Chatbots are a form of artificial intelligence integration. This technology provides customer assistance in multiple ways, from solving problems, customer service to issuing refunds.
According to Deltec Bank, Bahamas – “Banks are turning to predictive analysis and chatbots to help them manage the growing volume of consumer interactions that occur.” If the AI can take over the conversational portion of the customer service experience, then agents have more time to tackle the complex issues that occur.
Chatbots also help financial institutions to embrace online and app-based banking so that customers can receive service with more immediacy.
What Is the Priority for Chatbots in Banking?
Banks want to use predictive analysis and chatbots to reduce their overhead. Most customers want low-fee services or free access to accounts, so using AI helps to reduce the need for service centers. This technology can answer most questions without the need to have a person to get involved.
Chatbots also let banks keep their valued agents because each employee has more opportunities to make a more significant impact on the customer experience. When AI is unable to find the correct answer, then workers can handle a query that is personal or complex. The future of this tech might even handle those issues as training, machine learning, and natural language processing develops.
Banks also use chatbots as a way to handle everyday consumer tasks. An Increased number of financial institutions are allowing their customers to pay bills, transfer money to linked accounts, and deposit checks with this tool.
How Do Customer Access Chatbots?
The current access point for a bank’s chatbot is through a website portal or mobile app. This approach allows the institution to maintain its security profile while providing desired services.
Banks are also using social media chatbots to expand the number of platforms where it is possible to handle queries. Some institutions use PINs that allow consumers to carry out secure tasks on Facebook Messenger. AI can manage questions or direct prospects to signup pages to create more positive first impressions.
When customers get used to the idea of interacting with a chatbot instead of a human, they typically find that it saves them a lot of time. There are fewer long waits on hold, better personalization, and faster results. That should result in more customer loyalty, especially since a chatbot is available around-the-clock to provide services.
Have We Already Reached the Future of Banking?
Gartner predicted in 2011 that 85% of our relationship with an enterprise would come through chatbots instead of human interactions.
The prediction is likely to come true. 80% of businesses say that they currently or will use a chatbot by the end of 2020. About 60% of Generation X members and Millennials have interacted with this technology.
Chatbots make it possible to find information immediately. That outcome mitigates consumer frustrations while improving the user experience. As banks increase the level of service that this technology provides, we may find ourselves interacting more with AI than real people for our common problems in the coming days.
Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in Economics, Masters in international business and finance and an MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.