Chatbot is a new tool which has been designed to simplify the interaction between humans and computers. These days, many of the banks or financial institutions have started using this tool to have a better connect with their customers.
A Chatbot is an artificial intelligence tool, which can simulate a conversation with a user in natural language through telephone, messaging application, websites, mobile apps etc. This is one of the most advanced ways of interacting between humans and machines.
Identification of the user’s intent and providing the correct response to the user is the most important thing expected from the chatbot. In case, bot is unable to understand the user’s request, then it won’t be able to provide the correct response. Hence, once the intent has been identified, chatbot will be able to provide the correct response to the user’s concern. These responses should be generic and pre-defined text, should have a knowledge base which contains various ready responses, information basis the data which user has provided, result of an action that the chatbot performed by interacting with the backend systems.
Chatbots are very important these days to enhance customer experience as they streamline interaction between people and services. Also, help in reducing customer service cost by offering new opportunities to the companies by improving customer engagement process and operational efficiency.
Chatbots help the customers in getting quick answers to their queries, they don’t have to wait in queue. Also, customers get immediate answers to their common queries like about order status, working hours, or locations etc. in a chat window instead of waiting for an email, a phone call, or a response from another channel.
Chatbots are artificial intelligence powered programs that help a customer with their queries. Most of the banks or financial institutions have already started placing chatbots on their websites to help their customers. With an advancement in technology, chatbots are helping companies to transform traditional banking experience into digital banking experience. Here are some ways where chatbots are helping in redefining banking experience:
- Customer queries: You see so much of information on the website or on any other communication channel. It becomes little difficult to find the right information of your query/ requirement. However, with chatbot service, you will have a pop up asking what information you need. By typing a few words or selecting one option out of the given options, you will be directed to the right page where you see the complete information.
- Payments: Some of the banks have introduced chatbots to help their customers with payments. With this, customers can easily make the payment without making additional efforts. For Example- HDFC bank has used chatbot which works on Facebook messenger to help with all kinds of bill payments.
- Interactive Voice Response systems: Many banks have automated voice response systems to interact with their customers. Customers simply need to call on toll-free number which will direct the customer to chatbot where customer can get the answers of his queries. If there is information that the Chatbots can provide by itself, it lets the customer select those options and provides the information. In case, customer wishes to speak with the customer service representative, it connects to the representative accordingly.
- Application for selected financial products: As per the latest chatbots, which allow you to perform basis transactions like you can easily select loan type, Insurance type, credit card etc.
Banking Chatbots are redefining the way the customer interacts with the bank. They are making it easier for customers to access information and for them to fulfil their requirements. They are helping banks understand customers better and are providing customers a simpler option to get their requirements sorted. Chatbots are redefining customer experience by helping banks in their service delivery.