Most bank consumers interact on mobile apps post Covid

Conversational artificial intelligence has helped banks and financial institutions automate and help service increased customer queries during and after the pandemic. Verloop.io finds in a research report, the quality of customer service has also improved magnificently.

“Conversational AI, which leverages natural language processing (NLP) and natural language understanding (NLU) technology, is engaging customers and encouraging self-service. This improves customer satisfaction as 65 per cent of customers said they prefer self-service for simple issues,” the report said.

The bots have turned extraordinarily interactive and responsive since they can understand natural languages as much as a human. This ability, coupled with a bot’s efficiency, delivers comparatively error-free customer service without human biases.

This change in customer service quality is seen across the three verticals within the broad financial services industry: banking, finance, and insurance. They are under pressure to increase marketing and service delivery efforts due to the pandemic, and automation can remove a lot of stress from their operations.

“The BFSI industry would benefit if their customers transitioned to digital-only, self-service interfaces as it results in significant cost savings. Today, operational costs take up 15-20 per cent of a bank’s annual budget. Making innovations in these functions will lead to a significant improvement in profitability and boost revenues,” said Gaurav Singh, Founder & CEO of Verloop.io.

Due to the wide variety of languages that bots can speak and specialise in, banks can diversify their customer service offerings without making heavy capital investments. These services can also be offered across various messaging services and options dynamically in a world where a new messenger crops up every week.

“We help BFSI companies to run automated 24x7 support across channels such as WhatsApp, web, in-app, and Facebook Messenger, in the language of their choice. What sets us apart is the ability to integrate any tool and service with the chatbot,” says Verloop.io. — business@khaleejtimes.com