How to Revolutionize the Angolan Banks with Chatbots

How to Revolutionize the Angolan Banks with Chatbots

After conquering numerous national companies in the banking sector and beyond, Visor.ai launches its chatbots in Angola. Learn how our solution will innovate one of the largest Angolan banks.

Fintechs and Insurtechs in the Angolan Banks

The theme of innovation is increasingly present in the financial world. Like other industries, the banking sector doesn’t want to be left behind and is investing in new technological solutions.

Angolan banks want to offer new and better digital services. Due to this thirst for innovation, the terms “Fintech” and “Insurtech” are the trend.

Fintechs and Insurtechs concern companies that offer innovative and digital services to improve and optimize banks and insurance companies’ processes.

These technological companies arise from the need and eagerness of institutions to reduce costs and increase the range of choice while at the same time increasing the competitive dynamism.

Technological Innovation in the Angolan Banks

As could not be otherwise, the adoption of these trends is registered worldwide, more predominantly in America and Europe. But countries on the African continent are following those tendencies as well. This is the case in Angola.

The institution that governs the country’s monetary policy is the National Bank of Angola (BNA) and, in 2019, began a project to encourage banking innovation – its name LISPA.

The Payment System Innovation Laboratory consists of an experimental regulatory environment for fintech. It’s a place of learning where startups and even university students can collaborate and develop projects/ideas related to the Angolan Payment System’s technology.

This type of action benefits both sides. Small technological companies, because they are in the beginning and need incentives and financial institutions to evolve and streamline their solutions to clients.

Technological Trends of 2020

As already mentioned, banking and financial institutions are progressively betting on innovation and dynamization of their services. They aim for easy and wider access by all their clients. Therefore, always offer the best possible service.

Taking into consideration the missions of Angolan banks, there’s a visible inclination to follow certain specialized areas, such as:

Blockchain

It’s a relatively recent concept, created in 2008 and consists of a type of Distributed Database. Simply put, it’s an “account book” that records financial and/or property transactions so that they are reliable and immutable.

In order to reward the financial actors who process these transactions, it’s common to use Cryptomoeda. The best known Cryptomoeda is Bitcoin. However, according to the CoinMarketCap platform, there are currently more than 7000 different currencies (such as Ripple, Litecoin, DogeCoin).

This technology can be beneficial as it increases the security of transactions, creating barriers against fraud. Furthermore, it allows a greater fluidity in the credit system and reduces fees since third parties aren’t necessary.

Big Data

This must be the technology in which banks and financial institutions invest the most, and, as the name implies, it’s relative to large volumes of data.

If you think about it, every day, thousands of users make financial transactions. Deposits, account openings, transfers, investments, the options are almost infinite.

These data can be handy for banking institutions because it allows them to know where they can improve, making their decision making easier. It also allows them to know the behavior patterns of their customers and their opinion about services and products.

Artificial Intelligence – Chatbots

Artificial Intelligence can greatly facilitate communications between customers and companies and provide support, including Customer Service. This area has advantages in terms of costs. There’s a reduction in costs and an increase in ROI (Return on Investment).

AI generally takes the form of chatbots, and, through them, customers can ask questions and get immediate answers. They’re also widely used to guide consumers in certain processes.

Besides the chatbots, there’re also solutions with AI linked to the companies’ Customer Service emails. For more information, see the article Email bots: How to Automate your Mailbox.

Process Automation – more than chatbots

We separated this point from the previous one; it’s true. You ask why? Well, it’s certain that solutions with AI, like chatbots, are very correlated with process automation. However, some solutions automate procedures and do not resort to Artificial Intelligence. They can be chatbots but more elementary.

To know which type of chatbots best fits your company, click here.

Nevertheless, process automation creates a lot of value for repetitive interactions that do not require human intervention. An example where you can apply this technology is the FAQ (Frequently Asked Questions).

In its databases, any company has the questions that customers most inquest and, consequently, also have their answers. These can be found recurrently on company websites or in their footers. However, it’s hard for the client to have to search for the answer. With a chatbot, this would no longer happen, which increases the level of customer satisfaction.

Voice Interface

Finally, Voice bots. One of the most disruptive technologies associated with voice interfaces.

This option, very much linked to chatbots, is gaining customers’ preference, going beyond telephone and email channels.

Voice interfaces are the ideal option to increase the social inclusion of your services. They can be a benefit to anyone, with or without difficulties.

Both this and the previous technologies meet one of the bank’s missions: to broaden the range of their solutions and products so that they are accessible to everyone, anywhere.

Visor.ai Chatbots debuts at Angolan Bank

One of the novelties of 2020 for Visor.ai and the Angolan banking market was the implementation of LUENA at BAI (Angolan Bank of Investment). This launch was carried out together with one of Visor.ai’s partners. They speeded up the contact between the banking institution and the teams that implemented the solution.

BAI is one of the largest Angolan banks. It won several awards, such as “No. 1 Bank in Angola”, “Most Solid Bank of Angola,” and considered “The Best Bank of Angola” by several financial magazines.

As one of the largest competitors in the financial market, it wanted to evolve and optimize its services. That’s why they bet on a Visor.ai chatbot.

But who’s LUENA?

This chatbot, named LUENA, helps the bank’s customers and potential customers with frequent questions or information about its products. It also facilitates the account opening process and the registration and activation of the BAI Direct service, among others.

Moreover, in more specific cases, when the bot doesn’t know how to answer or if the user so wishes, there’s the Live Chat. Through this option, customers can talk to human agents who will help them resolve their requests.

The implementation of Banco BAI’s virtual assistant was in July in the Facebook Messenger channel. After three months, as it worked so well on the social network, they extended the solution to the institution’s website.

For the future, you can expect new expansions of the automation solution for other communication channels and new functionalities within the chatbot.

The evolution of the Angolan market began. Let’s make your services more inclusive and dynamic. Contact us!

Design: Marta Ramos; Text: Filipa Perdigão

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