How An AI Chatbot Has Helped A Leading Financial Sector Brand To Better Their Response Rate

  • Introduction

Leading banks and financial services firms around the world are Driving leverage benefits of AI chatbot capabilities and social media intelligence tools. Chatbots are no longer the obnoxious systems that give you the same pre-programmed responses and make you feel like you’re having a one-dimensional discussion. Redefined by AI (Artificial Intelligence), they go far beyond bots and operate as smart digital assistants that engage and delight clients with a human-like connection mixed with a tailored experience and a sense of realness.

  • Top Benefits of Chatbots 
  1. Cost-cutting: Chatbots and artificial intelligence in financial services are not intended to replace employees. To give a superior customer experience, they have a symbiotic connection with human agents. By 2030, a chatbot is estimated to save financial service companies 22 percent on expenditures.
  1. Proactive customer engagement: Unlike an employee, a chatbot is available 24 hours a day, seven days a week, and clients are more comfortable utilising this software programme to answer inquiries and do many typical banking procedures that traditionally required face-to-face interaction. 
  1. Easy & uncomplicated lead generation: Banks are growing better at deploying chatbots to make their consumers aware of additional services and products, in addition to handling customer care queries and chats about particular transactions. Business clients, for example, may be unaware of merchant services and financing options that might assist them in resolving payment or credit concerns. Chatbots (and customer care workers) can make the correct offer on the right device in real-time, giving highly customised service and potentially increasing revenue, thanks to predictive analytics and Finance AI capabilities like machine learning.
  1. Automated customer feedback: Most employees do not ask for input until it is required, and consumers are hesitant to provide feedback because they believe it will be lost in the information black hole. Customers will have more confidence in financial services companies if social media listening and monitoring tools and chatbots are used to collect feedback. A conversational bot may notify you of a problem or accurately point you to keep your consumers happy.
  • Case Study

Challenge:

Client was a major insurance company that wanted to create a social media presence and was enthusiastic about innovation and technology. The business was seeing an increase in social mentions and needed a low-cost solution to preserve TAT and keep its socially responsive badge.

Germin8’s role:

Trooya Chatbots were recommended by Germin8 as a cost-effective alternative for efficiently handling the growing number of enquiries while lowering TAT. The following were the outcomes:

  1. Non-working hour TAT improved significantly by 150%
  2. Overall TAT levels improved by 75%
  3. First Level Response (FLR) rate was brought down to 2 minutes
  4. 49% of all queries were handled independently by chatbots
  • The takeaway

The ability of financial institutions to retain clients is contingent on providing consistent customer care and experience. Consumers want brands to be more inventive in their workflow and in providing unique services in this age of digitization. The usage of online reputation management services technology and AI chatbots in the banking industry is a cutting-edge technology that can benefit both banks and clients.