More bots will be connected with payment systems such as Paypal and digital wallets, allowing consumers to make payments without ever leaving the messaging platform, improving customer experience.

 

By FintechNews staff

-A chatbot is a customer experience tool. It can help improve and customize the user experience at every stage, saving banks and finance brands time and money in the process.

Chatbots not only allow customers to manage requests in a faster and more efficient way, but they also act as a listening channel from which we can better understand our customers.

-Improving the efficiency of customer service, minimizing human error and resolving customer queries quicker, has a major impact on operational costs. In fact, according to a Juniper study, the use of chatbots will save banks up to $7.3 billion worldwide by 2023. This represents a time saving of 862 million hours, or almost half a million years of work. According to Gartner, by 2020 chatbots will be handling no less than 85% of all customer service interactions.

-The functions of a finance or banking chatbot are nearly endless. A few of the most helpful applications include: Automated, personalized customer support, 24/7 , ease of use, cost saving, advise and information, Conversational interface, audience segmentation, Customer feedback collection, New account generation.

-Here’s are two chatbot trends that will shape better customer service outcomes in 2022.

. Well-designed omnichannel bots: People use many different communication channels on a daily basis: from email, to social media, to messaging apps such as WhatsApp. A recent study reported that companies investing in an omnichannel customer engagement strategy can increase their conversion rates by 47% and enjoy a 90% higher retention rate.

.Payment through chatbots:  More bots will be connected with payment systems such as Paypal and digital wallets, allowing consumers to make payments without ever leaving the messaging platform, improving customer experience.

-Chatbots are and will continue to be a game-changer to enhance front-end services at financial institutions.

Leave a reply

Please enter your comment!
Please enter your name here