Digital transformation has made a major impact in business operations management, bringing competitive advantage and improving customer relationships. Among popular digital transformation solutions, chatbots are at the top with the ability to support 24/7 customer care, improve user experience and optimize costs. With its convenience and flexible application capabilities, chatbots have become an effective “assistant” in the banking industry.

Overview of Chatbot in the banking industry

Chatbot is a system based on artificial intelligence and big data, pre-programmed to assist in answering questions and communicating with customers through messages. Chatbots can also provide personalized recommendations to customers based on their needs, while helping banks manage and process transactions more effectively.

AI chatbots can handle up to 80% of common customer support tasks, such as answering questions about account balances or transaction history requests. Therefore, banks are planning to use chatbots to comprehensively simplify the customer experience.

Chatbot application in the banking industry

Customer feedback 24/7

The key to a growing business lies in customer satisfaction. Without customer satisfaction, no organization can survive long in the market. The banking industry is similar, they need 24/7 customer support.

Chatbots play an important role in answering questions, providing options to update customer information and information about new programs and services 24/7. In particular, chatbots are committed to resolving all customer inquiries in the shortest time while still maintaining a natural interactive experience, avoiding making customers feel like they are communicating with a mechanical system.

Personalized marketing

Chatbots are not only limited to answering questions but are also strongly applied in Marketing strategies. The banking industry has many products and services, but not all customers pay attention to all of them.

Chatbots can provide incentives or vouchers based on profile data or important events in their lives. Products and services are recommended to customers at the right time, with the right preferences and needs. From there, it helps businesses increase revenue strongly.

Send timely alerts

The chatbot can be configured to send valuable reminders and regular alerts. Such as deadlines for paying bills or submitting specific documents for financial transactions, updating account information, and changing credit scores.

Alerts and notifications through chatbot messages can make customers aware of things they don’t know, leading to increased usage of digital banking services and improved customer satisfaction.

Automation for employees

Instead of employees having to log into HRM to make requests to update personal information, check payroll, or communicate with Human Resources, this can be done through a chatbot. Through the chat interface with chatbot, employees can easily access and update personal information, check payroll details… For example, suggest reviewing timesheets, request overtime payment, View claims history, and submit chargebacks – without human intervention.

The interactive process through chatbots helps employees save time and improve work efficiency. Quickly propose requests to superiors, facilitating effective use of working time and increasing productivity.

Chatbots for employees can be deployed on the intranet or website.

Benefits of chatbots in the banking industry

Enhance customer experience

Customers do not need to make calls or wait for advice from staff, instead, they can receive instant responses through chatbots. Chatbot, with available business scenarios, is capable of answering all questions and handling customer problems anytime, anywhere, 24/7. Leveraging access to the bank’s common data system, chatbots can instantly display relevant information and provide appropriate answers to customers in just a few seconds. Chatbots are set up to be brand consistent with one voice, one message, one tone for every customer.

One of the key benefits of using banking chatbots is the ability to provide personalized customer service. Banking chatbots can be programmed to understand customer preferences and make appropriate recommendations based on the customer’s spending habits and transaction history.

For example, customers can use chatbots to check savings account balances, view statements, and find advice on the most beneficial savings plans.

This in turn improves customer satisfaction and helps retain customers who might otherwise switch to a competitor with better customer service.

Automate and easily integrate chatbots with digital platforms

Chatbots are highly adaptable, capable of integrating with many digital platforms, from mobile applications to bank websites and social networking platforms (Facebook, Messenger,…). These are platforms that communicate and update information for customers. Therefore, integrating Chatbot onto multiple platforms helps  businesses communicate with customers quickly, flexibly, automate and optimize much more.

For example, if a customer needs advice about opening an account in the middle of the night, a chatbot can respond immediately while a consultant cannot. Such speed and convenience make it easier for banks to maintain better relationships with consumers.

Provide valuable customer data

Through online surveys and questionnaires, chatbots collect feedback data from customers, creating a valuable source of information. This data not only helps banks improve service quality but also helps develop new products to meet customer needs.

Case Study UniconBank: Triple the number of users thanks to AI automation

UniconBank, with its vision of “Leading the Future in Banking,” is aiming to use technology to provide an omnichannel experience to customers.

They set out on the challenge of improving the customer experience by reducing wait times when reaching customer support over the phone, and to do this, they deployed AI chatbots on two platforms: website and Facebook Messenger. This helps customers to immediately resolve queries through AI interaction.

UniconBank’s results when applying Chatbot AI:

  • Customer satisfaction index increased, chatbot usage tripled, from 28,000 to 120,000 active users per month.
  • Reduce annual chatbot operating costs.
  • The bot’s accuracy reaches 98%, ensuring effective resolution at scale.

About us

Hekate has many years of research and development experience in the fields of: NLP, Computer Vision, Recommendation… We have many technology solutions that have been successfully deployed in many different industries. In Hekate’s ecosystem, Chatbot Hekate especially stands out with many advantages and is a technology solution worth investing in:

  • Multi-language processing
  • Multi-channel, multi-platform integration
  • Unlimited expansion
  • Optimize operations & Smart management

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