Finance Industry

Finance Industry

Customer support, such as providing simple punctual information or replying to frequently asked questions (FAQs) is a perfect scenario for a ChatBot. In a Banking environment, typically, the customer support team tends to answer over and over to the same support. According to our research, 80% of customers ask the same 20% of questions. Therefore, a ChatBot could determine the probability of providing the correct answer or resolution; if the confidence threshold is reached, the Chatbot will automatically reply; otherwise, the task is escalated to a human. Also, using ChatBots for support allows customers to ask open questions that can later be analyzed to learn what information is most wanted.

Financial data can be complicated for many users, so the idea is to transform that into understandable and easy insights to be acted upon by customers. In the Financial Industry, Chatbots are the next big thing, they are also used to retrieve timely information or provide support to a specific question. They will be able to do things such as helping to plan your bill’s payment, showing information about your spending habits or giving you investment tips, letting you know your application status, your credit worthiness, apply for mortgage and the list is endless. Instead of calling customer care, the customer can get information or place a request by simply sending a message. With a Chatbot onboard, a customer always stays in touch with the company and can request service with seamless ease.

Chatbots also help in identifying and communicating fraudulent transactions based on anomaly detection, which then can be flagged after the customer recognises them as fraud. This can save the customer from losses as the moment the system identifies an anomaly, it is brought to the notice of the customer who can flag it and block the credit card to prevent any further damage. Similarly, customers can report a loss or theft of credit card the moment they realise it and can block the card with a click of a button, instead of calling and waiting on the queues of call centers. On an average, 4 minutes are saved per Chatbot enquiry when compared with traditional call centers.

Apart from providing error free and effortless customer service experience, a Chatbot, unlike human personnel, is active 24×7, raising the level of customer service experience. Deploying a Chatbot is much less expensive than hiring people to cater to customer requests. An organization can simply automate their customer service upto 75% with the use of Intelligent Chatbots in the Finance Industry. Around 45% customers prefer self-service when that channel provides instant replies and can solve their queries or answer their questions. 81% of customers expect Financial Companies to provide self-service channels.

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