Waking up early. Coordinating outfit with matching tie and then completing the attire with diamond-like shining shoes. It is what your bankers do every morning!
Because they believe Better Bankers Create Better Banks… But the banking concept of 2020 is quite unusual from bankers’ philosophy.
2020 states CHATBOTS will start replacing almost every field that requires repetitive manual work. The same implies to the banking industry too. The number of banks and bankers’ both have increased. This simply indicates the increase in bank support by customers’.
Well, the term chatbot isn’t new in the banking sector. It already consists of bots like Erica, Nina, Eno, Aida, and some more for reducing manual intervention and increasing personalization for customer experience.
Some of them have released their own chatbots whose back-end is fully integrated with Artificial Intelligence. But recently, the use of social media bots has also got a new hype in the online industry. The most famous of them is Facebook Messenger Chatbots.
I would personally recommend you using a Facebook Messenger bot for banking activities as it makes the registered things possible…
- Let you build your bot without coding
- Provides interactive GUI
- Increases engagement with customers while using the social networking platform
- Cost-effective and easy to manage
- Increases conversion rates by reducing customer response time
- Builds authority and awareness
- Creates user-friendly experience and increases personalization level
But The Question Is Why Banks Need A Chatbot?
Let’s do a quick walk through the need for a banking chatbots…
Bankers are required to communicate and deal with a vast customer base that irks them and they undesirably but start to deliver poor customer support. This ultimately affects their work performance and personal relations.
Along with this, if banks want to grow and succeed they do need to accept the new trends and technologies. Chatbot is the new wave of the town as they can provide a smart conversational interface without having any dependency on humans.
Let’s check out the benefits Messenger chatbot adds in the banking sector by going through the problems and solutions it delivers.
Chatbot For Banking Industry- The Benefit Part!
1. Saves Times | Reduces Dependency | Customer Support 24/7
The problem:
On average a bank receives 100-200 visits in a single day. Quite a good number but not for your bankers. Customers have their own concerns/issues that can’t be the same for two individuals. Bankers are required to extend their boundaries that eventually affect their professional and personal lives.
Additionally, customers’ queries require their own time and commitment that can’t be achieved 24/7/365. Along with this, you always hold dependency on your bankers. Overall picture your banking results stay confined and you can’t gain the desired one!
The Solution:
A report by Juniper Research says Chatbot Conversations to deliver $8 billion in cost savings by 2022.
4-minutes on average bankers’ are required to solve a single query that extensively increases with the number of questions. Having a chatbot means bankers’ don’t need to invest their whole time-solving customers’ questions. A simple bot training with the most FAQs is all that you need to reduce your bankers’ actions.
With this, your bankers will be in a position to contribute to the banking strategy that makes them feel like they are adding some value and helping the business to increase its’ feathers. Moreover having a chatbot means no restriction on time. You would be providing 24/7 support without any dependency.
Thus, time, dependency, and customer support limitations can be resolved with a banking chatbot.
2. Cost-Effective Solution For Bringing Better Banking Results
The Problem:
An increase in banking support by customers means the need to hire more qualified graduates or contact chatbot developers. Hiring or communicating whats’ so ever you choose it consumes both time and money.
The solution:
Reaching out to the agency that provides no-coding chatbot solutions can help you meet the increasing demand for bank support. If you contact an agency, you don’t need to invest time or money in the interview process or chatbot development.
You can train your chatbot according to your specifications for having the results you want. Thus, a no-coding banking chatbots can be a cost-effective solution for bringing better banking results.
3. Aware Audience About The Banking Terms
The Problem:
Banking terms don’t change they remain constant but every time a new customer enters into your bank you need to explain each term again. Repetitive plus boring! 😔
The Solution:
A simple chatbot training can do wonders and can also keep you away from this monotonous work process. You can train your bot with all the banking terms, rules and policies. This will reduce your recurrent activities and aware your audience about all the basic terms they need to know before joining!
4. Improves Average Ratio Of Lead Generation
The Problem:
You can’t identify who’s your potential or doubtful lead. You keep on devoting your precious time to the clients who never gonna convert for your bank.
The Solution:
Banking chatbots can help you distinguish between your potential vs doubtful clients. So that you can concentrate only on the group of people that have a high priority to convert for your business.
To know more refer to the post- lead generation with chatbots!
5. Let’s You Measure Customer Satisfaction
The Problem:
You can’t measure and identify the areas that need alteration. This creates a boundary and keeps you away from your customers! This ultimately decreases your customer retention rate.
The Solution:
With banking chatbots, you can ask your customers to measure their entire working experience. You can even ask them to suggest the areas of improvement for better serving. In feedback, you can greet your customers with a thank you note. In a cost-effective approach i.e. only with customers’ feedback, you would be retaining customers back to your store.
6. Utilizes Interactive GUI
The Problem:
Room filled with a raucous sound doesn’t let you provide a pleasant environment to your customers. As a result, affecting your overall customer experience.
The Solution:
Facebook Messenger utilizes an interactive user interface that maintains user engagement. The graphics and easy to access functionalities of Facebook Messenger bots make customers happier.
Recommended Chatbot Tool- BotMyWork Chatbot Builder!
BotMyWork Chatbot Builder is a Facebook Messenger Bot that provides its support through a Messenger chat interface to reduce support work and provide quick responses without the implementation of programming languages. It is basically designed to support and promote conversational marketing for acquiring better results for retailers of all sizes. The features its proposes-
- Provides Human Takeover Functionality
- Makes it possible to create conversational flow
- Let you handle all the FAQs
- Leverage Broadcast Functionality
- Customer Segmentation
- Track & Monitor your performance
- Integrate Facebook Messenger Widget
- Form interactions in real-time [live-chat]
At Last- It Increases customers’ Experience!
Chatbot Is Necessary For Banking! In fact, with chatbot banks can automate up to 90% of the customer interaction without a hitch. Further convincing customers and make them a part of your bank isn’t easy.
To know how Messenger chatbots can automate your work process refer to the blog post shared by Satyam Mishra.
Chatbot wants to become a part of your banking activities- don’t let them wait!
I have listed the bot benefits for the banking sector. Hope this will help you grow business with banking chatbot. If you find this banking chatbot post interesting and informative do comment and share!
If you’ve any doubts regarding BotMyWork Chatbot Builder contact our support at support@botmywork.com or Facebook Community.
Leave a Reply