As per the recent studies and market research done by market experts of a leading company, the anticipations are that by 2022, 90% of customer interaction in the BFSI sector will be handled by chatbots. Chatbots are artificial intelligence support tools focused on providing quick and crisp resolutions to customers' queries.
They can manage and take multiple customers at once and provide a real-time solution for their queries. They are highly efficient in chopping down the work pressure by assisting the customer service executives of support executive in providing the resolution to primary and redundant questions of the customer. Due to the immense benefits of chatbots, many sectors are looking forward to adapting the Website Chatbot, WhatsApp Chatbot, or AI Chatbots for Business services via genuine and secured chatbot API. From private to government-owned banks, many are looking forward to taking the assistance of artificial intelligence and the latest technology to chop down the work pressure of customer service. Check out some benefits of chatbots in BFSI that reflect they are a match made in heaven!
- Enhances Customer Service – Chatbots is a dedicated tool to provide ace customer service and high customer satisfaction through quick and error-free responses to their queries.
- Trims Down Queues and Waiting Duration – Be a Website Chatbot or WhatsApp Chatbot; they are multitasking and multifunctioning and can handle multiple customer queries in real-time.
- Perks Up Customer Feedback Collection – Customers usually avoid sending feedback in a long-form method or legacy email to collect feedback. By implementing chatbot API, a quick feedback option can be integrated to track instantaneous feedback from customers.
- Augments Employee's Performance and Productivity – Due to artificial intelligence and template-based and situational answers providing the feature, chatbots trims down the SLA pressure and heavily raised ticket loads from the customer service executives.
- Diminishes Cost – Reduces many operational costs of the company by performing tedious tasks in a multitasking way.
Where can chatbots be implemented in the BFSI?
- Carrying out Money Transactions – Chatbots can guide customers a way out to bill payment, send money, or receive money.
- Confirming Account Balance – They are excellent to inquire about account balance without visiting the bank physically or contacting IVR.
Customer: How to pay my electricity bill?
Chatbot: Go to My Account > Pay Bills > Electricity Bill
- Providing Location-Based Answers – Chatbots can provide location-based assistance to their customers.
- Communicating Frequently Asked Questions Answers – Chatbots primarily provide template-based, quick answers, basic answers related to a functionality-based query. It offers the customer a prompt and error-free response in real-time.
- Assisting in Activating or Deactivating Services – Chatbots are efficient while guiding customers the detailed and step-by-step to activate or deactivate services within a couple of minutes.
Customer: Can you locate the nearest ATM near Elgin Road?
Chatbot: Sure, you may visit the nearest ATM at 5-31, S Block, Elgin Road.
Customer: Can I download my monthly debit card transactions?
Chatbot: Yes, you can download your monthly debit card transactions and save them as a PDF file on your device.
Chatbots are focused on providing a quick way out to the regulars in the first attempt and drive down Live Agent Takeover's cases. Their union with the BFSI sector is one of the best matches to smoothen out the tedious and hectic schedule with high customer satisfaction.
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