The modern banking sector is actively using IT tools for its development. If we analyze the actual data, then, according to the forecast of Gartner in 2019, by 2020, 85% of banks should have collaborated with customers using chatbots. As a result, looking back, we can talk about the confirmation of this forecast.
And according to research by Junsper, by 2022 the savings generated by the use of chatbots will amount to up to $8 billion for the banking sector. Whether this forecast will come true can be analyzed soon, but for now it seems quite realistic. Saving the costs of human labor has long become a kind of priority for the industry in those areas where processes can really be automated. In what other aspects can high-quality IT products help to make banking services more convenient?
1. Improve support and communication
Today, when robotic programs are already used everywhere, it is necessary to state not only benefits but also shortcomings. It is obvious that customers often have to go through many unnecessary stages of communicating with the bot until their call is switched to the support service, where a real operator will talk to them. If we talk about improving the quality of services, then this should not only save the bank on human labor costs but also the real comfort of customers. In this context, software developers should prioritize their work as follows:
- A structured presentation of the main information so that a person does not have to communicate with a robot in several stages until it turns out that he cannot solve his problem, and consultation of a living person is needed.
- Creation of different services for different areas of services. This will make it possible to make interaction with customers more compact in time. Thus, banking institutions will save their resources, not due to the fact that the client has to choose the services of interest from multiple menus.
This approach also has a downside. There may be a slight increase in the number of calls to bank employees in cases where the problem could be solved by an automated program. However, this is better than losing real customers tired of long and ineffective service. The competition in the banking industry is fierce, and therefore you have to fight for the attention of the audience.
1. Make your feedback more effective
It is much easier for customers who are dissatisfied with something in the quality of the services they provide to leave their feedback by interacting with a chatbot than with a live person. At least – if we talk about people who are not prone to conflict behavior. The task of programmers in such a context is to take care not only of the availability of such programs but also of the algorithms for their work. It’s good when positive, negative and neutral reviews are sorted out initially. This will significantly save time for employees who work in analytical departments.
Provide better customer information, add chatbot to banking
The modern financial sector shows interesting examples of some companies that have managed to automate part of their activities through the use of programs.
Here are some prime examples:
- Bank of America uses a virtual assistant to assist clients with personalized services. A special bot informs customers about the balance on their accounts, sends the necessary notifications and helps in case of problems with transactions.
- JPMorgan Chase is a bank that has gone further. There, the bot helps to analyze complex legal contracts. It would seem that this is not an easy task, but the program is suitable for analyzing the terminology language. With its help, 360 thousand hours of human labor have already been saved.
- Commonwealth Bank has launched an IT tool with which you can activate a card, check balances, make payments and receive cash without a card.
Thus, many banking institutions have already made their work easier with the help of software products. Banking and financial services software companies create effective solutions. However, there is a risk of excessive automation of those areas of the banking sector where the participation of professional people is needed.