Powerful Uses of Chatbot in the Banking Sector

The Internet and technology have changed how we view the world. Over the years, most bank work has been done online, and all the services are now at our fingertips. This sets a new bar as now customers expect everything to be done efficiently and quickly.

Now banks are looking at conversational robots or chatbots, which provide even faster services and more personalized assistance. To create your company’s very own chatbot, you can contact ServisBOT.

Five uses of chatbots in the banking sector

  1. Application bots.

Suppose a customer wants to apply for a loan. In this case, they have to go to their nearest bank branch to fill the form, or they can fill it online. In both cases, it can be not easy to guide them through the process, solve their queries, and help them fill the application quickly.

There can be technical difficulties when guiding through online sessions, and the session may end in the middle. This way, the customer gets frustrated and goes to another bank. Hence, the bank loses a customer.

Now imagine the customer can pick a date and time of their own and fill the form seamlessly with the help of an Application bot without having to step out of the house. The intelligent tools of the bot help the customer to complete the process in a single conversation.

  1. Account bot.

It becomes easy for customers to get basic information about their accounts in a simple, conversational way with the help of an account bot. Users can also request account-related things from the bot, and it will complete them.

With the help of an account bot, you can check your account balance, available credit, change your password, increase credit, check transaction history, payment receipts, and many more.

  1. Increase in security.

Chatbots are not only tools to have conversations with, but they can also protect your bank account from possible thefts. When built and appropriately functioned, these bots can provide privacy and protection to the customer’s private information.

Believe it or not, chatbots can track fraudulent activity in real-time. For example, suppose a chatbot user is trying to impersonate another chatbot user by providing them with the latter’s information but later fails to provide correct information. In that case, the chatbot keeps that in its records.

  1. Customer service bots.

Customer service bots are platforms where you can solve any query within seconds. These bots are available at your service for 24 hours, and the best part is that you wouldn’t have to get up from your bed. Unlike humans, they don’t make you wait for hours and have an answer ready with them at all times.

Moreover, companies have reported that this is a pretty cost-effective way of taking care of their customers. Chatbots provide cheap customer service for small or new businesses that cannot hire customer service staff.

  1. Campaign Bots.

The usage of bots is not only limited to automated conversational queries. Banks can use chatbots to promote services and hold marketing campaigns. Banks promote different products and services and earn loyalty to expand their base and attract more customers.

For example, suppose a customer wants to extend their credit card limit because they will travel abroad. Chatbots can use this to promote travel insurance services to the customer in the same conversation.

These are the five practical uses of chatbots in the banking sector, according to us. Besides making banking efficient for customers, one can use chatbots on many other platforms to provide customers with an easy and friendly experience.

Along with that, with their analytical tools, chatbots can gather feedback and inform financial institutions of ways to improve their services.

For a chatbot for your bank or other services, contact ServisBOT.