Despite most bots today having limited capabilities, there are huge opportunities to evolve chatbots into “virtual assistants” which have conversational power. This new generation of bots will use real time data analysis to create contextual conversations. They will leverage previous interactions, just as people do in their everyday discussions, to provide services to customers in their moment of need. In this article, I want to explore the potential of such next generation bots for the financial services sector and highlight the areas where we see their greatest potential.
Here at Belatrix, we believe that intelligent conversational capabilities will become the third pillar of financial institutions, after mobile banking and physical branches. These chatbots will enable a new type of engagement between the bank and its customers – characterized by a high level of personalization, and ultimately representing a transition from “transactions” to “interactions”. This is in line with how many banks are seeking to rapidly transform how they engage with their customers – to try and create customer experiences on a par with those of Apple and Google.
The ultimate goal is to move more interactions to voice, supporting sales, and advanced customer care and advice. They will enable greater personalization, a better UI, less friction and more automation. This represents a major shift to how many banks think of chatbots today – which is that they are a vehicle for reducing costs. Unfortunately, when the primary objective of using a chatbot is to reduce costs, rather than enhance the customer experience, customers are often left dissatisfied.
The opportunities for financial institutions are vast. They can cover any one of numerous functional areas:
Chatbots and virtual assistants have the potential to fundamentally change the interactions that banks and financial institutions have with their customers- and not just in the retail sphere. The challenge however, is building effective bots, which really address specific customer needs. As a result, here at Belatrix, we have just published a detailed whitepaper exploring the key success factors for chatbots when implementing them. I recommend reading it.
Meanwhile, to find out more about how Belatrix can help you and your organization, review our dedicated chatbot and virtual assistant services.
February 13 / 2020
December 17 / 2019
Digital technology enables organizations to boost productivity and better engage with customers. However, many technology initiatives continue to see cost overrun, damaging the bottom line and undermining the value...Read post