Customer onboarding can be tough for banks. Conversational AI-driven technologies like chatbots can help simplify the process for both customers and...
5 Use Cases for Conversational AI in Banking
Conversational AI offers benefits for banking; review use cases of enhanced customer service, efficiencies, better experiences for customers and employees.
Conversational AI is actively transforming and automating industries and their organizations by simplifying traditionally complex tasks and conversational business apps are one of the most popular modern innovations making their way into many industries, especially within the banking industry.
There are many benefits in implementing AI virtual assistants within conversational applications in the banking industry, such as enhanced customer service, efficiency, and broadening the reach of both the client and the company. Banks and their team members juggle many tasks simultaneously, and enabling conversational AI can help boost efficiency, satisfaction and minimize employees’ workload. It is estimated that by the end of next year, the banking industry will save billions of dollars (and tons of time)by investing in AI to tend to customers’ inquiries.
Below are five use cases for conversational AI within the banking industry.
#1. Customer Service
Implementing AI chatbots is incredibly useful when it comes to customer service within the banking industry. They are often the first form of contact for customers, and they must be configured to guide the user to the correct department, information, or representative.
AI chatbots can streamline customer service processes and meet customer needs much faster. Response times are much quicker with automated conversational flows that allow customers to get answers to their questions quickly. AI chatbots are available 24/7, so any user can likely find the answer to the inquiry even after business hours are done for the day.
Many banking organizations are taking advantage of smartphone applications as well, where virtual assistants can be deployed easily so users have a better experience through conversational interaction. There are often frequently used points within the application, and it is all found in one place, rather than clicking through a website, searching for the desired answer. Benefits of using a conversational application based on intelligent virtual assistants include personalization, maximum user engagement, on-demand responses, custom notifications, and an overall better user experience.
If the customer's request is complex, the AI chatbot can automatically route the client to a human operator. AI Virtual assistants can handle a large volume of customer requests and respond instantly, but unforeseen things can happen. Live agent transfer allows you to get the most value from your interactions with virtually zero impact on the customer, with the conversation continuing in the same interface.
#2. Generating New Leads
AI Chatbots have made the entire process of generating leads more accessible than ever before. They have a permanent home on the official bank’s website, or the mobile app, and are easily accessible to users and can assess whether or not they are interested in any products or services the bank offers. After these chatbots have gotten past the initial interactions, the possible leads are sent to bank representatives who can reach out to potential customers and complete the sale. The implementation of conversational business applications has caused skyrocketing leads within the banking industry and are providing much more leads than traditional means.
Conversational AI or chatbots makes it easier than ever to acquire quality leads and increase online conversions. Leveraging a simple yet powerful way to quickly identify high-value website visitors will pave the way for a timely reaction to inbound communication requests and empower your team to reach out proactively.
DRUID Lead Capturing chatbots are designed to attract customers and capture opportunities to sell financial and banking products. Lead Capturing chatbots are configured to allow the following functions:
- Provide information on the bank's products
- Promote certain products as part of marketing campaigns
- Collect customer contact details, whether they are natural or legal persons, and save them in internal CRM systems
- Connect potential customers with agents through live chat functionality
#3. Applying for Services
AI Chatbots enable customers with active accounts to apply for new products, loans, or services in real-time. Through the data integrations, the chatbot can display in the chat an offer simulation based on the banking system in place to calculate models and generate the necessary documents without the customer needing to visit a bank’s location to speak with a representative.
Conversational AI can hone in on the user’s intentions and help the user choose the best product for their needs. The bot can access the banking system’s list of products and services and ask customer-specific questions that will help them choose the best options. With this information, the bot automatically creates the loan request. After the loan offer is generated and digitally signed by the user, a new loan request is registered into the banking system and then will be taken over by the back office team member.
#4. Monitoring for Suspicious Activity
Conversational AI can help customers monitor their transaction history and quickly report any suspected fraudulent activity within their account. Chatbots can even generate daily, weekly, and monthly reports to capture an overview of banking activity and promptly address any unrecognized transactions.
Banking chatbots allow users to obtain solutions to suspicious activity in an instant. Customers can lock cards, reset passwords, or check bank statements in a flash. There is no longer a need to wait in a call queue to get answers to your questions or concerns. Customers can get quick responses to simple questions or be directed to the correct representative or department without the hassle of going through many checkpoints.
Users can allow notifications from their banks, which will send alerts to the customer whenever a charge, deposit, or deduction is made from any of their accounts. This allows for quicker responses to fraudulent claims and on-demand access to agents to address the issue at hand.
#5. Checking Balances and Transactions
One of the essential uses of chatbots within the banking industry is to allow clients to check their account balances. AI virtual assistants can provide account balance estimates and notifications when the balance falls below a specific, predetermined amount. Consumers can better manage their accounts without the hassle of having to manually log in to their online banking portal or visit a branch of their bank.
Chatbots can provide relevant account information, including transaction history (and specific reports by category or time period), account balances and statements, the situation of credit cards, active services or products associated with a user, ongoing credits, receipts, blockages, overdue payment, current international currency exchange rates, cash flows, options to file a claim, and more.
Banks are often thought of as one of the most traditional forms of business. However, with innovations, like conversational AI or chatbots making their way onto the scene, the banking industry is changing. The bots are helping banks interact with customers at every stage of their economic journey. Banks that fail to adopt conversational AI platforms may soon fall behind and get lost in the continuous technological modernization happening right in front of us.
Conversational applications and AI chatbots are here to stay and can only get better, smarter, and even more helpful as time goes on. Learning about conversational AI (and its options and benefits) is one of the smartest things companies can do right now. Conversational AI/chatbots offer many uses within the banking industry from increased productivity, increased customer satisfaction and engagement, cost-effectiveness, time-saving, and proper resource utilization.
Want to learn more about how conversational AI could help your financial institution deliver a more efficient, intuitive customer experience?