Why Banking and Financial Companies Should Invest in Conversational AI and Automation

January 24, 2023

Conversational AI for Banking and Financial Services

Conversational AI and automation can revolutionise banking and financial companies by automating repetitive tasks and improving customer experience.

By inculcating AI and automating contact centres, banking and financial services can be made easy and available to everyone. Conversational AI in banks and financial services can be used to resolve easy to complicated queries. 

According to Economist, 37% of Financial Services firms globally adopt AI to reduce operational costs, followed by greater predictive analytics to improve decisions and scale up employee capacity for volume-based tasks.

Today all banks and financial services have a mobile application, which you can use to avoid standing in queues for hours. Despite that, a large population still needs to register on the mobile applications of banks and other financial services. There can be diverse reasons behind this lack of engagement, such as:

  • Not everyone is tech-savvy. People don’t know how to register and use the apps. 
  • Others still prefer conventional methods because they are unaware of the salient features and benefits of the digital banking app.

Persistent problems in banking and financial services without the deployment of conversational AI:

  • Availability is limited: Banks may only be able to provide customer care during specific hours of the day without conversational AI, which might be problematic for consumers who expect 24*7 assistance.
  • Higher call volume: Banks and financial services have a limited number of agents, while the number of queries encountered is large. It results in long waiting times and unsatisfied customers. Most of the queries in the BFSI sector are simple and uncomplicated, like checking account balances and last transactions. Conversational AI can automate the resolution of these queries to save time and human resources. 
  • Lack of personalization: Without the use of conversational AI in financial services, it can be difficult for banks to provide personalised service to each customer, as it requires extensive resources to handle individualised requests.
  • Difficulty handling complex inquiries: Without AI, banks may struggle to handle more complex customer inquiries, such as those related to fraud detection or financial planning, as they may require specialised knowledge or expertise.
  • Limited language support: Without NLP, banks may only be able to provide customer service in a limited number of languages, which can be a barrier for customers who do not speak the supported languages fluently.

problems in banking and financial services without the deployment of conversational AI

Stay ahead with Rezo’s Solutions

There are several reasons why banks and financial companies should invest in conversational AI with Rezo:

  1. Online user onboarding: Rezo’s conversational AI chatbots and voice bots can assist you in onboarding users and getting them registered on the app. Bots will ask the user to download the app on a live call and guide them through the steps and benefits of the app in a friendly manner and in the language which suits the consumer.
  2. Better customer experience: Rezo conversational AI in banking can improve customer experience by providing quick and personalised responses to customer queries anytime.
  3. Cost savings: Implementing Rezo conversational AI chatbots can reduce the cost of customer support by reducing the need for human customer service agents.
  4. Database creation and maintenance for upsell and cross-sell: Rezo’s smart bots in the banking industry will create a database of all the conversations. This data will be used to train machine learning algorithms to provide personalised recommendations and advice to customers. Through these recommendations, Conversational AI can help in upselling and cross-selling also.

Benefits of Rezo’s conversational AI for banking and financial services

Adoption

Rezo’s conversational AI chatbots and voicebots can be easily implemented with seamless API integration. Rezo AI is backed with the latest algorithms of Natural Language Processing. It can interpret the emotions and tone of the consumer and reciprocate accordingly. Based on the needs and queries, AI bots will connect the customer to the respective department through the intelligent routing by Rezo bots.

Rezo’s conversational AI in banking can analyse the chats and reply in 10+ languages. It can curate an analytics dashboard based on all the conversations and conversions for your organisation and customers. This eventually helps companies in personalising and customising the customer experience.

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