Scope of Digital Assistants in the Banking Sector
Published by : Industrial Automation
Digital assistants primarily incorporated to ease the operational flow, along with it also enhance customer experience and approachability in the banking sector. It is the new trend in the banking operational activity in terms of providing better services to the customers.
The growth in demand for digital assistants for their FAQs and limited answerable approach from the bank employees due to their busy schedule. In addition, this created a kiosk and most of the customer's requests are unanswered and unsatisfied. Therefore, the banking companies incorporate the digital assistants to provide 24/7 assistance to the customers, as financial matters need resolution quickly.
Digital assistants are already incorporated in various banking applications –
Personal Banking Assistants – The chatbots offer functionalities such as account ATM locator, ATM cash status, new credit applications, inline credit scores, product clarifications, balance check, spend analysis, ATM features, and others. Moreover, the integration with core banking, analytics, credit bureaus, branch & ATM directory is further leading the banking processes efficient and effective to make the better customer experience. In addition, the integration of NLP technology with a diversification location-based processing system is also enhancing the banking system.
Customer Support Assistant – Customers always expect 24/7 support banks with digital assistants built into their websites or social media channels have a significant competitive advantage. They attract and retain customers more than their competitors. To be secure in channels, banks use OTP based authentication and they integrate their chatbot with backend systems like CRM, ERP, HRMS, Service Delivery, and others to respond to customer queries quickly. These chatbots also possess the ability to handle unstructured data and search at scale using document cognition and RPA based automated workflows to access and process requests in legacy systems.
Fund Transfer Automation – From FAQs and account balance information, intelligent chatbots can assist customers with fund transfer. Customers can select the relevant option from the menus or type in the query. Using NLP and ML, the BOT understands the context and customer’s intent and initiates the requested process. It also uses predictive analysis and recommendations to predict things that customers may want to know or perform.
Credit Card Upgrade – The bots initially match the behavior of the processor with a new credit card and suggest the unique credit cards based on the customer profile. It also urges the customer details to initiates the upgrade process.
In conclusion, the unique customer experience with a satisfied customer base is the prime factor for the leading the market. Moreover, the banking companies are mainly focusing to make better customer experience to stand out from competitors and follow system integrated emerging technologies approach like chatbots offer tremendous potential for Banks to deliver such experiences.