Transforming financial services with Conversational Banking

Conversational AI solutions allow companies to address a large volume of interactions without having to hire additional staff. Bots dramatically reduce contact center load, by automating queries like finding the nearest ATM or branch, or providing assistance with password reset or blocking lost card.

With the help of smart bots, users keep their finances in check, thanks to features like budget planning, spending analysis, and discount notifications. Bots can work for customer’s convenience, managing multiple accounts, directly checking their bank balance and expenses on particular things.

In today’s world, an instant chat feature is what digital ‘always-on’ consumers expect. This is particularly vital in emergency situations. Bots can promptly address urgent requests, collect the necessary information and transfer the query to a human agent, so that customers are never left alone with their problems.

When clients visit a bank’s website and there is a bot that politely greets them, encourages them to ask questions about products and services, and helps find their way to the necessary information, this is more likely to end with an account opening or a new purchase.

Conversational AI enables financial institutions to have intelligent, two-way conversations with their customers as well as deliver highly-personalized experiences. This leads to enhanced customer engagement and improved operational efficiencies – a true win-win scenario.

The process of insurance prolongation can be tedious, but conversational apps can save a lot of time for customers. A bot can remind that current insurance is about to expire, and offer to book a meeting with an agent right away. Powered by recycled and reused customer data, AI bot can spare customers the much-hated form-filling, paperwork.