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Conversational AI in Financial and Banking Services
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- Customer support1.4 M hours
saved with implementing the automated customer service tool Erica at Bank of America *
With the help of natural language processing and artificial intelligence, virtual assistants process the customer’s queries in just a few seconds with a personalized response. This is a big resource saver and makes it possible for the clients to receive an immediate and accurate response to their request over preferred channels, in multiple languages, 24/7.
Conversational AI in banking allows customers to simply ask for what they want: technical or account-related issues, or other customer support queries.*Source: Bankautomation
- Payment services89%
of consumers prefer mobile banking *
Conversational AI in banking provides consumers with alternative to access services outside of the classic mobile and web channels. With the help of chatbots, customers can execute self-service transactions like transfer of funds, payment of bills, set up autopay, check billing information, ask about fees, check balance, increase credit limit etc.*Source: BusinessInsider
- Customer acquisition600%
growth in the number of potential customers generated using chatbots *
Using intelligent cues, a Virtual Assistant can call visitors’ attention to a financial services brand’s website, application, or other digital touchpoint by starting the conversation to discover if they want to purchase. The assistant offers information about relevant financial products and services, and prevents drop-offs by instantly addressing FAQs or transfers to the human agent.
While integrating with the CRM system, the team can add the prospects to the customer acquisition flow for further follow up activities until the sale is completed.*Source: Economictimes
- Personalized customer experience80%
of consumers are more likely to buy when brands offer personalized experiences *
AI Assistant solution seamlessly integrates into the company’s Customer Relationship Management (CRM) or other back-end systems, instantly fetching data from that system, and making updates to the customer’s information based on the conversation – thus, allowing customers to receive highly personalised answers based on a wide range of factors such as previous purchases, preferences learned in conversation and geo-location.*Source: Epsilon
- Client onboarding27%
of the working week is spent on onboarding by over half of salespeople in banking *
AI driven customer onboarding process results notably in a drastic cost reduction for the banks and enhances the speed of customer onboarding, helping them at every step like a friend in need.
Just imagine an AI banking assistant that can walk a customer through the steps in the process of onboarding, adopting natural chatting in a digital channel. The bot can request documents, verify ID, fill out forms, make recommendations, talk users through processes, set up new accounts and much more while all of this remains automatic.*Source: Gleif
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