More and more banks and credit unions are using chatbot solutions to reduce costs and serve increasingly tech-savvy consumers. In many examples, chatbots facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support. Most basic tasks such as balance inquiry, bank account details, loan queries etc. can be handled by a bot efficiently, allowing customer service representatives time for complex issues … leading to a more positive banking experience. Over time, artificial intelligence (AI) and new digital technologies will provide the banking industry with expanded forms of engagement, potentially moving beyond bots to digital voice interactions.
According to a report released by Juniper, chatbots will be responsible for over $8 billion annual cost savings by 2022. Gartner says that chatbots will be handling no less than 85% of all customer service interactions by 2020.
Here are some samples of chatbots already at work in banking:
- Bank of America's mobile banking app is home to Erica, a chatbot that sends notifications to customers, provides balance information, suggest how to save money, provides credit report updates, pays bills and helps users with simple transactions. Erica also sends educational videos on finance.
- JP Morgan's chatbot is for streamlining its back-office. COIN analyzes contracts more quickly and proficiently than human lawyers. It also screens messages for employees, handles basic IT requests like resetting passwords.
- Capital One's Eno is a text-based chatbot that learns consumer behavior over time. Users get information about balances, transaction history, and credit limit as an instant message and can pay bills instantly. Eno understands emojis and the meaning of thumbs given by customers.
And be sure to watch the innovative video below for a great example of what it might be like for your member communicating with your CU chatbot on their mobile phone
Posts
0 comments:
Post a Comment