Why Any Banking or Finance Business Needs a Chatbot

Conversational banking is the new pattern in the industry. It makes complex or time-consuming financial subjects and tasks more accessible to prospects and customers. It also allows users to complete specific routine tasks without the help of a human employee. Not only does this mean they get faster service, but it also saves customer service representatives time.

In addition, the chat history is saved when the conversation takes place in Messenger. This means that users can go back and review information shared with them in the past at any time, and human agents can view a user’s previous chats with the bot later to understand the context.

Chatbots can save banking organizations time and money while improving the user experience

Chatbots are easier to develop and implement than a full, separate banking app. Because chatbots exist in Facebook Messenger, implementing them doesn’t require a team of developers or months of work. No programming skills are required to use Chatfuel, and you can create your first bot in an afternoon. And with 1.3 billion Messenger users, it’s safe to assume that a large portion of a company’s customers is already familiar with the interface.

What a chatbot can do for an organization in the financial industry

The functions of a chatbot for the financial or banking sector are almost endless. Some of the most practical applications include:

Automated individualized customer support, 24/7 For routine questions and tasks, customers no longer have to visit a branch, wait on hold, or wait for business hours. Chatbots can provide the same level of helpful, personalized customer service anytime, on-demand.

Advice and information: A Messenger bot is an excellent tool for sharing details about a brand’s services, products, or locations. It could share blog posts with savings tips or financial planning advice, offer details about a new credit card, or tell users the nearest branch or ATM location.

Lead generation and qualification: There are many effective ways to bring new users to your bot. You can link your bot to the Facebook ad, include a chatbot window on your website, or even set up a feature to attract bot users via comments on one of your Facebook posts. (You can do all of this with Entry Points!) Once there, your bot can ask customers questions to qualify them. If they qualify, your bot can collect their information so a member of your team can contact them later, or they can book a face-to-face appointment through the bot. For example, you could run a Facebook ad about your bank’s business loans and ask the customer who clicks through questions about the dimension and type of their business.

Audience segmentation: You can establish your bot to apply specific tags, called user features, to users based on their actions or reaction. By doing this, your chatbot can act as a mini-CRM, allowing you to learn more about your audience and perform targeted retargeting in the future. For example, you could tag all the users you acquired by commenting on a post regarding your new credit card and send them to deal with that topic in the future.

Collecting customer feedback Bots make it easy to collect feedback from your users. Customers are generally not motivated to fill out a static email survey about a bank. However, an engaging quiz in an instant, conversational format via a chatbot leads to much higher completion rates.

Tips for developing a banking chatbot

To develop an effective banking chatbot for your financial business, here are some tips:

Distinguish between your bot and human agents. Users must know they are interacting with a chatbot. Have your bot introduce itself and tell them a little about its features in the welcome message. If you decide that a human should take over the conversation, let the user know that as well. This information is a great way to show transparency, build trust, and meet user expectations.

Choose a name and persona

Choose your bot’s name and persona carefully. Banking and financial transactions inevitably involve sensitive user data, so don’t choose a bot that seems too casual or cavalier. Develop a bot that interacts in a friendly but professional manner. Users should feel welcome while trusting that your bot is an authority and responsibly handle their data.

Pay attention to security

If your banking chatbot handles sensitive user data, you need to take the appropriate security measures. Your bot should also inform users about these measures so they feel safe interacting with them. For instance, Surfshark, a VPN service, clearly informs users that its product ensures that “your area is private and your sensitive information is secured at all times.”

Start small

Bots have many potential uses for companies in the financial and banking sectors. To start, however, it’s best to focus on just one. Focus on the most common or pressing customer problem and develop a bot that fixes that problem. Once you’ve proven that your bot has improved the user experience, you can expand its features.

Test your bot

Once you’ve created the first version of your bot, invite colleagues or a small focus group to test it before releasing it to your whole audience. As these customers interact with your bot, track analytics to see how it performs. Check to see if your bot or users are getting stuck somewhere, and make adjustments as required. Once you have gathered feedback and made your changes, you can share your Facebook bot with a broader audience.

Engage and expand your audience

Once your banking chatbot is ready to go, there are many tools you can use to maximize its impact. Try the “Engage users from comments” feature to send people who comment on your Facebook posts directly into a discussion with your bot. Then you can utilize Sequences to send subscribers specific messages in a specific time frame, such as following up when they’ve signed up for an offer or attended an in-person appointment.

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