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!