Chatbots and Banking – Can Bots Help Us Provide Better Service?
News Nachrichten, 23/11/2017
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What are Chatbots and why do banks need them?

Chabot's are programs that leverage natural language processing in order to understand and respond to various voice commands or texts. Fundamentally, the goal of Chatbots is quite simple, they need to understand some information in the form of text or voice questions and give valuable feedback for that question.

When it comes to the banking industry, organizations can use these software solutions to give valuable answers to customers quickly and accurately, but we are only scratching the surface here. When it comes to being recognizable as brands, banking businesses are struggling and people have no perception or trust in them.

A chatbot has a kind of personality. It provides an interactive engagement with the customer and – far more than browsing a website – allows the bank to communicate its own identity at the same time as providing the information the customer requires.


Chatbots provide valuable content to users

Today, banks offer a lot of different services and products related to finances, including debit cards, personal loans, credit cards, mortgages, financial planning, savings accounts and so on. But still, a lot of clients – or potential clients – still aren’t fully aware of all of the options that a certain bank offers them.

On top of that, clients like to use different services, depending on what different banks provide and what their needs are. The result of this is that many people have multiple credit cards, mortgages or savings accounts with different banks. For the customer, Chatbots have the power to engage with information across platforms; for the bank, the bot will ensure that all its products are part of the data that the chatbot can draw on in the conversation with the customer.

Chatbots can also gather valuable feedback and offer clients various products and services based on their responses and questions. These automated tools can try and engage customers without being annoying and gather important data, while at the same time reminding people of what they are missing.


Chatbots improve brand’s presence

Banks are struggling with their brands, but Chatbots can help them ensure a recognizable tone, communication style, and brand consistency. Given the fact that Chatbots are automated, they will always remain consistent and the branding incentives implemented in them will always be the same.

This is a very important thing when it comes to branding, as consistency promises memorability. For example, call center services will always have variations in customer service because the calls are handled by different people who all have different approaches.

Customer support employees that work for a bank can provide different customer service quality, given the fact that there are so many factors that affect their work including knowledge of a certain topic, interest, ability to pay attention to detail, current mood, fatigue, personal situation and so on.

As you might have already guessed, none of these factors affects automated Chatbots and as long as the bank acquires a smart Chatbot system that has the power to respond to all the specific questions, potential clients and returning clients have, the answers, messages and tone will be the same during every communication.