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December 6, 2017 | By

How Bots Can Make Banking Merrier During The Holidays

The holidays are all about spending time with family — and yes a little shopping and gift giving.  With that comes, for most of us, keeping watchful eye on bank accounts for spending patterns, to ensure transactions are legitimate, transferring funds, etc. When it comes to banking, time is precious and customers need to trust that questions and  issues can be easily and efficiently resolved.

To keep banking customers joyous this holiday season and beyond, financial institutions are beginning to lean on chatbot technology that can quickly understand each customers situation, provide immediate support and offer 24/7 access to their financial information across key touchpoints. Here’s how financial institutions are using the technology to bring holiday cheer:

Solving each customer’s problem (quickly!) using the right cues

Banks understand that today’s customers are looking to self-serve when it comes to answering questions. In other words, they don’t want to call a customer service line, or send an email – they want to be able to quickly find the answers they’re looking for without having to work too hard for it. By incorporating intelligent chatbots into the customer experience, banks can not only tailor each engagement with a customer but use that information to problem solve.

Today’s banking chatbot technology incorporates artificial intelligence (AI) and machine learning capabilities to understand each customer’s natural language and take in contextual clues to problem solve for customers or determine if  the issues needs to be escalated to a live agent.

Giving customers the right support and resources to problem solve

Forrester finds 73% of customers say that valuing their time is the most important thing a bank can do, and self-service chatbot solutions give banks the opportunity to not only quickly serve customer, but go a step beyond and offer relevant recommendations. Chatbots can collect information from each interaction with a particular shopper, allowing it to quickly guide the individual along their personal journey with the brand. Furthermore, AI-supported bots have the ability to recognize user-context — from where they’re located to what they’re searching — allowing them to offer relevant and actionable information that directly aligns with the needs of that consumer. This provides valuable resources and solutions to customers who are looking to quickly solve their banking problems — something that will keep financial customers jolly all season long.

Providing access to critical information across key touchpoints

When it comes to financial services, the greatest gift that chatbots give is access. With a report from the Federal Reserve finding that more than half (53%) of smartphone users with bank accounts use mobile banking, it’s clear that people are looking for convenient and quick ways to interact with their financial institutions. By engaging customers online, chatbots can gain context to better understand each customer, ultimately allowing a business to quickly anticipate needs and problems before they arise.

However, to keep customers happy across every digital touchpoint, banks are doing more than just putting a bot on their website, but are providing virtual assistant support everywhere customers are — from SMS text, to email, to Facebook and more. This allows banks to meet the benchmark of convenience and ensure they’re available wherever and whenever their customers need them.

Retailers aren’t the only ones that need to optimize their CX strategies during one of the busiest seasons of the year. The holiday season also provides an opportunity for banks to wow customers by ensuring that each customer interaction is efficient and easily fits into their already packed schedule. By investing in chatbot technology, banks can achieve this – increasing customer loyalty and merriment throughout December and beyond.


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