According to the recent study conducted by Facebook more than 70% of users prefer to solve online queries by chat and it is seen that more than 80% users prefer to use mobile to seek information rather than using their laptops or desktops. As a result, brands really have the unique opportunity to develop more personal relationship with their users which helps to increase customer loyalty.
Chatbots deliver immediate solutions to the problems where humans lack, due to timing or budget. It helps to drive sales and also reduce operational and service expenses. It answers general queries of the product which are raised by the users. This boosts customer loyalty and retain the customers.
It sets the first line of communication between the customer and financial institutions. Now the customer doesn’t need to browse for a banking product on its website, they can simply ask a chatbot for the specific product. Search for the product which they are looking for is made easier. This technology will lead to more satisfaction and increase in sales. Advanced chatbot can be used if we want to purchase through it.
Current Chatbot In The Industry
In October 2016, Bank of America introduced the chatbot, Erica, which got available to customers in late 2017. This allows customers to communicate via text or voice message, with the ultimate goal of providing banking and financial advice.
A lot of the FinTech startups have made their chatbot s— and now the traditional banks should also start using this technology. Bot technology and artificial intelligence (AI) give financial organizations the support they need to deliver a good user experience and help them save money as well as time.
Today customers buy experience along with buying products and services. For a better customer experience they are ready to pay a higher price.
“The over-all point is that new technology will not necessarily replace old technology, but it will date it. By definition, eventually, it will replace it. But it’s like people who had black-and-white TVs when color came out. They eventually decided whether or not the new technology was worth the investment.”
Intelligent Chatbots Are The Future
While making the conversation interactive for the consumers, NLP (Natural Language Processing) makes the chatbot act as an interactive layer which digs into the context of the conversation and translates its objective (positive or negative) thereby enabling the chatbot tool to respond naturally like a human to the users. Interestingly, NLP can find the patterns of opinions from a volume of customer interactions, which businesses can hold to improve their processes or operations.
About Market Simplified
Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with a cutting-edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.
About The Author: Khushboo Lahoti is currently working as a Business Development Executive in Market Simplified India Ltd. She is a humble renaissance person. Inventive and creative ideas are her thrust.