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5 Ways by which chatbots are improving customer experience in the banking sector

By Tannu Sharma 13th March 2020

Heard about “ Conversational Banking”? It is a smarter way to retain your loyal customers by offering them a quick response to their queries. Technology has helped humans to evolve from the stone age to the modern digital era. The pace of the shift in consumerism behaviour from a service seeker to a game-changer is quite quick. Gone are the days, when a business could afford to prioritize the customers’ needs at a later stage. 

chatbots are improving customer experience in the banking sector

With the customer becoming the ultimate decision-maker for a business to stay or go, it had become the priority of every business to ensure that customer satisfaction is achieved to any extent. 

Speaking about the banking sector, technology has gifted many exclusive ways to allow the industry to gain customer’s satisfaction to the maximum. One such smart strategy is to introduce chatbots to its customers. 

If you are thinking that chatbots are some sort of dull programmed set-up that offers the prescribed answers only, then you need to upgrade your knowledge bank. Chatbots designed with AI are one of the most promising strategies of your banking business that can lead you to win the satisfaction vote of your loyal customers. Still thinking about how AI-driven chatbots can help you in getting a good customer response?  Read the below-mentioned benefits of picking up a smart chatbot for your banking business.

Round the clock customer assistance

Round the clock customer assistance | Hippo

The banking industry is all about gaining and retaining a maximum of the customer base that can help in letting the institution fly high in the sky. However, from a business perspective, it might be difficult to stay 24-7 available to your customers. And this can let you lose some of your loyal customers. 

Are you ready to bear this loss? Certainly not! Then, what next? Letting operators stay round the clock to serve your customers is also not everyone’s cup of tea. In such instances, an AI chatbot can come to your rescue. These chatbots are well-structured in a way that they can address and entertain your customer’s query like a trained employee of yours! 

And from investment and maintenance purposes, the finances required to keep the chatbot functional are as low as your employee’s one day salary!  This is a real-time result driven practice that can mend your banking business process in a smarter way. Henceforth, you can keep your customers happy and satisfied with the appropriate responses at any hour of the day. 

Reduce the waiting time of your customers

Automation with chatbots | Hippo | Jungleworks

You might have heard multiple times that your customers complain about long waiting hours to get a response from your banking institute. Over the top, the recorded IVR responses are a bit annoying for those who need to seek immediate attention. It is important to break this cycle, or it can lead you to lose your potential customers. To avoid such unwanted situations, you can take the immediate assistance of these Chatbots. How? Unlike the IVR long queue, the chatbots help you to offer the quickest response to every query your customers comes with. It is a better way to address your customers and get guaranteed satisfaction from your services. 

Automate back-office tasks

To make sure that your business remains on the top of the game, you need to ace up your work operations in a smarter way. Picking up the chatbots for the banking sphere helps in offering a streamlined process of automating the back-office tasks.  In contrary to a human being assigned to do the task, the automation of tasks via chatbots takes a few minutes to be completed. This automation can be generously used by your employees too for picking up the relevant banking database. Such chatbots, if used wisely and in good time, would allow employees to get the necessary data on their fingers and enable them to service their customers more efficiently.

In simpler terms, chatbots serve as a bridge between your customer’s satisfaction and employees’ productivity. This is a much-appreciated benefit that truly needs to be implemented in your current banking business operations. Don’t let your employees stuck between data searching and customer serving at one time. Give them space to breathe and perform better. 

 Acts as a financial advisor

Pitching your potential customers is a good initiative to expand your business reach. But have you ever thought, why your customers should choose you above other options available in the market? Why don’t you start giving financial advice to the customers so that they can get a clear overview of financial things and can take the required action accordingly? 

This can indeed become one of your finest USPs that can make your business grow over a period of time. This helping initiative via the chatbots would again diligently contribute to making your customers happy and satisfied with your banking services. 

Customized Marketing Pitch

Marketing pitch with chatbots

Last but not the least, you can optimize these AI-driven chatbots to make a customized marketing plan to showcase and broadcast your financial services in a better way to make your customers understand.   It is one of the most revenue- and rewarding advantages that can make your company a common name among your potential audiences.

Every customer has specific needs and you need to make sure you pitch them in the same way. This can be done smartly via optimizing your marketing plans on these chatbots.

Signing off!

Before we wrap up this article, we would like to introduce one of the efficient and tech-oriented chatbot “ Hippo” at your notice. Ranging from the above-mentioned benefits to a lot more, Hippo has the potential to make your company stay like a pro in the market.

If you’re looking forward to making this AI-driven chatbot technology an integral part of your business success, select Hippo and make the technology worth your banking venture.

If you enjoyed reading this, we’re sure you will also love checking out what we have in store on our Youtube channel. You can also head to our home page for more info!

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