10 Potential Use Cases Of Chatbots In Banking Industry That Actually Work

1. 10 Potential Use Cases Of Chatbots In Banking Industry That Actually Work Automation holds the potential to transform the world, bringing many advantages like simplifying complex tasks. Recently, chatbots have started making the rounds, especially in the banking industry. Chatbots are AI-enabled conversational interfaces that can manage smart communications on behalf of the bank. Chatbots for banking bring improvement in customer experience and expand their reach. Banks have been highly efficient at striking the ball and making bots a part of

2. their daily functioning. By the end of 2022, it is expected that banks will save billions by saving time explaining to customers’ queries. As per Statista, only 13% of responders worldwide believe that customer service chatbots are not effective at all. At the same time, 54% find that they are somewhat effective, and 33% consider customer service chatbots very effective. Here are the 10 potential use cases of chatbots in banking. 1. Chatbots Use Case In Lead Generation The entire process of lead generation has become uncomplicated due to the presence of chatbots in the banking industry. The chatbots are fixed on the bank’s official website/app and interact with the users to determine whether or not they are interested in purchasing their bank’s products. After the initial interaction, the ‘leads’ can be sent to the respective bank team for further follow-up to complete the sales. Banks have witnessed a surge in the number of leads collected through chatbots than that were collected using traditional methods. 2. Chatbots Use Case In Customer Service Chatbots pose a significant impact on customer service and are a valuable asset for the banking industry. Amongst the potential use cases for chatbots in banking, the most imperative one belongs to the customer service segment of the industry. The use cases of chatbots in serving the customers are: Automation Of Customer Support Process

3. Chatbots streamline the customer support processes and boost their operational efficiency. Additionally, chatbots in banking enhance customer experience by speeding up response times and allowing customers to obtain answers to their queries in the shortest period. Existing and potential customers can put up their banking queries and problems even after working hours or during weekends. As a result, customers get great experience and invest their trust in the respective bank. Round-the-clock availability of customer support reduces customer churn rate. Various banks have availed the early-bird advantage by deploying conversational bots for delivering instant customer service. Implementation Of Customer Support Inside Mobile App Chatbots for online banking services include the implementation of customer support inside the mobile app. Users can avail themselves of on-the-go support at a single point without having to reach out to multiple channels. The in-app support brings: 1. Increased user engagement 2. Real-time answers to simple queries 3. Timely notifications to keep customers updated 4. Better user experience through personalized interactions Surprisingly, there are some apps that mainly interact through a chatbot with a conversational AI. The chatbots provide suggestions to the users along with numerous other functions that can assist the users. 3. Chatbots Use Case In Sending Money Users can pay their bills, monitor money transfers, and cancel payments upon requirement. Another benefit of chatbots is that it also enables charging up prepaid cards and paying off credit card bills.

4. The next level of technology is reflected through the chatbots that not only allow fund transfer to friends, family, and business but also set reminders and schedule money transfer. 4. Chatbots Use Case In Checking Balance Amongst the many chatbot use cases in banking, the one that holds utmost importance is when it allows users to check balances for accounts under their name. Besides, AI assistants can also provide balance estimates and alerts when the balance falls below a certain amount. The consumers would be able to manage their accounts better without having the need to log into their e-banking or visiting the bank branch. 5. Chatbots Use Case In Reviewing & Adjusting Accounts The chatbots in banking allow users to inspect other aspects of their accounts like recurring payments, expense, and transfer limits. Additionally, users can also retrieve their account information and make changes to information like phone numbers or addresses. The use case gives liberty to the users to make the required changes without having to visit the bank or wait for the respective officials to answer. 6. Chatbots Use Case In Sending Reminders Chatbots for the banking market have taken up a revolutionary role by bringing exceptional use cases. Bots are used for sending reminders to customers like bill payment deadlines or for submitting specific documents for finance purposes. The customers become fully aware of things that were never possible previously. Moreover, the customers can avoid missing important deadlines and stay ahead of time.

5. 7. Chatbots Use Case In Monitoring Transaction History Chatbots are tremendously improvising the banking functions and enabling the customers to get an overview of their transactions. They can get a weekly or monthly report on their spending, and give insights on better management of the finances. Besides, the bots are programmed to send alerts to the respective customers whenever a charge, deposit, or deduction is made from the account. 8. Chatbots Use Cases In Applying For Services Chatbots enable users to apply for services like loans, new cards, or reward programs. It can furnish the customers with information like the list of documents required to be submitted for smooth completion of the respective process. The customers can get answers to their questions upon the completion of the forms. In a way, every minute saved makes up for an efficient banking system and smooth experience for the customers. 9. Chatbots Use Cases In Addressing Urgent Issues With the help of chatbots in banking, users can get solutions to tasks like locking or unlocking cards, resetting passwords, or checking bank statements. The customers get to avoid the hassles of waiting on calls for obtaining answers as bots enable them to get instant responses to non-complex tasks. 10. Chatbots Use Case In Handling Suspicious Activities There are many instances when customers come across suspicious activities that pose a threat to their bank accounts and funds. Chatbots can send notifications to the customers and provide assistance to them in case the account has been hacked and enable them to connect with the agents on a priority basis.

6. Amongst all the use cases for chatbots in banking, this is a critical one as it saves the account holders from falling prey to suspicious activities and protecting their hard-earned money. Summing Up: Banks are rapidly integrating chatbots into their workflow while making the processes efficient. Bots are significantly helping banks engage with customers at every stage of the customer life cycle. Modernization is embracing the market at the global level. And those who are still wondering whether or not to adapt to the emerging technologies will soon be left behind in the competition. Consulting an AI chatbot development company can provide you with valid reasons to deploy chatbots and make your website/app a classic example of modernity. Chatbots for online banking services are here to stay for long, and banks would not be able to make it through without them. Taking charge of things at present is the wisest thing to do. Get in touch with a genuine financial software development company and save hours daily to be invested in other productive activities.