Our Experience in Automating Banking Communication Processes

Our experience in automating Banking communication processes

The digital transformation in the Banking industry took its first steps at the end of the 1990s. Since then, things have come a long way since then. The arrival and democratization of smartphones pushed Banking Institutions towards home banking solutions – online platforms that give users access to information and operations without having to go to a branch or ATM.

However, not everyone knows how to use this tool and they still need technical support. This is where the next stage of digitalization comes in. The introduction of automated communication processes with clients, available 24/7.

Two examples of such systems are BEA and A.L.I.C.E. Ubiquitous assistants powered by artificial intelligence (AI) at Banco Best and Atlântico Europa (two Portuguese Banking institutions).

Problems and Solutions

Picture this: you forgot to make an important money transfer and there are no ATMs nearby. Home banking might be a solution, but you’ve never used it before, and tech-savvy is not exactly your middle name. You just finished dinner, it’s past 10 pm and there is no telephone assistance available. The solution? If you’re a Best Bank or Atlântico Europa customer, you can just open the chatbot window (on the website or Facebook Messenger) and ask “How do I transfer money?”. Both chatbots will give you some options in less than two seconds. In contrast to human assistants, these AI-powered systems can answer multiple customers at the same time. You won’t need to wait interminably in a telephone queue to get an answer to a simple question.

Chatbots not only represents a way of updating customer service for banks. They are also an effective way of reducing costs. A Juniper Research study suggests that, by 2022, each interaction with a chatbot will save banking organizations 70 cents. The answering time of customer questions will take, on average, four minutes or less. Consequently, client communication processes will save time and millions of euros.

Furthermore, with each contact, the virtual assistant may suggest a new product or service based on customer activity. According to a Hubspot report, 47% of respondents are open to buying items using a chatbot. In addition, the conversion rate is highly superior to that of traditional methods, such as email marketing campaigns, for example.

Best Bank and Atlântico Europa choose us to update their customer service operations. Do you want to know what we can do for your company? Contact us via info@visor.ai and let’s start working!

Our Chatbot Experience in Insurance

Our chatbot experience in Insurance

Chatbots are changing the way companies communicate with their customers. In fact, Gartner predicts that next year 85% of client-enterprise communication will already be automated.

On a large scale, this technology will transform client service in multiple ways, as discussed here. Cost reduction and the possibility of having an assistant online 24/7 to help your customers are just two of the most relevant advantages of this scalable technology.

What can chatbots do for the Insurance sector?

Given their nature, the reality is that chatbots can always add something throughout the value chain of an insurance company. With so many service areas, there are many processes – like taking surveys and filling in application forms – that chatbots can facilitate. This works for clients, who can fill in forms and easily get information via their smartphones or computers, and also for workers, who gain more time to serve their clients better.

Additionally, these virtual assistants facilitate the often long buying process and can suggest other types of products based on customer behavior. The fact that everything is done via messaging apps, a preference of the Millennial generation – noted as one of the worst insurance buyers – is also a point in favor of chatbots.

Practical cases

In Tranquilidade, one of the big Portuguese insurance companies, our chatbot proved useful in many ways.

“This technology was introduced to the company as a proof of concept. With a low budget, Visor was challenged to show us if it was worth investing in this technology,” said Head of Operations, João Luís Marques

“We quickly realized it was fast to implement, user-friendly and created value for our clients because it not only opens a new communication channel, but it also brings us closer to our digital-savvy customers, who will gradually increase in number, even in a 100-year-old company like ours,” adds João.

“We’re ‘teaching’ the bot on a daily basis. The company can now answer in a more autonomous way and we will soon have a transaction feature in use. This is, without a doubt, a technology to publicize our latest deals and offers.”

Tranquilidade also told us that one of their deaf clients, used the chatbot multiple times to get information about the procedure following an accident, which shows that this technology could also help companies to adopt more socially inclusive practices.

Chatbots can always be a plus to companies. However, businesses can lose potential clients when they don’t meet customers’ expectations. This means that if your enterprise wants to invest in a chatbot, it must be one that works according to your expectations.

Reach us via info@visor.ai and find out what we can do for your relationship with your customers.