In our digital age, banks must constantly improve the user experience by embracing innovations within their IT budget to stay competitive. To consider are chatbots and virtual assistants, which can provide real-time customer support and assistance, while reducing costs for banks.
They come in different shapes and sizes – including different voices – and are expected to be widely used in the future.
By early 2020, before the pandemic, the number of financial institutions that had deployed chatbots had only increased from 4% to 13%, according to research by Cornerstone Advisors. However, 16% of institutions surveyed said they plan to invest in chatbots in 2021.
The added value of AI
To deliver an optimal and personalized user journey with chatbots, the value of data must be explored. Understanding customer demands is essential for implementing bots in critical stages of the customer journey. This can be achieved when artificial intelligence and machine learning algorithms are used to support data analysis for a personalized experience.
The chatbot is not a replacement, but an assistant that optimizes and speeds up the work of customer service staff by filtering out incoming requests and dealing with the most frequent ones. In banking, AI and machine learning are thus becoming an added value for everyone, from users to specialized operators.
Make life easier for the customer
Many of us are already familiar with virtual assistants for playing music – voice instructions can be very useful not only at home, but also in a bank branch. When designing voice AI for banking, the main goal is to help customers complete their transactions, especially in the absence of human staff.
At the heart of this innovation, customer friendliness and humanization. It can personalize communication and promotions to reinforce the brand’s message and interaction. The voice combines several elements including the name and characteristics of the customer with a dynamic fluidity, and quickly resolves doubts with a positive effect on the conversation to boost engagement.
By using a virtual banking assistant, banks can benefit from reduced customer support costs and improved service.
For example, operators can handle fewer calls to increase productivity as they can focus on other tasks. In addition, a virtual assistant can significantly reduce the wait times when dealing with customer queries, further improving the user experience.
Benefits for the end customer
Providing customers with an emotional connection enhances the banking experience and can be helpful when making critical decisions. The continuous availability of the virtual assistant creates a feeling of trust by being available 24/7 and builds customer loyalty.
Older bank customers, used to being managed by human staff within the bank, will adapt more easily to new technologies thanks to the human touch provided by voice AI.
In addition, the voice guidance system could be a great help in terms of accessibility. Beacons, motion detectors and integration on the reception unit could help identify blind and visually impaired people; in addition, it could allow customization of voice dialogues and interfaces according to the needs of specific categories of the population.
Auriga aims to improve its products by integrating AI modules where needed. We equip products like ATM, ASST, and the kiosk channel with virtual assistant and chatbot capabilities to help users and leverage existing data as a knowledge base.
If properly trained, AI can also support internet and mobile channels. For example, a remote banking assistant service is currently being integrated into our Bank4Me product to provide voice banking services.
Conversational banking can therefore play an essential role in taking the customer’s banking experience to the next level. Not only do chatbots and virtual assistants protect customers against fraud by using voice authentication for their transactions, they also generate trust.