Using Chatbots in the Banking Industry: Redefining Customer Experience in FinTech

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Using Chatbots in the Banking IndustryRedefining
Customer Experience in FinTech
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• When was it last that you were standing in a
  queue in front of a tellers window in bank?
  Cant remember? Well, it obvious! The Internet
  and smartphones have already reshaped our banking
  experiences, isnt?
• Thats not all. Gear up to witness more
  disruptive changes in the banking sector in this
  FinTech era. In todays post, we would put a
  glance on one such disruptive force  Artificial
  Intelligence powered chatbots for banking!

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• Thats not all. Gear up to witness more
  disruptive changes in the banking sector in this
  FinTech era. New to this term FinTech? Well, it
  is a portmanteau, rather say, a blend of the
  words financial technology. It is the innovative
  use of technology in the design and delivery of
  financial services.
• In todays post, we would put a glance on one
  such disruptive force Artificial Intelligence
  powered chatbots for banking!

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What is a chatbot anyway?

• A chatbot is a shortened form of chat robot. It
  is a computer program that is either powered by
  rules or machine learning in order to stimulate
  human response to facilitate communication with
  customers.
• They are conversational UIs that can help you not
  only with your chat by anticipating your next
  action but also with your day to day activities
  like ordering a cab, buying things online e.g.
  eCommerce chatbot, so on and so forth.

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• In this post, we are keeping ourselves confined
  to the banking sector and taking a look at the
  various roles chatbots are playing to reduce
  customer pain points and drive customer
  satisfaction to the next level
• Alleviate complexity of banking apps
• Become your personal financial advisor
• Detect and prevent fraud
• 24/7 customer service representative
• Promote products and gather feedbacks
  simultaneously

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Alleviate complexity of banking apps

• Dont you hate your banking app? We all do!
  Traditional banking apps are struggling to keep
  pace with fast-changing customer expectations,
  mostly due to their complex UX. Therefore,
  progressive banks have turned to chatbots to
  simplify the overall banking experience of their
  customers.

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• 1) Now you can do your banking transactions from
  your preferred channels like messaging platforms.
• 2) You can view your recent transactions, check
  balance or even transfer an amount without having
  to log into a website or an app, all with the
  help of a banking bot.
• 3) The bots will not only understand your needs
  but also the context. Yes, they will predict
  rather than react to you. Thanks to technologies
  like machine learning and natural language
  processing!

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Become your personal financial advisor

• What if you had a personal assistant to take care
  of your financial life? Your banking bot will not
  just help you with transactions! They will keep a
  track of your card transactions, analyze them to
  understand your spending habits and guess what,
  give you budget planning tips based on this data.
  Thus, it will help you to keep your finances
  under control.

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Wondering how? Here are some of the tasks that
your bankbot can perform

• Inform you about the state of your budget at
  regular intervals
• Save you from missing important payments with
  timely reminders
• Suggest you different savings plan
• Make you aware of suitable and personalized
  financial products
• Notify you about important and time sensitive
  information
• Provide you with an investment portfolio update

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• Being an artificial intelligence software bots
  can easily connect to the internal systems in
  order to access your financial information. For
  instance, Bank of America has unveiled an
  artificially intelligent chatbot called Erica. It
  will leverage artificial intelligence, predictive
  analytics and cognitive messaging to handle
  sophisticated queries and help customers make
  smarter decisions.

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Detect and Prevent Fraud

• Neither you nor your bank can ever afford to lose
  the mutual trust. When a fraud happens, its
  obvious that you would get skeptical about a
  banks security practices and they would lose
  your trust. Therefore, fraud prevention is a
  critical activity in banking.
• The good news is that a banking bot can
  effectively monitor and recognize warning signs
  of any sort of fraudulent activity. It will not
  only notify you on real time via your banks
  messaging app but also advise you about the steps
  you should take for fraud resolution.

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• Whenever you swipe your card, you get a
  notification right! What if you get a
  notification for a charge that you do not
  recognize? You would call the bank to enquire and
  contest the charge. And if your bank gets
  suspicious they may decline a charge by blocking
  your card attempt.
• A chatbot, however, can make this a simple,
  real-time as well as pain-free experience lets
  go through a bot-driven conversation to
  understand this

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24/7 Customer Service Representative

• Todays tech-savvy customers expect their banks
  to provide personalized support and faster
  resolution to issues which probably may not be
  supported by a banks website or app. However,
  leading banks understand that excellence in
  customer service is the key to competitive
  advantage. Hence, they are looking at chatbots to
  resolve customer issues 24/7.

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• When it comes to customer service, chatbots can
  act as an automation tool and also bring down
  cost dramatically.
• You would no longer need to undergo the
  frustrating experience of calling a call center
  or searching help section on your banks website.
• Your banking bot can instantaneously resolve your
  issue with the right content as well as relevant
  answers by accessing the banks knowledge base.

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Promote Products and Gather Feedbacks
Simultaneously

• Banks often offer a wide variety of products and
  services. How about your banking bot delivering
  personalized offers, products and services based
  on your profile data or important life events?
  Hey, its absolutely cool! Dont you think so?
• Moreover, your bankbot wont be that pushy to
  annoy you with frequent messages. In case, you
  are not interested in the offers, you can text
  back stop to your bot so that it doesnt keep
  messaging you. Its that simple!

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• Thus, a banking bot would ensure that you never
  miss out on the products and services that are
  best suited to you.
• Another thing is that bots are the best analytic
  tools. They would efficiently gather data about
  your specific needs and pain points. Based on
  these data, the bots as well as your bank would
  be able to provide you with personalized services.

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Final words!

• Thats not all! Bots are still evolving and they
  are getting smarter, more intelligent and
  omnipresent as we are moving towards an AI first
  world.
• Keeping pace with technological advancement, we
  at Helios are providing chatbot development
  services.
• Are you alright with Bankbot handling your
  finances? Lets begin a conversation please
  leave your comments below.

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