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Banks utilize Conversational AI solutions to transform an operationally intensive service delivery model into innovative and built around self-service solutions that result in customer satisfaction.

According to a study, Global Artificial Intelligence market revenue in the banking sector is predicted to touch a whopping USD 48.3 billion by 2025.

This blog will discuss the five benefits of Conversational AI that will help banks translate into a customer-centric model.

Omnichannel Experience

The omnichannel approach helps enterprises offer the same set of services to their customers across all channels, whether online or offline. Users can avail themselves of all the banking services from their branch office, website, mobile application, or other available channels.

Around 56% of companies are already investing in conversational AI technology to improve their customer’s cross-channel experiences.

24×7 Customer support

One of the most significant challenges of customer service centers is the sheer volume of calls they receive daily. A considerable number of these calls are for frequent requests, ranging from password resets to questions about interest rates, that can be resolved quickly and efficiently using a chatbot.

An AI-powered chatbot will be able to solve urgent, non-complex customer issues such as locking or unlocking their cards or resetting passwords without scheduling a visit to their bank. In fact, AI-powered chatbots can resolve around 80% of customer queries, reducing operational costs and speeding up response time. 

Lower Operational Costs

Chatbots can help firms save up to 30% on customer support costs. Conversational AI can lower operating costs by reducing the frequency and duration of these phone calls. 

One of the biggest challenges for any organization is to provide real-time support around the clock without increasing operating costs. Chatbots can resolve frequently asked queries even during non-working hours and holidays. If the questions are complex, they can automatically schedule a meeting with the service agent during the next working day.

By 2022, chatbots and NLP will save companies about USD 8 billion per year in customer support costs. For every second chatbot can shave off average call center handling times, call centers can save as much as USD 1 million in annual customer service costs.

Lead Generation

Chatbots can assist companies to connect with potential prospects, gathering contact information, and nurturing these prospects throughout the entire marketing funnel.

A lead generation chatbot can activate a potential customer with a proactive message when a new or a returning visitor comes to your website.

Moreover, lead generation chatbots can gather valuable information to determine how qualified these leads are or how far they are in their buyer journey.

For example, a lead generation bot can initiate a conversation with a prospect by asking them to give a budget range. The chatbot can forward the conversation directly to the sales team or ask further qualifying questions based on their answer. A chatbot can also showcase the products or services that are relevant to the prospect.

Tackling COVID 19 restrictions

Customer service operations have the most difficulty transitioning to remote work due to the compulsory work-from-home culture.

On the other hand, customers are having difficulty receiving timely support in the form of essential information, resulting in a vast backlog of support requests, delayed responses to customer inquiries, and piles of unanswered calls and emails for businesses.

Chatbot deployment isn’t just a cost-effective solution but also an efficient one. A conversational AI’s information dissemination will assist and engage more customers and provide a powerful means of achieving Return on Investment (ROI).

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