How Chatbots can make banking communication easier

Jun 3, 2020

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It is no secret that banking involves a lot of paperwork, especially when dealing with loans, new accounts, or starting a new business. Bank employees do their best to make sure clients know what they need to bring and when, but bureaucracy is often complicated and clients end up bringing the wrong documents or having to call helplines multiple times to make sure they get things right.

The whole process is very time-consuming and ends up costing a lot of time to both the client and the bank. A not-insignificant part of this time is spent in queues at the bank’s office or waiting on the phone for an agent to become available. More time is also wasted after the initial documentation is submitted, as the customer often forgets to update it or send other important items.

Understanding the problem

At the core of this problem is an imbalance between the amount of money a bank can spend on customer support staff and the number of people it would have to hire to create a smooth 24/7 communication service. The issue is further complicated by the fact that demand for customer support is often uneven and unpredictable, making it impossible to always have the right number of staff in the customer service center.

To make matters even more complex we also need to consider the law of diminishing returns. To truly ensure customers are never stressed and have all their problems solved easily the bank would need to hire an army of miniaturized customer support agents that each client could carry in their pocket and pull out whenever needed.

Well… that was perhaps an extreme example, but it is not too far from the truth. After all, if a bank tried to address every small concern its customers have, it would add cost to its operations that would not be offset by the increase in customer satisfaction.

How to improve communications

Fortunately, technology can help banks drastically cut down their customer support costs, increasing the number of queries they handle and reducing waiting time. The key to achieve this is using chatbots to automate responses to common customer service questions and transactions.

Today’s chatbots, especially when combined with AI, can also be used to handle documentation and can communicate with clients directly on their mobile phones using their favorite messaging apps. If you’d like to learn more about how chatbots can help your business and what opportunities are available please reach out to our team of experts by using the link below.