Chatbot Impact in BFSI for Customer Experience and Customer Support

Hello!

The familiarity of chatbots have increased a lot and it might not sound unusual for a bank to launch a chatbot in 2025. Well, it might be a very unconventional thing when in 2016, Russia-based Tochka Bank launched the world’s first Facebook bot for a range of financial services.

Did you ever think about how this would affect customers and their experience with all the banking services? The list is quite long.

A chatbot can have various uses or can incorporate a number of tasks at a time on different channels. For instance, a banking chatbot can be made functional on facebook messenger and at the same time can also be added to a website. Customers can chat on various platforms simultaneously which truly omni-channel.

Talking about customer experience and providing the best customer support through a chatbot is the major differentiator in fintech. Most of them are focused only on offering services.

There are plenty of use-cases a bot can have for a bank. Let us explore all those!

24/7 customer service

This is the most basic use case of a chatbot. A chatbot is trained to respond to most frequent customer queries.

Usually, for handling customer queries, banks and financial services maintain call centres and support teams. We can say that a job of the call centre representative is like a robot whose job is to reply to every customer.  Along with the time, this also requires energy if human efforts are considered.

Easy access

All the banks all over the world want to give easy access to accounts to users and therefore provide banking apps to do so. Still, the apps are not sufficient enough to give that ease of access to all the account details. For the security reasons, the process to get into the account through an app is complex.

And a chatbot is appropriate to remove this complexity completely. This doesn’t mean that a bot cannot be secure.

A bot can encompass all the security checks and gives all the required info with a command.

Personalized reminders

In today’s hectic life, reminders have become important as the human brain has increased the tendency to forget most common things a lot. A Chatbot can be used to send personalized reminders of payment dues, expenditure details, card limits and a lot more.

For instance, a bot can remind the user about the payment of credit card.

The bot not only reminds about the payment due but also give payment options.

This helps people with immediate access to their payment info and can make the payments faster before the due date.

Suggestions based on user behaviour

Bots are capable of learning from the user behaviour and that is how bots can also easily predict customer choices. They can suggest suitable financial services to users. Users can get suggestions of their choice and can quickly opt for it. No need to search from a variety of choices.

This helps saving time and will also promote the services making it a win-win situation.

Maintaining a positive customer experience

Maintaining customer engagement and tracking their experience Is an important factor in the customer journey. Whether it’s a bank or any business operating with their services.

Well, chatbots can do this job far more easily and conveniently than in other ways. Bots can approach users with a quick survey about their experience or can also ask for their feedback about the service.

This could also be feedback of a response given by the bot by giving thumbs up or down. Or can be in the form of a question.

Customer Engagement

Last but not the least use case of a chatbot is customer engagement. Chatbots have definitely turned out to be the most engaging tool a business can have.

Most people are fascinated and want to try bots. This not only helps bot in engaging people but also helps them marketing the latest launches or the variety of bank offering and much more.

Usually, banks provide a wide array of products and services, such as insurance policies, loans, cards, etc. And generally, people are not aware of all the services.

Bots save a lot

According to Juniper research, chatbots will save about $8 billion annually by 2024 for banking.

They predict that equating to average cost savings will be in the range of $0.50-$0.70 per interaction. And it is believed that consumers will manage 85% of total associations with banks through chatbots by 2024.

There is no harm in adopting a new technology when your consumers love it!.

“Seven out of ten consumers would welcome AI-powered advice for banking, investment, and insurance services.”

– Based on Accenture Survey

The most beneficial factor a chatbot gives is the instant response. 64% of Americans say that 24-hour services are the best feature of a chatbot. Also, the conversational approach to the users is attractive to millennials. And millennials have proved to be the early adopters of chatbots. With the increasing trend of bots within millennials, it motivates financial institutes to engage millennials with the help of bots.

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• What to Know About NIST Compliance

Conclusion

At every stage of a customer journey, a chatbot plays a crucial role to give the best customer experience, which in turn leads to a satisfid customer. This increases the satisfaction ratio and also the loyalty of the customer towards the business.

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