

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