The digital transformation in the Banking industry took its first steps at the end of the 1990’s and things have come a long way since then. The arrival and democratization of smartphones pushed Banking Institutions towards homebanking 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 systems that automate communication processes with clients or, in other words, virtual assistants that are available 24/7 to answer customer queries.
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).
Picture this: you forgot to make an important money transfer and there are no ATMs nearby. Homebanking 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 10pm 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 (either on their website or Facebook) and ask “How do I transfer money?”. Both chatbots will give you some options in less than two seconds and, 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 represent 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 and customer questions will take, on average, four minutes less to be answered, resulting in millions of euros and hours saved in client communication processes .
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 with this method is highly superior to that of traditional methods, such as email marketing campaigns, for example.
Best Bank and Atlântico Europa selected us to update their customer service operations. Do you want to know what we can do for your company? Contact us via firstname.lastname@example.org and let’s get started.