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.