5 Ways Conversational AI is Changing the Banking Landscape

Banks are leveraging Conversational AI and analytics to revolutionize the banking landscape in many ways. By enabling banks to automate routine processes, improve customer service, and enhance security, Conversational banking is transforming the way that banks interact with customers and conduct business.

As per an OpenText survey of financial services professionals, 80% of the banks are highly aware of the potential benefits presented by AI, In fact, many banks are planning to deploy solutions enabled by AI. By leveraging customer data and advanced analytics tools, banks can gain valuable insights into their customers’ needs, preferences, and behaviors, allowing them to tailor their services and offerings accordingly. This data-driven approach is helping banks to enhance customer experience by providing personalized service, improving product offerings, and optimizing customer journeys.

5 Trends Banking CXOs Need to Know About Conversational AI

Debt Collection Calling

AI chatbots can handle a large volume of debt collection calls quickly and efficiently without human intervention. They can collect and analyze data from debt collection calls, allowing companies to identify patterns in debtor behavior and tailor their collection strategies accordingly. Thus, conversational banking can help improve the effectiveness of debt collection efforts, potentially increasing the chances of successful debt recovery.

Service Led Calling

Service-led calling by AI chatbots can significantly enhance financial companies’ ability to provide the best services to their customers. Conversational banking can provide personalized solutions, operate 24/7, deliver consistent quality service, respond quickly to customer inquiries, and analyze customer data to tailor services and offerings. With these capabilities, financial companies can improve customer service and loyalty, reduce wait times, and increase efficiency.

Lead Score and Prioritisation

AI chatbots can be highly beneficial for banks when it comes to lead scoring and prioritization. By leveraging machine learning algorithms, AI chatbots can analyze customer data and identify patterns that can help predict customer behavior and the likelihood of lead conversion. This information can be used to prioritize leads based on their potential value to the bank, allowing sales teams to focus on leads that are more likely to convert.

Remarketing Calls

Conversational banking can be effective for banks in remarketing calls by leveraging customer data to provide personalized recommendations and solutions. By analyzing customer interactions, including past purchases and account activity, it can identify opportunities for cross-selling or upselling additional products and services that may be of interest to the customer. By using AI chatbots for remarketing calls, banks can improve customer retention, increase revenue, and maintain a competitive edge in the market.

Account Recovery Calls

AI chatbots can assist banks in account recovery calls by streamlining the process and improving the customer experience. When a customer’s account is compromised or in arrears, banks often need to contact them to resolve the issue. By using conversational banking for account recovery calls, banks can provide a 24/7 service, ensuring that customers can reach the bank at any time of the day or night. By using AI chatbots for account recovery calls, banks can increase the likelihood of account resolution, improve customer retention, and minimize the resources required to handle such calls manually.

Comparing Past vs Present Scenario

Customer Engagement

In the past, customers had to visit a physical branch or call customer service to interact with their bank. This often resulted in long wait times, limited availability of customer service, and a lack of personalization. With conversational banking customers can engage with their bank through a range of channels, including voice, text, and chatbots, and receive personalized assistance in real-time. This has significantly improved customer engagement and satisfaction.

24/7 Customer Support

Previously, customer support was only available during business hours, which made it difficult for customers to get their queries answered outside these times. With conversational banking’s AI-powered chatbots, customers can get 24/7 support and have their questions answered quickly and efficiently, even outside of business hours.

Enhanced Security

Conversational AI has enhanced the security of banking transactions by using advanced authentication techniques, such as voice biometrics and facial recognition, to verify the identity of the user. This has reduced the risk of fraud and improved customer confidence in online banking.

Personalized Experience

With the help of conversational banking, financial institutes can provide a personalized experience to customers by analyzing customer data and preferences to offer tailored recommendations and services. This has significantly improved the customer experience and increased customer loyalty.

Time-Saving

Conversational AI has significantly reduced the time it takes for customers to complete routine banking tasks, such as transferring funds or paying bills, by automating these processes. This has freed up more time for customers to focus on other important tasks and activities.

Conclusion

Overall, conversational banking has transformed the banking experience for customers by providing personalized, efficient, and secure banking services.

With the ability to provide personalized, 24/7 support through chatbots and virtual assistants, Conversational AI and Analytics is helping banks to increase customer engagement and loyalty while reducing costs and improving efficiency. As technology continues to advance, it is likely that Conversational AI will become an even more integral part of the banking industry, shaping the way that banks and their customers interact and do business.

‍