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Are Chatbots taking over banking conversations?

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. 

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