Conversational Banking: Unlock Superior Customer Engagement

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8 Ways Conversational Banking Defines the Future
of Customer Engagement
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What Is Conversational Banking?

• Conversational banking is a way of digital
  banking facilitating real-time interactions
  between banks and customers through various
  channels such as text messaging, voice, mobile
  apps, and websites. This dynamic communication
  framework enhances customer convenience and gives
  banks invaluable insights into customers'
  preferences and needs. It uses cutting-edge
  technologies like CPaaS (Communications-Platform-a
  s-a-Service), conversational AI, and WhatsApp
  banking software solution to enable personalized
  and omnichannel support.

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Shaping the Future of Customer Engagement 8
Potent Applications of Conversational Banking
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Empower Customer Self-Service

• Conversational banking empowers customers with
  self-service capabilities, enabling them to
  address various banking needs independently.
  Whether checking account balances, processing
  payment transactions, or initiating transfers,
  customers have fast and direct access to
  essential banking actions. It reduces the strain
  on customer support resources, as automated
  responses can efficiently handle routine
  inquiries.

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Brand Humanization

• Conversational banking goes beyond automation to
  humanize the brand-customer relationship. Banks
  create a welcoming and approachable environment
  for customers by adopting voice assistance
  through Voice APIs, IVR (Interactive Voice
  Response), NLP (Natural Language Processing), and
  video KYC. These technologies enable interactive
  and intuitive communication, making sensitive
  data collection, such as loan or mortgage
  applications, more user-friendly.

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Integrate with Social Media and Messaging Apps

• Banks can engage customers seamlessly and
  efficiently while harnessing the power of
  automation and secure, encrypted communication
  offered by widely used platforms like Facebook
  Messenger or WhatsApp. For instance, specialized
  software solutions provide customers
  comprehensive banking services, including
  document submission, KYC process, credit card
  inquiries, and mortgage information retrieval.
  WhatsApp bots for banking further empower
  customers to manage account details efficiently,
  retrieving account balances, recent transactions,
  payment due dates, and other pertinent
  information through a single WhatsApp
  conversation.

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Enhance Onboarding for Improved Retention

• AI-driven assistants simplify the onboarding
  process for new customers, reducing friction and
  enhancing their overall experience. For example,
  during the initial stages, AI-infused bots can
  guide customers through onboarding, assisting
  them in tasks such as setting up accounts,
  linking payment methods, and explaining key
  features. As users progress, the chatbots can
  continue to provide support, offering insights
  into financial management, helping users explore
  investment options, and providing personalized
  financial advice.

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Provide Financial Assistance and Advisory

• Conversational banking offers customers an
  intelligent and accessible resource for making
  informed financial decisions. This capability
  relies on sophisticated AI algorithms that
  analyze a customer's financial profile, including
  income, expenses, and financial goals, to provide
  tailored advice. For instance, if a customer
  seeks guidance on retirement planning, the
  WhatsApp banking software solution assesses their
  age, income, and risk tolerance to recommend
  suitable investment strategies, such as
  diversifying assets or adjusting contribution
  levels to retirement accounts.

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Enable Channel-Agnostic Account Management

• The channel-agnostic approach allows users to
  manage their financial accounts seamlessly across
  multiple platforms. This flexibility of
  intelligent financial assistants with 24/7
  accessibility, like WhatsApp banking solutions,
  goes beyond traditional banking tasks,
  encompassing activities like risk management,
  investment guidance, financial goal setting, and
  personalized budgeting.

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Facilitate Shopping Assistance

• The conversational banking system analyzes user
  behavior and preferences through advanced AI and
  machine learning, offering tailored shopping
  recommendations and exclusive deals. Furthermore,
  integrating conversational banking with open
  banking protocols can enable partnerships with
  e-commerce platforms. It provides customers with
  a unified and holistic shopping experience where
  they can make purchases, track expenses, and
  manage their finances, all within a single
  conversational interface.

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Conversational Banking Where Every Transaction
Begins with a Chat!

• In a world where instant gratification is the
  norm, traditional banking customer service has
  often lagged. Conversational banking presents a
  compelling opportunity to introduce a modern,
  efficient, and personalized approach to banking
  customer engagement. Conversational banking is
  not a trend it's a clear vision of the future
  where banking is about building dynamic
  relationships and empowering customers to take
  control of their financial journeys. It is
  evident in the transformative capabilities
  of WhatsApp banking that is revolutionizing the
  fintech and banking sectors, fundamentally
  altering how customers interact with banks.
• Panamax's WhatsApp banking solution makes
  customer interactions as easy as chatting with a
  friend, all while ensuring security and 24/7
  availability. Ready to explore the future of
  banking?

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