{"id":18876,"date":"2021-02-12T12:59:28","date_gmt":"2021-02-12T12:59:28","guid":{"rendered":"https:\/\/habiletechnologies.com\/?p=18876"},"modified":"2022-07-22T07:44:10","modified_gmt":"2022-07-22T07:44:10","slug":"how-voice-chat-fintech-are-revolutionizing-the-banking-customer-experience","status":"publish","type":"post","link":"https:\/\/wiki.cloudbankin.com\/index.php\/2021\/02\/12\/18876\/how-voice-chat-fintech-are-revolutionizing-the-banking-customer-experience\/","title":{"rendered":"How Voice & Chat Fintech Are Revolutionizing the Banking Customer Experience"},"content":{"rendered":"

[vc_row][vc_column width=”3\/4″ el_class=”habilecompanieslist”][stm_post_details][vc_column_text]Customer experience (CX) in the banking sector is key, especially during and after the <\/span>pandemic<\/span><\/a><\/span>. How banks interact with their clients determines the strength of the relationship between the two\u2014and it must be built on delivering optimal CX. However, creating this experience can be difficult. <\/span>
\nOver the years, the way banks communicate with their clients has changed dramatically. In fact, according to a survey by FIS, <\/span>75%<\/span><\/a><\/span> of all customer interactions with banks are done digitally via online or mobile. And many of these are made through voice and chat apps. In other words, <\/span>conversational <\/span><\/i>banking is revolutionisng the banking experience.<\/span>
\nIn this article, we\u2019ll be taking a look at exactly why this is happening, including the technologies behind it all, and how it will benefit traditional financial institutions.
\nLet\u2019s dive in.<\/span>[\/vc_column_text][vc_custom_heading text=”What is Conversational Banking?” use_theme_fonts=”yes”][vc_column_text]In the past, banks would communicate with their clients face to face, or over the telephone. There was always a human acting on behalf of the bank. <\/span>
\nWith conversational banking, the need for a human is reduced, while the customer experience improves.<\/span>
\nHow? <\/span>
\nConversational banking is when the bank brings text and voice into their interactions with a client. These interactions are delivered on the side of the bank and are powered by artificial intelligence and machine learning. This occurs on a self-service channel, via <\/span>fintech chatbots<\/span><\/a><\/span> and more advanced messaging platforms that can be customized. <\/span>[\/vc_column_text][vc_single_image image=”18957″ img_size=”” alignment=”center”][vc_column_text]Don\u2019t worry, while the client is talking to a robot it won\u2019t <\/span>feel<\/span><\/i> like they\u2019re talking to one. Because some voice and chat bots utilize natural language processing (NLP), they\u2019re able to communicate with clients in such a way that they come across as human – friendly, approachable, <\/span>conversational<\/span><\/i>. A client asks a question – be it about <\/span>loans<\/span><\/a><\/span> or credit cards – and the bot responds in a familiar fashion by putting context and meaning to user inputs. <\/span>
\nNot just that, but because the bots use <\/span>machine learning<\/span><\/a><\/span>, they\u2019re able to hyper-personalize the chat by learning and analyzing data about the specific customer they are talking to, which further enhances the customer experience. <\/span>
\nThat all said, if a client isn\u2019t getting the answers they need, the bot can still forward them to a human operator. <\/span>[\/vc_column_text][vc_custom_heading text=”How are These Conversational Technologies Changing the Banking Landscape?” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes”][vc_column_text]Conversational technologies are evolving at such a rate that they\u2019ve changed the banking landscape on a number of fronts. <\/span>
\nFirstly, AI-driven chatbots are able to understand individual customers on a much more granular level than had been managed previously by the bank. These bots can gain insights into specific client\u2019s lifetime value and profitability.<\/span>
\nArmed with this data, the bot is able to create actionable insights that improve client interactions in real-time. <\/span>
\nSecondly, conversational technologies are able to assist employees of the bank who can then react quickly to their signals. <\/span>
\nFor example, a chatbot could detect and then highlight a dissatisfied customer during a recent interaction. Then, the branch manager could reach out to the said customer and talk through their issues. In this way, conversational technologies are not only aiding and assisting the bank, but they\u2019re also boosting the staff\u2019s productivity <\/span>and<\/span><\/i> working alongside them – as opposed to threatening to make their roles redundant. <\/span>
