Banking Chatbot: Customer Service of the Future

With the increasing need for individualized, context-rich Customer Care Banks are increasingly investing into service automation.

That’s why Chatbot is a revolution in banking. Bots help serve Clients faster, at lower costs, wherever they are and whenever they wish.

 What is a chatbot?

Co-called ‘chatbots’ are computer systems that simulate human conversations. They represent a text-based dialog system.

Some bots are programmed to follow syntax patterns while newer platforms have Artificial Intelligence and Natural Language Processing mechanisms to better understand live human text.

The bot can carry out the transactions and answer the questions like, “What is my account balance?”, “Can I pay my mobile bill?” or “Will I save money by …?”

Market size

According to Venture Beat there are over 170 companies backed by US$4 billion funding which are engaged in chatbot development (machine learning, frameworks, connectors, etc.)

Here are 2,5 billion of messengers’ unique users. They are all potential users of Banking Chatbots.

Benefits for Banks

Chatbots can be applied to any industry dealing with customer service, but Banking is particularly interested in this know-how for several reasons:

 Functionality improvement

A chatbot can expand the functionality of your homepage. For example, users can type their questions directly to the bot. Otherwise they would search the answer on the website or call the customer care.

 Time saving

Chatbots act faster than humans. They can instantly give the right answer and perform requested operations in a second.

Service flexibility

A chatbot is available 24/7 all the year round. It’s never tired, sick and makes no human errors.

Efficiency and service improvement

The technology improves Bank’s business efficiency, as it enables processing a number of requests simultaneously. It helps serving the Clients faster, without any frictions and queues via a well-known interface -  messenger.

Qulix software development for banking and finance

Costs reduction, sales increase

A chatbot is a long-term investment. Technical automation saves costs for extra retail branches and staff.

Banking Messenger Bots are so easy to reach. User only needs to open preferred messenger and text the problem. Bot will handle the rest.

Such a problem-solving approach along with simplicity is predicted to increase sales and banks’ revenue.

Conclusion

Such banks as Russian Tochka, LunarWay, a Danish full stack startup bank and ABSA  (Barclays Africa) have already introduced Chatbots for their Clients. As the technology matures, Chatbots will become a standard feature (like mobile banking or P2P transactions).

Learn more about Qulix IoT and Artificial Intelligence solution development.