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Banks- How chatbots can help your customer relationships?

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Many banks have implemented a conversational strategy.  The results are spectacular.  Tata Capital, for example, deployed a chatbot that increased their customer acquisition by 600%.  The chatbot manages 70% of both sales and after sales processes all while increasing the customer satisfaction rate.

Banks are in full digital transformation.  By leveraging technology to improve customer experience, they are developing more and more personalized service that drive business growth.

The bank of tomorrow is at your fingertips today!

With the progression of AI, banks are constantly improving their customer experience.  This evolution is more than necessary for this old industry that needs to adapt to new customer usages and ways of working.

At the heart of this development are chatbots.  In fact, according to Gartner, by 2020, customers will manage 85% of their relationships with a company without real human interaction.  Eventually, these conversational wizards will also replace mobile applications.  Increasingly, chatbots have particularly advanced their features in automatic language learning.

Chatbots are here to complete the customer experience.  In this respect, they work exceptionally well.  Integrated with the website, mobile applications, and instant messages, chatbots initiate a conversation with users.  Their goal is to assess the needs and interests of each user to better guide them.  These “prospects” are then converted into a customer thanks to a specialized salesperson.

For exemple, the digital bank of BNP Paribas, Hello Bank, is proof.  This bank is now accessible on Facebook Instant Messenger

Objectives?  Capturing an already very customary clientele of social networks and on the other hand, allow a considerable savings of time to Hello Bank’s sales consultants.

This chatbot is called Helloïz.  It guides you on opposing your credit card of in obtaining a RIB.  Another advantage, Helloïz is available 24/7!

As a true “partner” of customer services, the conversational agent allows a decongestion by automating the processing of complaints. Your customer service can then focus on high value-added tasks requiring precise expertise and human interactions.

It’s a winning duo:  robot and human.

Robots enable conversations with a large number of customers 24/7.  This allows a quick response to the customer and frees up time for the sales teams.  Sales representatives can take the time to provide personalized advice to each client.

In March, Bank of America launched Erica, the virtual assistant deployed on their mobile application.  Erica has acquired 1 million users in three months.

This phenomenon is not only banking.  Kik, Sephora’s bot opens after clicking on an invitation to take a quiz.  The chatbot provides product recommendations and complete product reviews in seconds.

According to MarTech Today, Sephora customers using chatbots spend $50 more than those who don’t use them.  Along with this, a much higher level of customer satisfaction.

A step by step implementation

The chatbot is a real tool at the service of banks and their customers, but it can only be fully effective if you prepare your subject in advance by thinking about a few questions:  What are your expectations?  Improve the customer relationship?  Help agency advisers?  Improve a specific service?  Increase customer satisfaction or the average basket?  All at once ? In any case, it is necessary to start on a specific axis and to improve the knowledge of the chatbot according to the requests of the customers thanks to a hybrid customer service where human and bot work together.

In a few words:  take your time.  In a progressive way, start with what seems interesting to experiment with at first... accustom your users, take the opportunity to capture others and lead the worms new features that you develop in a second, third time... We must adopt a progressive approach with concrete use cases.

It is essential that the bank can create its own chatbot and that it is the hand to modify it at any time.  

Do not isolate this project from others!  Its integration must be consistent with your environment. The conversational agent must be articulated with other projects to generalize learning practices brought by these new technologies.

Finally, the chatbot must be intelligent by being connected to banking tools.The goal is not to be a collection of frozen information but a tool generating information in real time and completely secure.

An undeniable contribution

Banks have been among the first to adopt this type of technology and they are constantly looking for smarter automation solutions that meet the ever-increasing expectations of customers!  

The chatbot is therefore a powerful tool for productivity and satisfaction internally and externally for the company.  In addition to the significant gain in terms of lead and the savings that are generated, the chatbot is also a source of improvement in customer satisfaction.  Indeed, the continuous improvement of the services and the need for reactivity are factors today’s essential factors to conquer new customers.

The rapid adoption of chatbots in the banking sector is not simply a matter of rationalizing costs, but in a logic of improving the customer experience and source of growth for the company.  Far from endangering certain positions, the chatbot helps to enrich them through a new contact with customers.

As you can see, the customer relationship is undergoing a revolution and the chatbot will be at the heart! It is he who will lead to rethink traditional approaches.

The gains generated by such an approach are numerous!

Banking advisers are seeing their business evolve, and chatbots are essential partners in this evolution.  They become “augmented” banking advisors who, thanks to their conversational agents, become more available to their customers and more responsive.  The chatbot takes care of answering the majority of the customer requests.  The chatbot can also help them sell more complex products.

The benefit is not only for the customer and the advisor, it is a contribution for the company, the chatbot is the gateway to a reflection and a positioning of the AI as an opportunity for the organization and not as a threat.

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