Banking: Impact of Chatbots on Customer Experience


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The banking and finance sector is among the most important and highly complex industries in the world. Amid the many challenges that face banks, they must also strive to deliver A-grade customer service. Customer service in the banking sector has become quite a hot topic lately and so have the tools that help with it, especially chatbots. Why you might ask? We will let the following list of benefits help you understand why chatbots have come to play such a critical role in the delivery of high-quality customer service in the banking and financial service sector:
Chatbot in Banking

  1. Providing help faster: Customers today not only want high-quality service at all times, but they also want it fast. So, how do you offer almost instant replies and assistance to banking customers? With chatbots — they can be deployed across a company’s social media handles to help tend to customers via quick, near-instantaneous automated replies, etc. They can also be used to get customers’ registration process started or used to offer basic information and details via social media messengers, even if it is at, say, 2 in the night.
  2. 24×7 customer support: Gone are the days when one would access services only between set hours of the day. Now that we are living in a digital world, one of the key benefits is the ability to access and use services as and when one may need them. This holds for the banking sector too, of course; unfortunately, this also means customers may need assistance at all hours. This is easily tended to via chatbots since they can answer customers’ queries, channel them to the right resources, etc. at any given time of the day. Besides being hugely beneficial for customers, it also allows banks to ensure they can win customers’ loyalty even at odd hours.
  3. Easy KYC initiation: Today, governments all over the world as well as businesses in the banking and financial service sector have stringent rules and regulations, with know your customer (KYC) being among the most important of the protocols they must adhere to. However, it is not exactly a simple process; i.e. it involves a lot of steps and forms that may be too cumbersome for customers. However, this challenge can be easily dealt with via some assistance from chatbots. How? Oh, it is rather simple; what artificial intelligence-enabled chatbots can do is prompt details and automatically fill in details that it already has about the customer. This helps do away with the long process and instead, makes it much easier for customers to fill in KYC forms.

As you can see, ladies and gentlemen, chatbots may come across as rather rudimentary technologies, but the truth remains that they are highly potent tools. When applied and integrated strategically, they can help turn around a company’s customer service experiences and enable the achievement of unprecedented levels of growth for the business. So, to cut a long story short, you can go ahead and undertake an enterprise chatbot development project for your business without worry. However, be sure to, first, find a trusted software development service provider with the right kind of experience to assist the development of a chatbot for your finance business.

Mrunal Chokshi
Mrunal has been actively involved in Internet marketing for more than 10 years. His knowledge and experience motivates him regularly in contributing through writing on technology topics.


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