Differentiation from the competition is a significant challenge for modern banking providers. The actual financial services offered by many banks are broadly very similar across multiple providers, so companies need to look to other areas to set themselves apart, build a strong reputation, and attract customers. Arguably the most effective way of doing this is by providing exceptional customer service that will encourage loyalty and attract as many customers as possible.

Part of the task of providing exceptional customer service is innovating and adapting, using technology to provide better, more responsive, and more personalized support. Greater and greater numbers of financial service providers are looking to achieve this by utilizing chatbots as part of their customer service strategy.

Here, we look at how banking chatbots are evolving and some of the beneficial impacts they can have on the experience of banking customers.

What is a banking chatbot?

A banking chatbot is much like any other chatbot, but one that has been designed specifically to deal with customers in a banking context. At a basic level, this can mean that the chatbots have been programmed with responses to common banking questions, such as “What are my branch’s opening hours”, and “How do I make a deposit?”.

As chatbot technology progresses, these chatbots have become more advanced and considerably more useful to banking customers. For example, AI and machine learning-powered chatbots are capable of adapting over time, responding to far more complex queries, using multiple languages, and more. Also, they can be integrated with banking services, potentially allowing customers to perform basic banking functions like checking their balance, making payments, and so on.

How can banking chatbots improve customer service?

Improved resolution times

However well-designed your banking services are, it is inevitable that a certain number of your customers will need support at some point. What’s most important is that you can resolve these issues rapidly and reliably with minimal disruption to your operations and to the customers themselves.

One of the most powerful benefits of banking chatbots is their ability to drastically improve resolution times. Chatbots are always immediately available to respond to queries, meaning customers will never have to wait around in queues, and they can provide real-time support for any issue.

Modernized, accessible banking

Digitization of banking services has been the dominant theme of banking innovation for years and is an ongoing process, with increasing numbers of people moving from traditional in-person or telephone-based banking to online and app-based banking. This digitization movement should also extend to customer support, but many banks continue to rely on outdated support models.

Conversation AI banking chatbots are the answer to this often-overlooked element of digitization, allowing customers to access integrated, instantaneous, and fully digital support from directly within their browser or apps. SKil.AI chatbots are even accessible via a wide range of external channels such as WhatsApp, Facebook Messenger, email, and text message.

Personalized services

Traditional support such as FAQs and ‘how-to’ guides are helpful in some cases, but there are many situations where customers need more personalized support. If a customer can’t navigate your website properly, can’t find a specific service, or is having trouble logging in, they may need more specific advice.

Conversational chatbots solve this issue by providing targeted support to customers for any issue they might encounter. In most cases, the chatbot can resolve any issues within just a couple of minutes. If the problem is more complex, they can automatically escalate to a customer service agent for more in-depth support.

Adaptive customer service

The advanced machine learning algorithms powering some modern AI chatbots are capable of learning and adapting to their environment. This means that they can understand and respond to far more complex language and queries, making them significantly more helpful in a variety of contexts.

Reduced customer service spend

Chatbots simplify customer service for both the customer and the banking provider themselves by reducing reliance on physical support staff. By automating large amounts of the customer service journey, chatbots directly reduce customer service outgoings for banks. This frees up resources and allows them to be redirected to other important services that can improve the customer experience, such as app design, security measures, and so on.

A better understanding of customers

Chatbots offer the opportunity to passively collect useful data regarding customer interactions and use it to learn about common issues, what customers respond positively to, and what services should be developed and improved in the future. They can help you to automatically and effortlessly expand the scope of your customer research and drive tangible improvements to your services.

Help more customers

Scale your support capacity instantly to seamlessly handle surges in customer demand. Whether your chatbots are dealing with a handful of customers or thousands at a time, you can count on ultra-fast response times and the same excellent level of service for everybody. Additionally, chatbots are available at all times, meaning customers can get in touch and access useful support 24 hours a day, seven days a week.

Why choose Skil.AI chatbots?

Skil.AI’s innovative chatbot technology is powered by transformative AI and machine learning to provide more adaptive, more versatile, and more accurate support to banking customers when compared with standard chatbots. Our banking chatbots can be built to order and will ready to integrate into your existing support systems straight out of the box without a lengthy onboarding process, so your customers can see the benefits immediately.

Revolutionize your organization’s approach to customer service starting today, with SKil.AI.

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