AI Chatbots & Automation in Customer experience will reduce costs for banks by $7.3billion

AI Chatbots & Automation in Customer experience will reduce costs for banks by $7.3billion

A new study from Juniper Research about Chatbots, Artificial Intelligence and automation in banking has found that their increased use will save up to $7.3billion in operational costs by 2023. The costs symbolise a time saving of 862 million working hours for banks, freeing up their employees time to deliver better customer experience.

The Rise of Chatbots in Mobile Banking Apps

According to Juniper Research, Chatbots will resolve 79% of all customer communications by 2023 via mobile banking apps. This demonstrates how Chatbots offer new possibilities for banks to interact with their customers and improve their approachability significantly. Without having to visit the branch, call a hotline or write an e-mail, Chatbots can answer customer requests immediately and more conveniently.

Banks have to manage a large customer base with repetitive customer requests, which presents an enormous potential for automation. The report also indicates that banks save approximately four minutes per contact by handling a customer query with AI Chatbots already today.

The Relevance of Automation in Banking

Chatbots make customer service scalable for banks. Scalability is a critical factor in digital transformation, allowing established banks to keep pace with new competitors. Especially, for direct banks, automation is essential as they don’t have a branch network and many requests arrive via digital channels. Chatbots can reduce costs by carrying out smart conversations with millions of customers at the same time.

While customers receive immediate responses, the banks can fully automate customer requests over time and cut down operational costs. In the first stage, the Chatbot can answer general questions from customers, about account models or transfer orders. In the second stage, if integrated to the CRM, the Chatbot can answer individual questions, such as standing orders or account statements.

Increased lead generation in Fintech

Chatbots can support lead generation since they interact with potential customers from the first minute during their website visit. The chats add a unique factor in generating leads instead of cold calls or email campaigns. Furthermore, Chatbots can be integrated into multiple channels, including on social media to give direct customer support. This reduces further traffic on the traditional channels as they answer emerging questions instantly on different platforms.

Collect valuable customer data

By engaging with multiple existing and potential customers at the same time, Chatbots are able to collect valuable feedback from customers. Moreover, this data can be used to improve customer management and provide additional information about the interests of customers. Generally, customer service has provided more information to customers than collecting information about them. Automation and Chatbots make collecting data scalable and lift customer management on a new level.

Choose the right AI Chatbot solution

To cope with increasing customer interaction and improve the customer experience, integrating an AI Chatbot solution is cheaper, faster and more effective than hiring more employees. In regard to AI Chatbot solutions, banks have numerous options to choose from and there are also solutions that are trained by the existing customer support team during the operational hours. This facilitates the integration process and ensures a high quality of customer service as the human agent and Chatbot work together.

Especially for banks, it is crucial that no wrong answers are sent out to preserve brand equity. A solution where the AI Chatbot complements the agent and forwards the inquiry if the knowledge base of the Chatbot is exceeded fits these needs. To not miss out the huge potential for cost reduction, banks need to elaborate on how AI Chatbot solutions can leverage their customer experience today.

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