How Chatbots Are Redefining Banking Experience?

In the last few years, the banking landscape has been substantially altered because of emerging and evolving technologies. It started with internet banking, and moved on to Mobile Banking. Now, with simplified payment interfaces such as home-grown UPI, transacting on the mobile phone through Digital Banking has become commonplace, if not important. The next step in terms of technological innovation is using ChatBots.

But what is ChatBots in banking?

ChatBots are artificial intelligence powered programs that help a customer with their requirements. Most banks have started placing ChatBots on their websites to direct customers to the right place. With an evolution of technologies, ChatBots are helping transform the traditional banking experience.

Here are 3 ways in which ChatBots are redefining banking experience:

• Customer queries:
  
  Banks provide a plethora of information on their websites. Navigating this information can get tedious and complicated and finding the right information when the customer needs it is a task. However, with the introduction of ChatBots, the first thing that the customer sees is a popup asking the customer what he needs. By typing in a few words or clicking a few options, the customer is navigated to the right page with the information that he requires. This bot, although very simple, helps to reduce the time it would have taken the customer to find the right information.

• Payments:
  
  Some banks have introduced chat bots to help their customers with payments. These ChatBots collate the different offers that the bank’s customers can avail and consequently help them complete the payments. These ChatBots help make the payment process simpler without the customer having to take additional efforts to pick the right offer and avail it. One such ChatBots is HDFC Bank OnChat which works on Facebook Messenger to help with all sorts of bill payments.

• Interactive Voice Response systems:
  
  Several banks have automated voice response systems to interact with the customer. Calling the bank’s toll free number first directs the customer to a ChatBots which finds out what the customer needs and directs the customer to the right place. If there is information that the ChatBots can provide by itself, it lets the customer select those options and provides the information. It connects to a customer care executive if the customer so wishes. These voice response systems also call the customer to verify large or unusual transactions made on a credit or debit card.

• Application for selected financial products:
  
  The latest ChatBots being introduced into the market now allows you to perform basic transactions. Through simple instructions, you can now easily apply for selected loan, insurance and even Credit Cards, directly from the messenger platform. HDFC Bank OnChat is one such, that allows you to perform the above mentioned options.

Banking ChatBots are redefining the way the customer interacts with the bank. They are making it easier for customers to access information and for them to fulfil their requirements. They are helping banks understand customers better, and are providing customers a simpler option to get their requirements sorted. By helping banks with last mile service delivery, ChatBots are redefining customer experience.

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.