The challenges imposed by the pandemic were a significant driver and accelerator of the financial sector's digital transformation. The exponential growth of online contacts and the need to reinvent customer support made many institutions finally start investing in banking chatbots.
This article explains some use cases that you can automate with this solution and how they help address the large volumes of interactions your customer service receives.
What are banking chatbots?
Chatbots, as the name implies, are conversational robots - robots that can communicate with people.
Banking chatbots are chatbots specialized in the banking industry. They are usually available on the corporate websites of each bank and help customers get answers to their questions immediately.
How do they work? Banking chatbots can communicate with their users because they have received information that enabled them to do so. Just as we go to school to gain knowledge, chatbots also need to learn to be efficient in their interactions.
Technologies such as NLP (Natural Language Processing) and Machine Learning are required so chatbots can understand and learn the human language.
These two technologies are part of Artificial Intelligence, which, broadly speaking, is what gives intelligence to chatbots. Thus, they can mimic specific human interactions - in this case, having a conversation as natural as possible and providing a great user experience.
What you can do with banking chatbots: 5 Use Cases
Chatbots are the missing piece in financial institutions that want to reach the next level of customer satisfaction and process optimization.
Nowadays, most people try to solve their issues digitally first, and only then, if it's impossible, do they resort to other channels.
Consumers are increasingly demanding alternatives to face-to-face channels so they can get answers and reach their goals autonomously and at any time.
Banking chatbots are the solution for those who do not want to waste time. With these conversational robots specialized in banking and available 24*7, your institution empowers customers to:
- Opening an account
Gone are the days when you had to go to a branch to open a bank account. Now, through a chatbot, your customers can enter their data, authenticate themselves, and have a new account in just a few minutes.
- Changing debit dates
In addition to the numerous changes they can make related to their data, your customers can also make changes to debit dates, for example, monthly credit card fees.
- Asking for credit increases
Situations requiring several levels of validation, such as applying for a credit increase, can be easily automated when you have a chatbot to help you. All you need is the customer's information and compliance with the requirements, and you can automatically and instantly give them a response.
- Canceling cards
If card cancellation is such a simple process, why does it give your customers and your teams so much trouble?
With a few clicks and chatbot monitoring, show the available cards and make it possible to choose the desired one - all of this without the need for human intervention.
- Resetting authentication code
With the number of passwords each person has to memorize, many customers forget or lose the access codes to their account or customer area.
Create a use case in your chatbot where it asks for various information to validate that the customer is who they say they are, and after that, immediately send them new authentication codes.
The Millennium BCP story
Banking chatbots are generally used for customer support, automating different interactions that users have with institutions.
However, you can also automate internal support, i.e., provide support to branch office employees.
Banking is one of the sectors with the most information, and its procedures are sometimes very specific, depending on the product. It is humanly impossible for employees to memorize all these processes. However, they need to access them in a matter of seconds.
These are the occasions when internal chatbots come into play, and Millennium BCP opted for them.
After having an automation solution that did not meet their objectives, they decided on the value proposition of the Visor.ai platform. In a few months, the chatbot called MAX achieved interaction automation of around 80%.
Another advantage this solution provides is the possibility of forwarding to a human assistant when the chatbot can't answer -accessible through the Live Chat tool of the Visor.ai platform, where it can serve several users simultaneously.
Still, MAX's team says: "It may not know the answer today, but it will tomorrow." And they say this because, with total autonomy, they can change and add content to the chatbot and make it available immediately.
Conclusion
A solution like Visor.ai allows your institution to have an efficient Contact Center available 24*7. Whether by website, Facebook Messenger, or WhatsApp, be present in the digital channels where your customers are.
Also, optimize the work and workflows of your Customer/Employee Support teams. Automate simple, frequent and quick-solving requests, and leave the more complex ones requiring more detail to your assistants.
With a user-friendly and intuitive platform, you can parameterize the use cases you want in a few minutes and evolve them over time without needing an IT team.
You can also integrate the platform with the systems you already use in your company.
According to Juniper Research, until the end of 2022, about 90% of banking industry interactions will be automated.
How is your journey? Contact us and discover in practice how far can banking chatbots go with Visor.ai platform.
