Exactly how can a chatbot take financial services to the following level?
Chatbots are no longer the once irritating systems that always give the same predefined answers and leave the feeling of a one-dimensional discussion. Redefined by an AI expert system, they go far past bots and act like intelligent digital assistants, engaging and delighting customers with a touch of human interaction combined with a personalized experience and a sense of authenticity.
It’s no surprise that leading banks and financial services firms worldwide are scrambling to maximize the benefits of AI-powered chatbot capabilities.
According to the Financial Brand, AI can conserve the banking sector more than $1 trillion by 2030. And the increase of bots is playing a pivotal role in that. But a chatbot isn’t just about saving money. It’s an effective technology solution that financial services providers are using to deliver exceptional customer journeys with the help of quick responses, 24/7 availability, personalized service, achieving customer goals, and improving financial well-being.
The number of chatbots around the world is currently exploding. In a crowded chatbot space, it’s critical to offer a bot solution that combines the best of both human and artificial intelligence worlds.
Let’s look at what features and functionality can help your chatbot exceed customer expectations and take financial-economic to the following degree.
1. Conversational UX
Conversational UX is a customer experience that mimics a human conversation through natural language-based technologies such as chat, text, and speech.
The end goal is for the experience to feel like a natural chat between humans, even if among of the parties is a bot. It should feel personal and even provide a sense of compassion. The advantages of Conversational UX are significant for financial services companies because they drive customer engagement and loyalty. Conversational UX makes customers feel like someone understands them and is responsive to their personal financial needs. In other words, a well-done Conversational UX can humanize a bot. To be effective, a chatbot UX design strategy should offer features such as:
- Managing questions and complaints from customers
- Seeking human assistance when the user needs more information.
- Welcome message
- Measuring customer satisfaction to make further improvements
- Typing indicators
- Avatars to create a friendlier impression
2. Omnichannel experience
Your chatbot should be available across channels to engage customers where it’s most convenient for them. Today, the omnichannel experience is essential for any modern business, financial or retail. In the financial industry, omnichannel capability ensures banking without borders.
An omnichannel-enabled chatbot enables effortless interactions between your business and your customers, regardless of which channel they use.
For example, your chatbot could be available across the following channels:
- Your website
- Facebook Messenger
- Viber Software Group’s mobile wallet
- Mobile banking apps, etc.
Customers must be able to have a similar experience on all communication channels.
3. Personal financial support
Today’s financial customers demand comprehensive personal assistance, especially when managing their money. And chatbots, as interactive digital agents, are ideally suited to meet these expectations.
A modern chatbot should make you feel like you have a personal banker at your fingertips anytime, anywhere, from checking accounts to tracking daily expenses to providing investment advice. According to Business Wire, the global chatbot market is expected to reach $5.63 billion by 2023. This means that the age of personal robot advisors is dawning.
Here are some examples of chatbot features for personal finance that ensure a high-quality, proactive, contextualized, and personalized experience:
- Account balance check
- Mini statement
- Spending analysis
- Inline credit scoring
- Updates on financial health indicators
- ATM search engine
- Product clarifications
Extraction of data for invoices and other services from third-party systems
4. Lead generation and cross-selling task
Allow saying a person visits your website and is greeted with a friendly “Hello! How can we assist you today?”. After that, the person is motivated to ask about your products and is steered in the right direction.
This type of engagement could even lead to the purchase of a new service or opening a bank account. A chatbot can be configured to ask specific questions, automate the initial interaction with potential customers, make relevant product offers, and use other chatbot sales tactics.
5. Automated loan support
A chatbot can assist customers in navigating your website and assist them in applying for a new loan by answering a few specific and straightforward questions. In addition, an advanced chatbot can provide loan application assistance and automatically respond to loan inquiries. This way, the loan origination process is seamless and user-friendly with reduced service costs. In addition, the bot can act as a digital assistant to send customers monthly loan statements and payment reminders.
Here’s a list of chatbot attributes for automated loan support:
- Finance Inquiries
- Finance origination
- Integration with core financial systems, loan application, and loan management software
- Monthly account statements
- Payment reminders
6. Privacy and security
Privacy and security are leading priorities for any company. However, when it concerns banks and financial service providers, your entire reputation may depend on it.
Generally, chatbots in the financial industry process sensitive data such as bank accounts, credit/debit card information, etc. Since chatbots provide an everyday experience across multiple channels, they could be an attractive target for hackers. Consequently, it is crucial that your chatbot’s architecture has built-in security measures from the start and meets security requirements for multiple communication and geographic networks.
Some of the best practices that ensure a secure chatbot solution include the following.
- End-to-end encryption
- Customer authentication and user identity
- Secure protocols such as HTTPS
- Protection against malware or distributed denial of services (DDOS).
7. Bot analysis and reporting
“If you can not measure it, you can’t improve it.” – Peter Drucker.
Do you know how fast and effectively your bot resolves customer requests? You require to constantly evaluate, measure, and improve your chatbot’s performance and method to make it successful. Therefore, a chatbot should provide an analytics dashboard that allows you to monitor its progress using key statistics over time.
Analytics allow financial firms to track and report on chat efficiency, develop a deeper understanding of customers, and act on data in real-time.
- Key chatbot metrics to monitor:
- Total users, active users, new users
- Customer satisfaction ratings
- Feedback submissions
- Number of chat connections and chat duration
- Response time
- The number of unanswered chats
- Chatbot fallback responses
- The channels users are coming from
- Retention rate
8. Seamless CRM integration
Integrations are an essential part of a successful chatbot marketing strategy. Your chatbot should integrate effortlessly with leading CRM systems and business apps, ideally without code.
CRM combination enables consistent cross-channel customer relationship management and helps you increase customer engagement.
A chatbot platform that guarantees easy integration with your data systems (ERP, CRM, etc.) provides instant access to the appropriate information at the right moment, saving time for employees and customers while creating scalable benefits.
9. Rich messaging
Abundant messaging is a set of chatbot features that allow users to view interactive elements such as images, emoticons, maps, buttons, videos, etc. While this increases the visual appeal of your bot, rich messaging also makes the bot entertaining and expressive, keeping the user engaged.
In addition, a chatbot represents your brand and supports your digital advertising efforts. Every conversation solution should ensure a great user experience that evokes pleasant emotions and a positive attitude towards using the bot.
10. Multilingual conversation
Your bot should be able to address your customers through any channel and device and in multiple languages. This feature makes your bot more accessible and sophisticated, giving you a solid competitive advantage. With a bot that can chat with new customers in their native language, you can reach a larger audience, avoid customer frustration, and increase customer satisfaction.
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Read More: Chatbot Marketing Strategy