Location: Mumbai, India

Leveraging Chatbot for Customer Engagement in Banks

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Current Trend in Customer Service in Banks

Ever been in a situation where you have to wait in a bank during peak hours for your basic request to get serviced or ever tried to pull your hairs just because the service personnel of the telecommunication group you chose put you on hold for the most primitive of your queries. Did you ever drop the idea of calling customer care just because the whole process is so cumbersome and laborious? I believe we all have been in the above situations umpteen number of times where our own personal time was taken for granted and the helpless nature of situation made sure that we could do nothing about it. Now let’s take a best case scenario, hypothetically. Imagine if all the above miseries could be avoided, envisage never having to talk to a customer service executive ever for your basic issues, never waiting long hours in a bank. Only the best case scenario we visualized is actually a reality.

Potential Solution for Transforming Customer Satisfaction

Chatbot or sometimes referred to as chatterbot is a program designed to simulate a conversation with human users. These are artificial intelligence-powered digital assistants. They can do a plethora of activities and reduce manual labor like check the weather, read the latest headlines, banking activities, shopping assistance, stock trading, grievance handling. Chatbots offer great convenience and also reduce the delivery time drastically. For example, if you want to know the amount you spent traveling in the last 6 months or the last 10 transactions you did on uber, you don’t have to call a service executive or open the banking app which takes forever to do these indirect transactions. All you need to do is ask your bot and it will reply in seconds. You also might be more comfortable and honest while chatting with a bot as compared to a human. Chatbots are slowly taking over the entire service industry and giving the best user experience sitting at home on a mobile or a laptop.

According to a survey, 80% of customer queries to a banking service executive have already been asked before. So if I take my case, whenever I go to a bank my requests revolve around passbook entry, payment issues, one time I went to suspend my lost credit card and the amount of time it took was abysmally high for such a day to day query. Now after the chatbot penetration in the banking sector, all these issues are resolved in seconds. During one instance I asked about my account balance from a bot and after seeing the amount I was confused as to how it could be so low. So naturally my follow up would be to ask why the balance is so low but I was apprehensive if a bot could do that and to my surprise, it actually did and displayed an extremely luxurious trip I took at the starting of the month.

What’s in it for customers

According to a Harvard report, the average attention span of an individual is down to 8 seconds from 12 seconds in 2000. As the world is taken over by millennials and post-millennials the above statistics cannot be ignored. Lengthy elaborated ways are being replaced by charts, graphs, and other visual aids to leverage that short attention span. The banking was one sector which for decades operated on totally contrasting ideology where customers were pampered, and the executives took their time to cater to their needs but that modus operandi took a hit at the dawn of young demography. The instant noodle generation wants work to be done with a snap of fingers. This technology is going to make sure that the information processing time is reduced to seconds. The card block request that took 3-4 mins on a customer service call can now be done within seconds. No more putting the request on hold while the executive verifies your details, no more listening to the irksome music while your call is being transferred to a senior executive. Now you can freely ask credit card suggestions without being afraid of ulterior agendas of sales personnel. All this because of chatbots minimizing human intervention and reducing wastage of time for basic issues. The technology assures that the multitasker in you is made to feel special.


The takeaway for service providers

In an era where a loan gets approved in 10-15 minutes, there is no survival if time is not properly respected. A polite, happy to help, always available till 7 pm customer executive won’t help you in this cut-throat competition. Locomoting one’s whole body to a bank just for opening a fixed deposit is only going to irritate the customer and sooner or later someone is going to streamline the process and make it user-friendly. One such service, chatbot, if integrated with online banking service will lead to extreme customer satisfaction as well as revenue pumping. Chatbots reduce staffing requirements and can also work 24 hours a day without a glitch giving a uniform level of contentment to all customers. They also improve dependability which in turn will lead to increased product sales since customers feel more relaxed in confiding with a bot. Agile intelligence is one such company which targets niche technologies and aims to provide those service to each individual. It works in areas like IOT, Chatbots, Digital security, and surveillance. It believes in one single ideology that Time isn’t the main thing it’s the only thing.


3 Responses

  1. Satya Prakash Samal says:

    Very Informative, it was a value addition

  2. Megha Johari says:

    There is so much I did not know about this technology. Good use of humor in the content

  3. SMS says:

    Your site is very helpful. Many thanks for sharing!

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