5 Reasons For A Banking Chatbot

Feb 12, 2020

In this article we explore 5 ways in which banks can take advantage of chatbots.



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Customer’s expectations for seamless, personalized service, have increased exponentially over the years and the banking sector has been no exception. Mobile technology and constant connectivity have shifted perceptions and made customers more interested in seamless, frictionless experiences.

To keep up, financial institutions need to step into the future and rethink the strategies and channels they use to attract, engage and nurture current and potential clients, both in their face-to-face interactions and in their online services.

How chatbots can help banks

Integrating a Banking Chatbot as part of their online presence can enable a bank, credit company, mortgage company, or insurance company, to provide quick and personalized interactions, that cater to each customer’s unique needs.

Here are just 5 of the many reasons a chatbot can be helpful for a financial institution:

  1. They are easy to use. Artificial Intelligence allows Chatbots to be more intuitive to use than traditional mobile banking apps allowing for great improvements in customer experience.
  2. Financial tracking & assistance. Advanced Banking Chatbots can give a customer access to all of their information, track their accounts, check their credit scores, analyze their spending habits, and, based on all of this information, even recommend a personalized savings plan or budget
  3. Customer acquisition. When a customer is looking online for a new bank, a chatbot that greets them and invites them to ask questions could foster their interest, inviting them to explore the website further and tip the scales in the institution’s favor.
  4. 24/7 Customer support. No bank can keep its doors open 365 days of the year and 24 hours a day. Having a live chat feature available 24/7 allows customers to always have an avenue for their questions. No more waiting for an email response that takes days to arrive, or spending over 30 minutes on the phone just to be bounced around from one agent to another!! Banking Chatbots can provide customers with quick, personalized answers, using channel customers are comfortable with and saving them precious time.
  5. Savings. The cost of developing, coding, and maintaining a Chatbot is significantly lower than any mobile banking app or human equivalent. Chatbots can be supported through multiple channels, and do not require a large storage capacity thanks to cloud-based servers.

Sanuker has been working in the Asian, European, and American markets since 2017, from our offices located in Hong Kong, Spain, and Mexico. Get in touch, and we will help you find the right solution for you.