Digital banking has become the most common way for people to bank. In 2019, the Canadian Banking Association noted that 53% of Canadians have online banking as their most common banking method, and mobile-based banking was the second-ranked method. Also, 88% of Canadians trust their bank to offer secure digital banking services.
As more consumers lean towards the convenience of digital banking, financial institutions need to adapt. Providing customers with adequate help online is one of the best ways to ensure that your financial institution stays ahead of the fast-paced industry of financial banking.
What are the benefits of implementing a chatbot?
One of the best ways to provide your customers with the help they need is to implement a chatbot within your omni/opti-channel marketing strategy. Here are some of the key benefits of introducing a chatbot into your customer service pipeline:
- 24/7 Digital Support
Customers who rely on digital banking often expect to have access to their services 24/7. Chatbots ensure that even when human agents are not available to answer questions, the AI will be. Financial institutions that have chatbots built into their website or apps are more likely to attract and retain customers.
- Seamless Omni-Channel Experience
In-person customer service or over-the-phone customer service limits your consumer's ease of access to their banking services. However, chatbots can often be integrated over multiple platforms, such as Facebook Messenger, Skype, WhatsApp, your banking app or website, and more. Meeting costumers where they are most comfortable increases customer satisfaction and retention.
- Cost-effective Customer Service
Chatbots are inexpensive to develop and maintain compared to human customer support. They require less coding than banking apps and can be supported by a vast and expanding array of channels. They also don't need expensive data storage because most chatbots use cloud-based systems.
- Increased Employee Productivity
According to Salesforce's 2019 State of Service Survey, 64% of customer service representatives spend their time on complicated customer service tickets when their workflow involves a chatbot. This number drops to 50% without a chatbot, meaning 14% of customer service agents are working on simple requests that could quickly be answered by a chatbot. When simple requests and tasks aren't bogging down your employees, they can target their energy towards more complex assignments and customer requests. This results in increased overall productivity and customer satisfaction.
- Multilingual Support
As the world becomes more and more connected, and people migrate and move around, it can be hard to offer everyone services in their preferred language. Institutions in places like Canada, which are multilingual and have a large population of immigrants, need to cater to their customer base's language requirements.. Getting customer service agents that are multilingual can be quite expensive or tedious. Chatbots use natural language processing to understand text, so they are not limited like humans are.
As technology develops, financial institutions must adapt. Meeting clients where they are comfortable shows that you're ready to move with the times, as well as put your customers first. Chatbots help you do this inexpensively and provide adequate support for your customers.