Guiding banking consumers toward digital self-service

Any service that can be delivered online is technically a digital service. And banks have clearly not been lagging behind in the delivery of digital services. For some time now, they have started to respond to customer self-service demands as well.

But what exactly is self-service? Well, many customers prefer to carry out transactions and other types of procedures on their own, without the need to queue at the bank or visit during opening hours. That is why there are self-service models. A case in point would be ATMs, which allow cash withdrawals even when the bank is closed. But in the digital realm, self-service is somewhat different.

In addition to being able to make transactions at any time of the day, the goal of digital self-service is to answer queries or questions instantly. Artificial intelligence is one of the technologies that makes this possible. Therefore, it is a key element in the future of customer service and customer experience.

That is why chatbots have become an essential service.

Banking has undergone multiple transformations since the advent of the Internet. And chatbots for banks have been one of these instruments that have gradually transformed the industry.

The banking industry’s commitment to integrating technology has been clear:

– Automate simple tasks.

– Reduce service times.

– Facilitate customer self-management.

– Decongest the physical headquarters of banks.

This last point has become particularly relevant in recent months.

Chatbots in banking can help streamline transactions such as money transfers and account balance checks through a conversational interface that guides customers through their actions. On the other hand, they can also facilitate access to banking information and answer frequently asked questions from any page on a bank’s site, while providing personalized information as they leverage customer data to suggest recommendations and advice to customers in an automated manner.

With these features, there are many actions that customers can take without the help of a human agent, such as receiving bill and payment notifications, receiving fraud and suspicious activity alerts, transferring money, checking their balance, or reporting stolen cards, to name a few.

In addition, customers can instantly access resources and answers to their questions without having to wait for the call to be transferred to a representative. According to recent research, chatbots save more than 4 minutes per conversation within the banking industry.

Another function is to enable customers to manage requests quickly and efficiently while acting as a listening channel so banks can better understand user habits, anticipate customer actions, and provide personalized offers and services. By contextualizing products and services, banks increase customer loyalty.

Employees also benefit from chatbots, as they reduce operational costs, minimize human error and save agents time on repetitive queries so they can focus on acquiring new knowledge and skills. According to a Juniper study, chatbots will save banks up to $7.3 billion globally by 2023, allowing them to compete with other branches and implement a successful digital transformation.

In short, chatbots will not replace human agents. In fact, by automating standard procedures, human agents will have to focus on more demanding issues. However, chatbots can seamlessly escalate queries to agents and provide them with all the necessary data previously communicated by the customer for the agent to resolve the issue as quickly as possible and without asking the customer to repeat any information.

The banking industry is full of possibilities when it comes to incorporating chatbots to interact with customers and help them with their transactions. The different ways of using them in banking services represent a benefit for both you and your customers.

If you don’t already use chatbots, we invite you to test how they can provide a better banking service to your customers. Contact us at /

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