\nThirdly, customer preferences are changing – they\u2019re evolving, shifting towards digital payment methods, and they\u2019re driven by conversational AI. And while these have made the customer\u2019s experience convenient, they are at risk of completely eroding the traditional banking relationship.<\/span>
\nThe idea is that banks are able to leverage AI-driven chatbots and voice technology via self-service channels. This technology is available around the clock and lets clients complete simple requests, including adding a new payee and resetting a password. Even international transfers will be able to be completed in an instant. Incumbent banks that refuse to adopt this technology will have a difficult time competing with the fintech firms that threaten them.<\/span>
\nFourthly, let\u2019s consider omnichannel banking services. The omnichannel approach entered the retail sector a few years back – and it\u2019s finally entered the banking sector. <\/span>
\nHere\u2019s an example: Jerry has transactions to complete. He wants to be able to complete the via web channels <\/span>and<\/span><\/i> mobile. Jerry wants to use the likes of a <\/span>mobile app<\/span><\/a><\/span> to pay his bills, add new payees, apply for a loan and send money. And it\u2019s by adopting voice and chat fintech that the bank is able to offer this omnichannel service to Jerry and boost his customer satisfaction. <\/span>[\/vc_column_text][vc_custom_heading text=”What are the Benefits of Chatbots & Voice in Banking?” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes”][vc_column_text]Voice and chat fintech provide a number of benefits in banking. These include: <\/span>
\n1. Better customer service<\/b> – As we\u2019ve pointed out, customer service is paramount. But customer service isn\u2019t <\/span>always<\/span><\/i> so easy to get right in terms of how quickly you resolve a customer query or grant them access to the information they\u2019re looking for. Chatbots have changed the game in this respect and can help you achieve these sort of customer service goals more easily <\/span>
\n2. Reduce phone waiting times and physical queues<\/b> – Nobody likes waiting in line to talk to a representative, whether that be on the phone or in a queue at the bank. Thanks to the advent of voice and chat bots, waiting times are <\/span>massively<\/span><\/i> reduced because these bots are always on and always available to chat<\/span>
\n3. Better, more personalized customer experience <\/b>–<\/span> 63%<\/span><\/a><\/span> of clients now expect personalization as part of the customer experience. The great thing about chatbots is that they use machine learning to absorb and crunch customer data. This means that they learn about each specific customer, which then allows them to personalize the chat <\/span>
\n4. Know your customers more <\/b>– Chatbots can help you understand your customers and their needs so much more by collecting data from each interaction. You can use this data to figure out insights that you can then take action on, such as knowing when to reach out to a client (and what to reach out to them about) <\/span>
\n5. More support for employees <\/b>– There\u2019s no need for your banking employees to <\/span>fear <\/span><\/i>the rise of robots. As opposed to threatening to make their roles redundant, AI-powered voice and chatbots are actually there to <\/span>support<\/span><\/i> your employees. For example, while a human operator can breeze through basic queries, they may need to turn to a data-crunching, machine learning driven chatbot to help them with more complex issues <\/span>
\n6. Reduce costs<\/b> – The banking industry hasn\u2019t exactly been cost-effective over the years. But reports show that banks can slash their costs by as much as<\/span> 22% come 2030<\/span><\/a><\/span>, simply by implementing voice and chat AI<\/span>[\/vc_column_text][vc_custom_heading text=”Use Cases for Chatbots & Voice in Banking” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes”][vc_column_text]There are a number of ways you can use chatbots and voice in banking. Let\u2019s take a look at some of the top use cases that are revolutionising the banking customer experience right now. <\/span><\/p>\n

Transfer Money<\/strong><\/h3>\n

Chatbots are super highly skilled. They\u2019re also <\/span>really<\/span><\/i> trustworthy. As such, they can be used to help clients:<\/span><\/p>\n