The success of any company relies on its customer service. Due to today’s customer service expectations, Chatbots are instrumental in streamlining and optimizing customer support operations. With over 50% of customers expecting a business to be open 24/71, companies need to stay ahead, and intelligent automation of customer care is a top priority for businesses today.
Conversational AI (Artificial Intelligence) is the technology that enables chatbots to interact with people in a human-like way. It understands and engages in contextual dialogue using natural language processing (NLP) and additional AI algorithms. Conversational AI enables the communication between man and computer language to be easy and natural; best of all, organizations can provide personalized experiences that build relationships with their customers. Each interaction can feel like a one–on–one conversation that is context-aware and informed by past interactions.2
Solving both customer and business needs, chatbots are changing the way banks and their customers interact. These interactive platforms offer several benefits and are becoming increasingly necessary. Some of these benefits are cost-savings, labor efficiencies, and enhanced customer experience throughout your enterprise with 24/7 assistance on email, SMS, Live chat, and apps.
1. Chatbots save banks billions
More and more skeptical financial institutions are now adopting chatbots due to their efficiency in dramatically reducing operational costs. A study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019.3 With more advancement in NLP (Natural Language Processing) and domain expertise added to AI systems, chatbots can deliver a service seamlessly.
2. Customers prefer app-based communication
Chatbot driven customer communication dominates as mobile banking apps are predicted to have 79% successful interactions by 2023.4 User preference for app-based banking will continue to rise. The Juniper Research also found that AI, including chatbots, will have a disruptive impact on insurance claims management, leading to cost savings of almost $1.3 billion by 2023 across motor, life, property, and health insurance, up from $300 million in 2019.
3. Chatbots increase Efficiency
The need for call agents is reduced if a chatbot can answer a high percentage of inbound inquiries. If chatbots can answer simple repetitive questions, this leaves more time for agents to give better service to customers who have more complex questions and need more attention. Chatbots, when programmed correctly, will reduce mistakes, in turn, saving money. Mistakes can lead to lower rates, fewer referrals, and monetary compensation. Chatbots can dramatically save time and lessen employee turnover.
Customized Conversational AI Platform
Explore our unique conversational AI software with its context-driven search and discovery features that are based on preferences, location, availability conditions, language, and much more.
It is based on a multi chatbot framework:
- Social Interactions
- In-app Calling
- Live Chat
Learn more about our chatbot features here and contact us to explore how we can customize a chatbot solution to meet your bank’s needs and goals.