Digital Transformation in Banking using Chatbot

Improve banking information access and digital customer experience with advanced AI Chatbots

A few examples of Chatbot being used at other banks are as follows:

JPMorgan Chase utilizes bots to streamline its back-office operations, analyzing complex legitimate contracts quicker and more proficiently than human lawyers. Since its launch a year ago, the bot has helped JPMorgan spare more than 360,000 hours of labor. This chatbot additionally uses the technology to parse messages for employees, allow access to software systems, and handle basic IT requests like resetting passwords.

HSBC Bank’s Virtual Chat Assistant provides real-time 24×7 responses to customer support queries. Available in English, traditional and simplified Chinese, Amy has enabled customers to seamlessly access information regarding a wide range of HSBC's products and services. It easily handles routine queries and FAQs and gradually learns to respond to more complex and broader queries over time by processing and analyzing customer feedback.

Bank of America uses an AI-driven financial chatbot to send notifications to customers, provide balance information, share money-saving tips, provide credit report updates, facilitate bill payments, and help customers with simple transactions. The chatbot helps customers to make smarter financial decisions. As of early 2019, it has surpassed 6 million users and has serviced over 35 million customer service requests.

Wells Fargo’s chatbot uses AI and FB-Messenger to respond to natural language messages from users and provide them with information like how much money they have in their accounts, location of the nearest bank ATMs, most recent transactions, how much they spent on food last week, etc.

Capital One uses a text-enabled chatbot that helps clients with their account balance, transaction history, and credit limit as an instant message. It can even enable clients to pay their credit card bills in no time.

American Express deployed its chatbot on Facebook Messenger to send messages and push notifications related to purchases they make using their card. It will make contextual recommendations based on the user’s purchases, provide information regarding credit card benefits and loyalty program features, etc.

HDFC Bank's AI-powered banking assistant provides better and faster service to HDFC's customers. Leveraging the power of Natural Language Processing (NLP), for e.g., it fetches the requested information such as branch addresses, loan/interest rates, common customer queries from thousands of possible sources in a matter of milliseconds. The chatbot is integrated with Google Assistant and Alexa. It has answered over 5 million queries with over 85% accuracy – holding over 20,000 conversations daily with customers worldwide.

Types Of Chatbots

Surveys/Feedback Collection

Chatbots can provide a better feedback loop and improve customer relationships while providing better data to the business.

Voice-based Interactive Chatbots

Voice-based Interactive Chatbots – These can also be integrated with Alexa, Siri, and Google home assistant.

Lead Generation

Lead Generation bots are embedded on the bank’s website/app and initiate conversations with users to find out if they wish to purchase products and gauge their interest. Later, these captured 'leads' can be sent to the bank's sales team for additional follow up until the sale is completed. Banks have seen as high as a 600% increase in the number of leads collected using chatbots instead of traditional lead generation methods.

Customer Support

Customer support bots provide smarter and more compelling conversations, handling various customer support queries that are redundant in nature. These bots can be plugged into social media profiles (Facebook Messenger, Twitter), websites, app, and other platforms. Many banks have used customer support bots to successfully reduce the volume of queries, particularly simple routine queries and FAQ's

Other types of chatbots

Other types of chatbots’ services can be fraud prevention processes and collect critical information from potentially impacted bank users.

A Few Examples of Questions with an Interactive Chatbot

I’d like to pay my bill?

I want to open a new account?

What is my credit card limit?

Can I have a copy of my statement?

I want to activate my new car loan?

Request a demo to see how AI Chatbots can enhance customer engagement in more convenient ways.