March 24, 2018
Fintech innovation aims to create better customer experiences and to level the playing field for investing. Many venerable financial institutions and startups alike are leveraging the most compelling technologies such as cloud computing, blockchain and AI to accomplish these objectives.
Poor Customer Satisfaction
Customer satisfaction in banking is arguably at an all-time low. In the years following the financial crisis, many people lost their trust in banks. Some argue this mistrust and dissatisfaction are the main drivers behind the cryptocurrency trends. The banking and financial services sector still need to earn back their customers’ trust and loyalty.
Chatbots Elevating Customer Service
One of the ways banks are working to create better customer experiences is through implementing chatbots. Most customers have low expectations when it comes to self-service features at banks. They often end up speaking to a customer service agent anyway. A recent Forbes article highlights a few chatbots taking customer service to the next level. They’re incorporating artificial intelligence with chatbots to make them conversational, useful and efficient.
Swedbank’s chatbot, Nina, helps customer service agents spend time on other types of calls helping customers through more complex situations. Nina also helps Swedbank’s profitability as agents can spend more time selling versus fielding trivial questions from customers. According to Forbes, if Swedbank could rollout Nina again, it would only do so for 20% of the customer base giving it time to learn and grow its database.
Bank of America’s chatbot, Erica, not only assists with basic questions, it also suggests ways for customers to save or pay down debt. It uses customer data to find ways to improve their financial wellbeing. Bank of America is also innovating with peer-to-peer cash transfers to compete with applications like Venmo and Zelle
At Attunix, we help implement chatbots for companies to make selling and customer service better. Chatbots implemented internally can help streamline the close of a sale and cut down email traffic that sometimes takes days to answer. Access to quick information already stored in your organization’s data will not only improve your customers’ experience, but also improve the performance of your sales force.