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Create a Personalized Banking Experience for Your Customers with AI-Powered Chatbots
The banking industry is one of the most conservative and competitive, yet widely used industries. It involves massive customer interactions, transactions and documentation; the cost to serve customers and their satisfaction are the top concerns this industry faces.
Studies reveal that the next-generation of financial institutions have started to realize that automation is the key to keeping up with customers’ queries 24/7.
And, they’ve implemented chatbots to serve this purpose.
With the help of chatbots, banks don’t stop only with customer service but also help users with every piece of information they’d like to consume from a banking website. Customers will get instant replies to queries related to the banking services/products, equity, updates, news, operations etc.
Chatbots can help mitigate the common challenges faced by both the banking staff and customers.
Challenges for banking staff
- Unable to meet the growing demands of customer queries
- Shortage of human resources attending to lots of customers at the same time
- Difficulty in dealing with fraudulent activities
- Inefficient cross-selling
- Unsatisfied customers
Challenges for banking customers
- Lacking reward programs
- Anytime, anywhere access to their account balance
- Missing personalized connection with the bank
- Lack of advice on wealth building and investments
- Short of recommendations on spending and savings
Can these automated digital assistants transform the way banks perform and help improve customer service? Yes, according to the leading industry experts.
Let’s get started with how the next-gen chatbots can transform the way the banking industry works and help take customer service to next level.
Instant replies to customer queries
Whenever a customer raises a query ‘What is my account balance?’ to a phone banking officer or a website online support, a human customer support executive must search the specific banking details in the database to provide the relevant answer. This consumes time and escaping reply downtimes is important when it comes to satisfying a customer.
A chatbot can handle such situations smartly and seamlessly. It scans and collects the data requested by customers in no time and replies with accurate information instantly.
24/7 support for customer queries from anywhere, at anytime
Customers are always on the look out for information and contacting a phone banking officer during peak or after hours will check their patience. Many studies have demonstrated that 70’80% of customers prefer texting rather than talking to a phone banking officer as the texting works faster and better.
Chatbots work hand in hand with humans
Though they’re well trained to answer queries from customers, there are times when chatbots will have trouble understanding the context and meaning of a query. In such conditions, the tool connects the user with a human to understand, empathize and offer a personalized solution; this boosts the confidence of the visitors and makes them loyal.
So, the AI assistant can assist any customer at any time instantly. They won’t tire like humans, which makes chatbots a smart choice for fintech institutions, especially banking.
Chatbots don’t stop with answering the queries of customers, they can self-learn new data/queries of customers with the help of Artificial Intelligence to provide improved and satisfying customer service.
Having chatbots on Facebook and other messaging platforms offers a plethora of advantages to banks.
Banks have now realized that this smart tool isn’t just a choice anymore but a critical component for making quick decisions and driving the growth of banks.