Chatbots: The Role They Play in the Banking Sector

The banking industry is and will likely remain a rather complex industry for the foreseeable future. Why? Well, just look at the many, many factors the sector must deal with, plus the evolution of technologies, changing demands, countless regulations, and so much more. Suffice it to say that operating a company in this sector is no cakewalk and typically necessitates the use of modern technologies to assist or fortify banks’ endeavors to deliver better customer experiences, distinguished services, etc. Of course, there are plenty of technologies that can do that too & yet, chatbots continue to be one of the most popular solutions for the banking sector.

Chatbots’ popularity is primarily ascribed to their ability to improve customer experience. They are famous for boosting customer experience and, at the same time supporting the bank staff to automate their routine work tasks while focusing on other important work. This attracts connecting new customers. And, it’s all possible because now bots have emerged, they are more mature and secure. Further, the advancements in Artificial Intelligence technology have transformed the bots into digital assistants.

Chatbots’ popularity is primarily ascribed to their ability to improve customer experience. Here is how chatbots enable that.

1. Send money: We live in a world that moves very, very quickly. This leaves little to no time to tend to daily, mundane tasks like paying bills, making money transfers, etc. Yet, these are tasks that must be done and typically rather regularly at that. In this regard, chatbots can lend spectacular help to customers, allowing them to route payments, money transfers, prepaid recharges, etc. via them. What’s more, is that chatbots can even help customers set up reminders for any such regular transfers and/or payments.

2. Check account balance: Easily one of the most important applications of chatbots in this sector is for account balance updates. In today’s fast-paced life, customers want things done immediately. Speaking specifically in the context of accounts and balances, chatbots can provide customers with updated information in a matter of seconds, send out alerts in case the account balance falls under a pre-decided limit, etc.

3. Manage accounts: Banking in the modern age means customers can do so much with their accounts, such as setting up automatic debits, purchase limits, etc. Now, it is a given that customers will also need to be able to access this information from time to time, no matter if to just monitor the account and its settings or perhaps even update them. Chatbots can help with all that, without needing to contact service personnel or to visit the bank.

4. Keep an eye on transaction history: Given that chatbots are driven by avant-garde technologies such as artificial intelligence, machine learning, etc., it ought to come as no surprise that they can also be put to work to keep an eying customers’ transactions. Be it for the sake of the bank’s security or that of customers — chatbots can give customers an overview of their bills, their spending habits, and other such insights about their financial habits and such.

It is clear as day to see that chatbots have had a deep impact on the broad spectrum of industries across the globe. Chatbots in banking industry, however, has proven to be an especially lucrative proposition.

While the unique requirements of this particular industry also have a lot to do with the popularity of chatbots in the sector, the fact remains that most of the credit goes solely to the plethora of benefits and abilities they bring to the table for banking and finance companies. They help companies acquire new customers, assist customers with financial advice, facilitate the delivery of better customer experiences and so much more.