2017 was the year of the ‘BOT’, and undoubtedly several banks have taken their first steps towards “conversational commerce”. Due to artificial intelligence, chatbots can pursue and continue a conversation. That is the beauty of modern innovations.
During 2016-2017, we already saw several leaders’ like DBS, Santander, Wells Fargo and Bank of America roll out their chatbots.
Here are top five financial institutions globally that have adopted chatbots:
Chatbots will be responsible for over $8 billion per annum of cost savings by 2022 (Juniper). On an average, a chatbot inquiry saves more than 4 minutes in comparison to traditional call centres. So the virtual assistant plays an important role.
Consumers will manage 85% of the total business associations with banks through Fintech chatbots by 2020 (Gartner). Chatbots are top-of-mind when looking to reinvent the customer experience whilst also cutting down on costs in job roles ripe for automation.
Below graph shows, around 5 million Mobile Banking users within Middle East region (Statista).
Compared with banking services offered through most social apps, chatbots offer users a more engaged and private communication channel than any social network.
In one chat with a customer, banks can:
Help someone onboard and make an important financial decision.
Handle any complaints or concerns personally.
Offer contextual loyalty reward incentives.
Answer questions about “best-fit” financial products and offer alternatives.
Get customer feedback.
Apply for a personal loan or process an insurance policy.
… all at the pace of instant messaging. If you are looking to invest in the chatbot technology, come talk to us today.
Sources: Statista, Gartner, Juniper, Huffingpost
About the author:
Ellia Tariq is passionate about words & expressions. She is a Content Marketing Strategist who constantly strives to understand emerging technologies & platforms and how they affect brands and consumers.