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How ChatBOTs are Changing the Face of Banking

For a long time, chatbots were a gimmick, they could be fun and interesting but far from reliable; more so in the banking world. If you wanted clear and reliable answers, you had to reach a live person. This isn’t always an option late at night, or if the lines are busy and you’re in a hurry.

75% of interactions between banks & customer occur onlineIn today’s world, 75% of interactions between banks and their customers occur online and on mobile.

Another Way to Reach Your Customers

When chatbots first arrived on the scene they came with a promise of reliable answers, easy navigation, time saved, and improved customer experience. They failed. In today’s world, 75% of interactions between banks and their customers occur online and on mobile. This highlights the need to use chatbots as another channel for banking institutions to reach their customers.

The technology has caught up with the potential we saw in chatbots, major institutions like Bank of America, Capital One, and Eastern bank are starting to use chatbots. These bots change the way customers interact with the bank. Instead of reading through a long list of FAQs, waiting for a rep to be available, or *shudder* call the bank, customers can now tell chatbots what they need.

The bots address FAQs, show customers where branches are, tell them the bank’s routing number, or even guide them through the account opening process. If the bot can’t help the customer, then it can escalate to an agent.

ChatBOT Escalates to Banking Agent

AI & the Path to a Better Customer Experience

With chatbots, banks are able to offer a personalized experience to their customers while making their customer service more efficient. When a bot escalates to an agent, that bot could collect information on the customer, and gain more insight into the problem.

Now, when an agent is interacting with a customer, they’re armed with a deeper understanding of the problem, and can more effectively resolve the issue.

Chatbots are already changing the banking world and with more customers going online, the need for another way to directly engage customers has become even more important. By adding another direct channel to your customers, you can change the way they navigate your site and app.