Since the beginning of time, we humans have a tendency to evolve as we cannot sit stagnant for long. This hunger for development and prosperity had directed us to our current state. We also have a tendency to take things up a notch. So, in this long process, we had discovered a gem called Artificial Intelligence.
The first-ever AI named Eliza was created in 1966, but since then we have come a long way. In fact, we have come so far that, AI has now embedded in our daily lifestyle and assists in several unnoticeable things.
If we speak of AI in Banking and financing sector, it has proved to be of immense help. Many banks have indisputably and whole-heartedly accepted AI integration. Some of the major adopters are Bank of America, HSBC, Royal Bank of Scotland, JPMorgan Chase, etc.
According to the report by Juniper Research, these AI Chatbots are estimated to handle 90% of the customer interactions by 2022. This pretty much explains their popularity as of now and also for the future. To understand why such stats coming forth, we need to delve deeper into the whole of AI and the Banking Sector.
Though it is sort of a given, to avail the benefits of Chatbot technology, you must invest in Web and Mobile app development.
The amalgamation of Banking with the AI is a boon for customers and banks as well. Let us categorize these benefits to have a more clear perspective.
Save Cost on Customer Support
Gone are the days when you had to hire the whole customer support department for accumulating feedback and resolving issues of customers. With the help of the Chatbots, it has become easier for banks to handle customers with ease. Chatbots procure much lesser costs as compared to human assistants.
According to some research, Chatbots save up to $0.70 per customer interaction. In an estimation, AI Chatbots are expected to save $7.3 Billion by the year 2030. Meaning, by 2030, Chatbots will have nearly all the control over customer support as stated previously.
Customized services and products suggestions
Sophistication in chatbots has led them to be more action-oriented, like conversing more fluently with the customers. They also are able to engage in FAQs related to banking transactions and operations.
Moreover, technology has moved a step further, and only due to this the Chatbots do more than just chatting; they suggest customized products and services to the customer in a totally non-irritating way. For example, say a customer wants information about loan against property or home loan, then the Chatbot will suggest such results, provided by the bank.
Personalized banking
The lack of personalization in services can make a customer compromise his/her loyalty towards a bank, and may switch to the other in hopes of finding personalized solutions to their problems. To avoid such a scenario, banks take the help of Chatbots. Whenever a customer seeks personal solutions, Chatbots will be ready to save the day. Furthermore, Human interaction leads to personal bias and inconvenience, in this respect AI Chatbots are the best bet.
They have reduced the waiting-time and hassle of long lines, which indicates low Customer Effort Score and that is incredible news for all the parties involved.
Helps in generating leads
Using cold calls and email campaigns for leads generation is an old-school concept now in the age of high-tech. With the advent of AI chatbots, the former approach pretty much became obsolete.
These Chatbots help in lead generation in a totally non-frustrating way and furthermore, add new and unique factors to the entire procedure. You can add these Chatbots to any website or an app to gather information about customers’ preferences by initiating a chat with them. Later, these leads are analyzed by the banks’ employees.
Increased Customer satisfaction
AI Chatbots has phenomenally changed the customer experience and lead to an increase in customer satisfaction. Sometimes, the human factor may play its card in erroneous ways. Compatibility issues between the customer and service providers may arise in certain situations and have the ability to hamper the bank-customer relation forever.
Chatbots not only eliminate this problem but also have many positive things to offer in addition. They are much more direct and precise when it comes to customers, giving them a hassle-free experience.
Somehow we feel that this is just the starting of the limits that AI can achieve. Not just the Banking sector, but it is being used in almost all of the industries irrespective of their sectors. They all are being equally profited by this remarkable and a miracle of technology.