How Can Chatbots Help Streamline Operations and Retain Customers In Banking


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Poor service is one of the primary reasons why banks lose customers.

The average experience of a person with their bank is usually unsatisfactory and not pro-customer. Customers today expect seamless service and easy accessibility from the enterprises they interact with.

It is essential for the banking sector as well to move along the digital path. Hence the need for chatbots in the banking space is not a far-fetched idea anymore. It is a promising reality for the vast number of benefits it entails.

Gartner predicts that chatbots will power 85 percent of all customer service interactions by the year 2020.
Here are the use-cases in the banking sector where chatbots have fared out really well.

Customer Support

The standard for a new era of customer service has been set across all industries and the banking sector is no exemption. Customers have grown accustomed to fast and personalized service, and they expect the same from the banking space.

Chatbots come to the rescue by providing 24*7 customer service. Chatbots replace long wait times with instant response that helps make your customer journey friction-less and pleasant. A chatbot answers the frequently asked questions and an NLP-based chatbot can also be trained to interpret and respond to custom inputs by the customer. Chatbots can also re-route requests to a rep.

Lead Generation

Chatbots can open a new path when it comes to lead generation for banking. Chatbots engage with the incoming traffic on the bank’s website, ask them relevant questions, converse with them and generate leads.

A chatbot can also be deployed on multiple channels like Facebook, Twitter, WhatsApp, and more to increase engagement and brand awareness. The leads gathered from various channels can then be taken up by the sales team for follow-up. The chatbot can also capture leads and share insights with the sales team, thereby allowing them to move directly to the second stage of the discussion with interested prospects.

Creating Support Tickets

A chatbot can help reduce confusion by simplifying complex banking terms into more straightforward language and walking customers through simple steps. Chatbots can also create support tickets for the client to help them solve the problem they are facing. The bot can create a support ticket and acknowledge the customer with the ticket number and the estimated time of arrival for an engineer to get back to them.

For tickets that have already been created, customers can go to the bot and enter their ticket number, and the bot can fetch the latest status details of the ticket from the internal system and keep them updated.

Feedback Collection

With the ongoing endeavor to improve customer satisfaction across banking, it is important to get feedback from the customers themselves on ways how they would like to be served better. Uninteresting long feedback forms usually end up in the trash can or the trash folder.

But with chatbots, the process of feedback collection becomes conversational and interactive, which encourages the users to give honest feedback. Giving feedback through conversation makes the process more enjoyable for the user and increases the chances that the user will take the time to provide you with the information you need to improve your services.

Customer service has evolved by leaps and bounds. With the customer at the center of all marketing and sales campaigns across industries now, it has become imperative for the banking sector to step up their customer service as well.

Chatbots come with multi-faceted benefits for businesses across verticals. Efficient customer support is the most tangible of these benefits. Chatbots make your banking services more accessible to the customers. This not only helps you retain your customers but also attract new ones to become loyal customers.

It is important to note that chatbots will not replace customer service agents but will enable them to focus on complex issues, while chatbots address the simple queries instantly.

It isn’t as easy as it seems to create a truly beneficial chatbot. It is important to design the chatbot such that it provides value to both the business and its customers. We, at WotNot, understand this and have worked with businesses across verticals to develop valuable and scalable chatbots that work as personal assistants and provide a seamless experience to the customers.

We also have a predefined Banking template where you can experience the chatbot for FREE. Take a minute and feel how you can access all the benefits listed above here.

Subscribe to the Free Trial and experience the bot for FREE.

Hardik Makadia
As a product owner of WotNot, Hardik helps companies across verticals generate more leads by making businesses customer-centric with chatbots. Having worked with a multitude of businesses to streamline their processes with chatbots, Hardik strongly believes that chatbots will mark the next wave of the digital revolution and are the way forward in ensuring customer and business success. His unmatched business planning and management skills make him an invaluable asset to the organization.


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