A chatbot is a customer experience tool. It can help improve
and customize the user experience at every stage, saving banks and finance
brands time and money in the process.
Chatbots not only allow customers to manage requests in a
faster and more efficient way, but they also act as a listening channel from
which we can better understand our customers.
Improving the efficiency of customer service, minimizing
human error and resolving customer queries quicker, has a major impact on
operational costs. In fact, according to a Juniper study, the use of chatbots
will save banks up to $7.3 billion worldwide by 2023. This represents a time
saving of 862 million hours, or almost half a million years of work. According
to Gartner, by 2020 chatbots will be handling no less than 85% of all customer
service interactions.
The functions of a finance or banking chatbot are nearly
endless. A few of the most helpful applications include: Automated,
personalized customer support, 24/7 , ease of use, cost saving, advise and
information, Conversational interface, audience segmentation, Customer feedback
collection, New account generation.
Here’s are two chatbot trends that will shape better
customer service outcomes in 2022.
Well-designed omnichannel bots: People use many different
communication channels on a daily basis: from email, to social media, to
messaging apps such as WhatsApp. A recent study reported that companies investing
in an omnichannel customer engagement strategy can increase their conversion
rates by 47% and enjoy a 90% higher retention rate.
Payment through chatbots:
More bots will be connected with payment systems such as Paypal and
digital wallets, allowing consumers to make payments without ever leaving the
messaging platform, improving customer experience.
Chatbots are and will continue to be a game-changer to
enhance front-end services at financial institutions.
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