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Chatbot Technology for the Banking Industry

In the banking sector, where the concept of trust is prominent, chatbots have a wide range of benefits. Chatbot technology is an artificial intelligence-supported system that communicates with your customers in voice or in writing and works like a virtual assistant.

Provide effective support to your customers with the chatbot system that provides answers to your questions for banking transactions and helps you open a time deposit account from foreign exchange trading.

Chatbots, which have become widespread in the field of banking, help you control and manage your financial situation without getting lost in the menus. Thus, you can find answers to your needs in seconds without having to connect to customer service.

According to research by independent companies, nearly half of the banks in Turkey are planning to integrate Chatbot technology into their systems. In fact, according to recent research, banks using chatbots around the world have grown by 78% in the last 2 years.

Based on the above information, in this article, we will examine the importance of chatbots in the banking sector and in which transactions they are used.

Why Chatbot Technology?

The banking sector has started to digitize in recent years. Everything is going digital, be it small or large financial institutions. With the spread of digital channels, customers’ expectations from their interactions with banks are also increasing. Artificial intelligence-based chatbots are well-equipped to enhance the customer experience using digital communication channels.

After the pandemic, which has deeply affected all sectors, chatbots are helping banks succeed. When the pandemic started, the waiting time in call centers was appalling as no one expected this to happen. In addition, many customers faced financial concerns about layoffs. Thus, it also became difficult to meet the funds for the mortgage payment.

In addition to the high call volume, many financial institutions also faced the problem of limited personnel in the call center due to social distancing. Also, due to the sudden rise of Covid-19 cases, many companies were struggling to create a system to answer calls from their employees from home.

To deal with all these challenges, many banks and financial institutions have used chatbots in banking to help and expand the scope of customer service. At the same time, banks are using chatbots to automate and process services for basic questions while retaining human resources to assist customers with more complex issues.

Importance of Chatbots for Bank Customers

Chatbots provide support to bank customers in various aspects. In other words, a new customer communication channel was born in the banking industry thanks to chatbots. So, let’s examine together the advantages of chatbot technology for your customers.

  • 24/7 Communication: Unlike other sectors, banking and finance is a field that is needed every second of the day. In other words, it is important that you provide uninterrupted communication for both your individual and corporate customers. Provide a permanent service to your customers with chatbots ready to work at any time.
  • Ease of Transaction: Your customers can be quite confused when it comes to banking. Chatbots directly understand your customers’ wants and needs thanks to their advanced features. It also helps your customer take the action they want to take by using keywords.
  • Customer Trust: Chatbots provide solution-oriented assistance to your customers. It provides professional support, especially for the banking and finance sectors where customers have the most trust problems. It aims to respond to the demands of your customers as soon as possible and in the shortest way.
  • Personalized Promotions: Chatbots assist your customers as financial assistants. It analyzes your customer’s entire experience with your bank and offers customized options. This means that promotions offered by your bank through chatbots are more likely to be accepted.
  • Simple Interface: It only takes a few minutes to communicate with the chatbot by opening the mobile app or website. The chatbot system with a simple interface is very useful. In this way, it provides a smooth experience to your customers of all ages.

Chatbot Usage Areas in Banking Sector

Chatbot technology is a system that can perform almost any function. However, let’s examine together the actions that chatbots perform intensively.

Daily transactions of customers via chatbot:

  • Sending money,
  • Opening a new account,
  • Learning credit legislation,
  • The detailed account statement,
  • Paying bills,
  • IBAN query,
  • Balance learning,
  • Card limit increase request.

Information provided by the chatbot to customers:

  • Application tracking,
  • Branch working hours
  • Near location ATM information,
  • Security information,
  • Current exchange rate,
  • New card application steps,
  • Call center contact number.

Why Should Banks Acquire Chatbot Technology?

Above, we mentioned the benefits of the chatbot system to customers. Now we will examine the advantages of chatbot technology by banks and financial companies.

  • Low Cost: The chatbot system is very economical and contributes to the reduction of operational costs. You may need to expand your agent teams in proportion to your expanding client base. However, chatbots are easily integrated into the website or mobile application and do not even require installation.
  • Banking Data Analysis: Chatbots not only provide support to your customers but also provide data to your company by analyzing all the transactions your customers have made with your bank. In this way, you can understand what your customers need support most. Chatbots deliver data analysis within hours, while other manual data analysis takes days and weeks.
  • Make a Difference: Show your difference with chatbot technology that allows you to be ahead of your competitors. As a result, in this period when technology is developing rapidly, the digitalization process of your bank positively affects your reasons for being preferred.

High Interest in Chatbots in the Banking Industry

According to the statements of various companies, the use of chatbots in banking transactions has increased considerably after Covid-19. In particular, customers who did not want to meet physically with the bank personnel preferred the banks’ websites or mobile applications.

At the same time, the call centers were busy due to the pandemic. Meanwhile, banks with chatbot technology have been found to earn up to 69% more profit than other banks.

Everyone is racing against time today. For this reason, customers do not have time to wait to contact the call center representative. Customers want immediate answers to their questions, so 90% of customers find an “instant” response very important when they have any questions.

Chatbots offer instant responses to consumers to connect with brands in real-time to provide instant solutions and solve their queries. In short, chatbots are becoming the fastest-growing communication channel for brands.

As a result, chatbot technology aims for a better banking experience with its advanced artificial intelligence. All your customers, both individual and corporate, can easily handle their transactions with chatbots.

Chatbots for Fast Payments

Previously, businesses used chatbots to answer customer questions as well as gather information. However, the time has come for chatbots to move beyond customer service and play an imperative role in facilitating digital payments.

In the next 5 years, most businesses are expected to integrate more payment services into their chatbots. In fact, it will be sufficient for the user to simply say “I want to pay by credit card”. Afterward, the rest of the payment process is handled by chatbots by connecting to a payment system.

Chatbots will connect to payment systems such as digital wallets and online sales. Thus, customers can pay without leaving the messaging platform and the consumer experience improves.

In this article, we examined the advantages and usage areas of chatbot technology for the banking sector. You can share your valuable ideas with us in the comments.

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