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What are the best use cases for chatbots in banking?

By Javier Puga, VP Marketing, Unblu

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by Unblu
| 17/02/2020 12:00:00

The boom in automatic solutions shows no sign of stopping and artificial intelligence is beginning to play an increasingly important role in banking customer service. One example is the rise of chatbots - or AI conversational interfaces. Many people already interact with bots to deal with banking issues and queries. Chatbot technology has the potential to dramatically ease the workload of customer service advisors and also offer a speedy, engaging, and efficient support system for customers.

Nevertheless, few predict a world where human advisors are entirely replaced by bots. Human advisors are still vital for delivering the personal touch valued by customers. The most effective customer service systems opt for a hybrid experience. Merging bot technology with online chat solutions, you can leverage the improved efficiency and productivity of chatbots while retaining the reassurance offered by person-to-person exchange.

Chatbot use case for customer self-service
For everyday banking operations, chatbots are the ideal first port of call. If a customer encounters an issue when trying to pay a bill or transferring money, they need a solution there and then. They don’t want to wait on the end of a phone line for a solution. It’s a low-stakes problem that chatbots can answer just as well as advisors.

This eases the workload of advisors in financial organisations who can focus on problems that require more sensitivity or expert knowledge. Indeed, 64% of advisors say that chatbots will allows them to spend more time solving complex problems, reducing customer support costs.

Chatbot use case for instant customer support
One main advantage of chatbot support is that it’s instantaneous. When a customer is trying to complete a transaction and runs into difficulty, they don’t want to waste time scrolling FAQ pages. They want an answer immediately. Developments in natural language processing mean chatbots today are capable of more refined conversations than ever. They can also answer questions instantaneously.

As a consequence, the customer experience radically improves and satisfaction levels rocket. Customers appreciate prompt answers to minor problems so they can carry on with their day. Happier customers are more loyal customers, boosting brand image.

Chatbot use case for complex customer support
However, when it comes to high-stakes subjects that require a certain level of sensitivity - such as mortgage inquiries or information on insurance - chatbots are not yet adept enough at understanding the nuances of conversation to properly advise. While chatbots might serve as a starting point, for the final decision customers will want the chance to transfer to a human advisor.

By offering customers the option to transfer to talking to an advisor via live chat, banks can reap the benefits of chatbot technology without taking any risks. They safeguard against the possibility of customers becoming frustrated or questions going unresolved.

Chatbot use case for lead generation
Not only can chatbots resolve issues in a prompt and efficient manner, but they can also help generate qualified leads. During a conversation with a customer, they can suggest particular products and gauge interest. These leads can then be sent to sales teams for follow up. In this way, chatbots generate leads without any additional cost to the bank.

Rather than email campaigns and cold calls - which customers find irritating and tend to ignore - being suggested products within the context of a helpful conversation feels more natural. Therefore, chatbots can generate leads without the risk of alienating customers.

Chatbot software integration & Unblu
A chatbot solution with a live chat option offers the perfect pivot between the high-tech and the human. Customers enjoy both the convenience of AI and the reassurance of human-to-human exchange.

Reduce costs, improve customer satisfaction, generate leads, and save time without taking risks. Book a demo today and one of the Unblu team members will reach out to advise.

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