Customer expectations are rising and brands can’t ignore it, not even the banking sector. Positive customer experiences influence 75% of bank customer decisions and happy customers are 12.2 times more likely to try new offerings from a bank. To survive, banks need to make customer service a priority.
Traditional customer support methods are often labor-intensive and costly. In a time of near-zero interest rates, banks need to save money, not spend it.
They’re also less effective than in the past. Why? In 2020, customers do their banking online, not in-person or over the phone.
Banks and financial services companies should focus on offering efficient customer service on their customers’ digital channels of choice.
The most effective way to do this? Through automation, of course.
Customer service automation is the practice of putting technology in charge of the more mundane aspects of customer service. Tools like chatbots can handle many simple but time-consuming customer-facing processes.
Having a virtual assistant or bot, usually powered by conversational AI and machine learning, working in customer service is becoming increasingly vital in the banking industry. They’re already being used by major brands like Bank of America and American Express.
Customers are online and they expect responsive service. They don’t really care whether that comes from a human or a machine. For example, 71% of banking customers say they are willing to receive automated support when choosing the type of bank account they should open. On top of that, 54% of consumers would always choose a chatbot over a human if it saved them 10 minutes.
While bots are an excellent solution, they’re not designed to handle everything. They’re best suited to tackling simple requests. But where to start? Here are 4 easy-to-automate use cases for a banking chatbot:
There are plenty of benefits for banks adding bots to their arsenal of customer service tools. The obvious advantage is better, faster customer service, but that’s for customers. What’s in it for a bank? Well, here are just 5 of the benefits:
Want to learn more about bots for banks? Discover the 8 use cases banks should automate with bots by downloading our eBook!
Or, if you’re keen to get a bot of your own, send us a message and we’ll get you started.