The Chatbot Revolution - Why customers will drive the rise of digital assistants in Banking

Research has shown that live chat has the highest satisfaction levels for any customer service channel. But with a requirement for call centers, staffing, training and ongoing support, talk isn’t cheap when it comes to customer service.
chatbot_400X266.png

Automated digital assistants, or chatbots, provide the answer to delivering the customer service levels that digital natives expect for cost-effective, efficient 24-hour support. Estimates suggest the average cost of a customer transaction via phone is around $2.50, but the same digital interaction would be around $0.17.

Not only are systems sophisticated enough to engage with customers, identify their needs and answer queries in the same way a human contact would, they are now capable of managing payments and carrying out transactions. The technology will play a key role in maintaining customer service as customers increasingly move online. According to Gartner, by 2020 customers will manage 85% of their relationships with enterprise without interacting with a human.
For finance companies that have yet to start investigating the technology, the clock is ticking to maintain service levels and assure customer loyalty. Some companies are already taking advantage of bots in finance, offering the next generation of personal finance management through messaging. Personal finance bot Trim, for example, helps users to manage subscriptions, set up spending alerts and check bank balances. Another example is MyKAI by Kasisto, a spin-off from SRI International, which developed Apple’s Siri. It is developing a banking bot that is meant to provide a simpler way of managing money, tracking expenses, and even make payments – all from within a messaging apps such as Facebook Messenger. Chatbots, however, are not limited to basic daily tasks. Some finance companies are looking to allow investors to trade through Facebook’s Messenger service in a bid to appeal to appeal to millennials.
 
 
Share

Contact

Per Dahlqvist
Head of Emric Business Development and Analytics Products
+46763215924