Conversational Banking ─ From Branches To Bots

 

Chatbots are progressively used in all industries out there. Their reason to accept this technology is to better the customer’s experience and provide a faster way to reach the information needed.

There are a lot of reasons that drive banks to use chatbot technology, and here are several:

♦ New Ways to Reach the Bank

Messaging has been a proven channel to communicate with customers. Chatbots have improved the way of this type of communication. The shortage of time is a problem that people encounter today, and there is no time to go and visit a bank branch. This is why banks started to implement chatbots into the banking world.

♦ Fast Response Time

Chatbots have this advantage over other used channels of communications. There is no need to wait in the line or to go through their automated systems anymore, as they decreased the necessity of the need for waiting for your turn. Chatbots have the information in their hand, and they are faster than people to respond with the right information when interacting with them.

♦ 24/7 Support

Reaching the bank has never been easier. There are restless customer support agents that are working around the clock. Day or night, chatbots are there for us; no holidays or weekend rest, who doesn’t want an employee like that?

♦ Chatbots in Messaging Apps

Chatbots are slowly but effectively growing in the new digital space provided for them. Messaging apps like Facebook Messenger opened the door for them, and the benefits are enormous for users. Using these platforms, they can be interacted with without installing, and there is no need of memory consumption for the devices we are using.

♦ Ultimate AI for Banking Bots

The question is who will provide the ultimate brain for the banking bots? Several companies want to be the leader in this sector, and one of these companies is a company called Clinc.

This company, which is established in Ann Arbor, Michigan, is founded by AI and system research professors from the University of Michigan.

The research they did and the work outcome was their Finie Bot, as the name was created from two words, “Finance” and “Genie.” The bot’s name they created is showing us that they certainly want to provide a genius financial system and they want to be the leader in this sector.

♦ Online Banking

Online banking is the transitional phase for banks implementing complete autonomy of bots. The successes of online banking are the most prominent reasons why banking systems will change shortly.

One of the leaders among the banks who decided to make these drastic measures is Wells Fargo. Wells Fargo will cut down on 400 branches by the end of 2018, and they plan to reach the number of 1,000 shortly.

If these banks show successes, other banks will take their lead and will follow them sooner then we think.

Final Thoughts

The time will come where we will deposit our check or set up direct deposit inside Messenger. It will provide more safety and will act as a world bank for everyone to use.

The use of chatbots is coming to all playing fields, personal and business. The best way to see the possibilities of this technology is to create one for your company.

Use the platform we have created for you, here at ChattyPeople, and build your chatbot with no coding required on your end. Take advantage of the plan that we have and start making your chatbot for free.

Register for free today; ChattyPeople is here to help.

Posted by Slobodan S.