Banks have started adopting technology to offer enhanced user experience to the customers. There are banks that develop customized software or apps.
How difficult it can be if customers have to stand in long queues for transferring money from one account to another. Banking software and banking apps can save the time of users. With the help of the internet, the users can send money from account to another in seconds.
Let us see some interesting stats about mobile banking apps and web banking apps:
• Juniper research conducted research which stated that mobile banking users will reach 2 billion by the year 2020.
• As per another report by Forbes, the Bank of America had cut hundreds of branches in 2016 to focus on mobile banking.
• A white paper was released by Fiserv that stated the revenue collected from mobile banking customer had a share of 72% as compared to branch-only customers.
• There is a hike of 30 percent of the total number of mobile banking users in the UK. Royal Bank of Scotland (RBS) added 4.2 million mobile users.
• In the list of the top three most used apps in the USA, banking apps are the 3rd rank holder. The survey also concluded that 91% of app users prefer using apps rather than visiting the physical branch.
Benefits of using banking apps:
Banking apps are immensely popular due to their unique and amazing benefits. Most of the millennials prefer using online banking. The physical paperwork is completely avoided with banking apps and web apps.
Users can get the benefit of instant banking and no need of waiting in long queues to deposit money or to get passbook. These banking apps and web apps can All these small tasks can perform tasks over a click through banking apps.
Apps save a lot of time. If the user follows traditional procedures, a lot of time is consumed. By saving the time of users, the banking apps can retain the users.
Banking apps are available for 24×7. The user has to follow the timings of banks for performing small tasks. How hectic that gets if you have to go to the bank in their timing just to check account balance? But with the help of banking apps, the customer can transfer money any time and from anywhere.
Let us see what technology can be used to enhance the customer experience in the banking sector. The banking apps offer support to customers who have any queries. These queries can be asked on call or message (chat). Either the banks offer live chat support. Or they offer chatbots.
Chatbots are machine learning technology which learns to answer queries by users. To teach the bots, developers offer millions of examples to the machine. Each customer has different queries. These queries can be answered by a robot! This robot is called chatbot.
Chatbot for web development:
The best part about chatbot for web development is that it offers a fast response. The machines learn through millions of examples, the bot is now able to offer an answer to all queries in real time. The real-time response by chatbots offers an excellent user experience. Chatbots can offer faster response than human operators.
Real-time problem solving is necessary for banking since banking operations are very important. This feature can definitely improve the customer experience. Response time is better in chatbots. Chatbots can solve more queries in less time.
The chatbots can offer an answer to multiple questions at a time. If the bank depends on live chats system, there might be so many unanswered queries. The live chat agents are not capable of answering excess queries. Customers can get frustrated due to this experience and can run to your competitor bank.
Chatbots can save such situations. The best part is that one single chatbot can handle multiple queries. You need not install more than one chatbot. A single chatbot can take care of the multiple queries at the same time.
Chatbots are trained for years. It takes a lot of time to create an efficient chatbot. Once the chatbot is ready, there is no need for human supervision. Banks can save the cost of resources for support. It is anyway difficult to hire skilled support executives. In such cases, chatbots can be the best option. Chatbots works on its own as programmed for several hours. There are no chances of human errors in chatbots. Chatbots work for several hours without any sort of breaks.
Users find it easy to interact with chatbots. Chatbots offer predictive queries. Customers can click on relevant queries and there is no need to type anything. The banks need not spend cost on training agents for offering excellent chat services. Chatbots can work smoothly once the program is fed. Banks can offer training to chatbots also.
Since bank apps can offer services 24×7, the support should be also for 24 hours. It is a tough job to find skilled resources who can work in shifts. Plus it adds to the cost. With chatbots, users can easily interact anytime and get answers to their questions in real time. Chatbots can operate anytime and as long as you want them to work. If a user of the bank is in another country, he can easily contact without any geographic barriers.
Banks can save a lot of cost by offering chatbots. Since customers get real-time answers, the retention increases and the risk of customer loss decreases. This ultimately saves time. There is no need for recruiting resources for support. Since there is no cost of resources, there is no cost of resources training. Chatbots are cost-efficient as compared to live chat agent costs.
The banks get multiple queries every day. These queries can be regarding password issues, account balance issues, fraud registrations, etc. all the banking queries are important and need instant solutions. In such cases, the chatbots can help a lot.