Conversational ai chatbots for banking are revolutionizing the way banks and financial institutions interact with their customers. In the banking industry, every bank, whether public or private, small or large, or local, offers identical products and services.
Because all banks offer the same services, the customer’s experience and contentment with their bank play a significant influence in their decision to do business with them.
Conversational AI in banking assists clients with their day-to-day banking procedures without the need for human participation.
Now, without further ado, let’s get to the basic principle.
What exactly is CSAT?
CSAT assesses how successfully a customer’s expectations for a company’s product or service were met, fell short, or were exceeded.
Customer happiness is measured in a variety of ways by different businesses. Few organisations use rating cards, number of retention activities, and repeat customers to calculate, and even fewer use feedback forms.
Customer satisfaction can be classified into two categories: good and negative, or happy and dissatisfied. CSAT scores can assist organisations in predicting customer churn, but they cannot predict customer retention.
Customer satisfaction in banking firms is low for a variety of reasons.
Interpersonal Communication Deficit
In the banking profession, developing relationships is critical. Banks have moved to digital platforms to save money and time for their customers, but they lack interpersonal communication.
While providing consumers with a digital solution is a good approach, a bank should learn more about its customers before pushing a product or service. As a result, personal communication with each customer is beneficial to banks.
Call centers in the traditional sense
Few financial institutions consider upgrading a call center with cutting-edge technology to be a cost. A contact center, in reality, is a safety net. It aids banks in providing a better client experience. When a bank is uninterested in improving its contact center, it might cause more harm than good.
If a bank’s contact center is unable to meet customers’ expectations on a consistent basis, the bank will begin to fall short of its expectations.
Conversational AI can help improve customer satisfaction in banking processes.
The banking business has undergone numerous technical transformations, which are still ongoing. From ledger books to PCs, desktops to mobile and internet banking, and finally artificial intelligence-driven conversational banking.
Self-service customer involvement is available 24 hours a day, 7 days a week
With the evolution of mobile technology, clients now have access to information at their fingertips, making them addicted to self-service.
Prospects and customers alike anticipate conversational banking operations that provide self-service consumer engagement 24 hours a day, seven days a week.
Let’s say a customer wishes to open a new account (savings or current) without having to go to the bank. A prospect will have a number of questions in mind at that time, all of which must be answered in order to open a new account.
A customer must physically visit a bank to use traditional banking services. At that stage, the customer requires a bank that allows them to open a new account online.
If your bank has a smart chatbot, that prospect will answer all of their questions, establish an account, and become a customer.
It is advantageous for a bank to make a favourable first impression on a customer.
When a customer is a content with the banking services provided, it is obvious that the customer will not be interested in switching banks.
From the moment a new prospect becomes a client, the customer life cycle begins.
It then prompts you to confirm; after that, the consumer must enter an OTP to finalise the transaction.
A single transaction takes at least two to three minutes to complete, which many clients despise. It could be one of the reasons for the drop in CSAT.
Customers who have questions about their accounts go to a bank or call customer service to get answers. However, resolving their issue takes a long time, resulting in low customer satisfaction.
It’s all happening because traditional banking and financial services procedures are still in use. As a result, banks must transition to conversational banking. By switching to conversational banking, banks may provide consumers with 24/7 self-service, allowing them to execute day-to-day financial procedures in less than a minute.
Customers can get answers to their questions via text or voice at any time (24/7) using their favourite natural language.
Banks can boost consumer engagement via conversational banking, which leads to higher customer satisfaction.
With a contact centre, you can solve problems right away.
Customers are sensible, and they want problems solved quickly and effectively.
Customers are aware that difficulties or catastrophes will occur from time to time, but they expect banks to correct them as soon as possible.
It’s all happening because traditional contact centres are still in use by banking companies (IVRs and routing systems).
By switching to conversational banking, a consumer can immediately restrict a credit card by speaking or messaging with intelligent chatbots. As a result, the consumer feels at ease and delighted with the quick resolution of their problem.
When a consumer receives high-quality customer service from a bank, their CSAT score rises naturally, cementing their relationship with the bank.
