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How do chatbots work in financial services


Chatbots are just one way artificial intelligence is becoming mainstream. In banks, customer service departments can use them for a faster and more efficient experience. Chatbots free up advisors; 64% say that they allow them to spend more time solving complex problems. And by delegating work to bots, banks can save up to 30% in support costs 

But chatbots can’t replace human support entirely. When it comes to complex problems, they lack the nuanced understanding of a real person. Customers become frustrated when they can’t transfer to speaking to a human advisor. Therefore, a hybrid experience that merges bot technology with digital solutions that allow advisors and customers to connect provides the perfect combination. Digital convenience meets human expertise.

Chatbot benefits for conversational banking

Introducing chatbots to customer service operations in banking has benefits for both bank and customer, from saving time and money to making the customer journey smoother and more enjoyable.

Chatbots provide prompt support. Customers can ask a chatbot a question and receive a reply instantly. Banks save time – but without taking risks. If a chatbot can’t offer quite the right answer, the customer can transfer to an advisor at any time.

With some of the customer service workload being delegated to chatbots, automation allows banks to reduce customer support costs. These costs are brought down further thanks to the improved speed and efficiency with which issues are resolved.

Chatbots improve the customer experience, offering prompt help when customers encounter problems and difficulties. Customers are left satisfied and are therefore more likely to respond to calls-to-action. The result is more qualified leads and accelerated sales.

The customer journey is made smoother and more intuitive thanks to chatbot technology. If their problem is simple, customers can get a reply instantly and continue with their transaction. If the problem is more complex, they can seamlessly transfer to talking to an advisor via live chat, messaging or video.

Chatbot use case for everyday banking operations

Chatbots make customer service faster and more productive. Bots can save banks 4 minutes per inquiry, which translates to $0.50 – $0.70 each time. For simple inquiries, this automation saves banks time and money.

For example, when paying a bill or transferring money, customers just need a simple but prompt answer. It’s a low-stakes problem that requires minimum customer service support. Similarly, everyday transactions or mobile banking activity just require a fast resolution. Chatbots can provide this help, offering advice instantly, saving customers the effort of looking through FAQ pages or scouring a website.

Chatbot use case for complex banking operations

But chatbots aren’t yet at the level of entirely replacing human advisors. 59% respondents in one study said they often fail to understand the nuances of human conversation. Being able to transfer to speaking to a human advisor remains vital.

For example, talking to a chatbot may offer a starting point for customers looking into complex issues like mortgages or insurance. But when it comes to the final decision on these complex long-term investments, customers will want to speak to a real human who can offer specific advice and reassurance. Chatbots provide the bridge from digital to human.

Chatbot software integration & Unblu

Unblu’s conversational banking solution empowers banks to combine the best of human and high-tech with chatbot integration software that permits a smooth transfer between bot and advisor.

Learn more about how Unblu could take your customer service experience to a new level by booking a demo here and one of the Unblu team members will reach out to help.