Applications focused on artificial intelligence (AI) may arouse some fascination in the public. In the case of banks and financial institutions, the use of this technology represents a huge opportunity to bring digital services to the customer, raise indicators and results since they provide automated conversation days that offer experiences similar to face-to-face ones.
With each interaction, financial institutions learn more and more about the needs and demands of their customers through omnichannel communication and the integration between AI and automation, as well as data analysis. In this way, it is possible to offer personalized service to the consumer through the understanding of their demands and the context in which they are inserted, providing convenient and rewarding experiences.
Conversational banking technologies
It’s not simply a chatbot, although many banks can start their conversational journey with this tool to complement their self-service digital channels. However, data analytics and interaction language are essential to providing proper guidance and assertive attention at the right time in the customer journey.
Conversational Banking tracks data to gather information during interactions, as well as using analytics to understand behavior and chatbots with capabilities to identify (and even anticipate) customer needs without human intervention, thereby raising the bar on experience.
Another skill to consider is attention by text or voice. Legacy voice technologies offer limited automation and not-so-skilled experiences. Conversational banking enables the provision of more complete banking services, that is, ubiquitous communication with the customer 24 hours a day, 7 days a week, 365 days a year and with little human interaction.
Benefits of conversational banking
More dynamic interactions.
Use of the preferred channel.
Service and support 24 hours a day, 7 days a week.
Personalized experience.
High quality services.
Multilingual options.
Security in interactions.
Quick resolutions.
Increased revenue and customer lifetime value
When consumers have more options to interact through conversation channels, the tendency is for them to engage more and more and establish lasting relationships with their banks. Thus, by offering the convenience and usefulness of omnichannel and two-way communication, it is possible to increase customer satisfaction and engagement; reduce churn rates; increased conversion rates; Gain more trust and greater loyalty.
Reduced operating costs
The approach also provides significant cost savings as it allows for better allocation of equipment, freeing up employees to deal with more complex issues; provide more information to support teams enabling faster resolutions to customer demands; improve login verification and account security through mobile solutions that help keep sensitive customer data secure; Reduce fraud through two-factor authentication and immediate text alerts.
Accelerated innovation
In addition to building deeper relationships with customers, another benefit is the pursuit of innovation. After all, as banks make communication more convenient, relevant, and accessible, there are many more interactions, allowing for a better understanding of financial habits as well as customers’ goals and preferences; offer relevant advice for establishing trustworthy and lasting relationships; Develop new products and services that meet the emerging needs of consumers.
Conversational Banking is the future
The potential to elevate the customer experience, build loyalty and, consequently, expand the results of financial institutions is great. Globally, according to research conducted by Juniper Research, the banking industry will save about $7.3 billion through the use of chatbots this year, equivalent to 862 million hours or nearly half a million years of work. Therefore, it is no exaggeration to say that conversational banks have been defining the future of interaction in the financial sector by their ability to make gains in terms of efficiency and personalization.
Topaz, recognized by Gartner and other international consultancies as a leader in the segment of digital financial solutions in Latin America, offers the SERVCore platform through WhatsApp to automate service channels in financial institutions and, in this way, offer a lighter and more intuitive journey to customers. To learn more, please contact our experts through the form.