This Is Why Bot Banking Application Is Important for Banks

Posted by Dinesh Babu on February 29th, 2020

Mobile technology has become sophisticated enough to enable mobile banking, which delivers convenience in conducting transactions anytime, anywhere. It has made information easily available at our fingertips too. As technology continues to evolve, new tools emerge to further enhance the mobile banking experience, with one of these developments being intelligent banking assistants, which are made possible with a high-end bot application.

Genuine human interaction may be more personalized, but a good bot application can be designed to add a personal touch to conversations with customers while providing support and information to users. This way, it aids in building a good relationship between customers and the bank. Discerning banks are already investing in high-end chat bots that deliver human-like conversation to ensure prompt and accurate replies to resolve issues quickly. This way, they can reduce the need for customers to get in touch with their call centers.

Chat bots started out being too robotic, but they were able to help reduce the time spent answering FAQs and generic customers queries to boost productivity. Likewise, they were able to resolve repetitive staff queries to vendor and legal teams, and the IT helpdesk. The bot application has evolved to incorporate AI, resulting in continuous learning with natural language processing and advanced machine learning capabilities, and the ability to analyze unstructured and structured data to aid in providing real-time insights. Newer bot banking applications are currently available as digital assistants, which are capable of initiating their own action and performing multiple tasks on their own.

To banks, the bot application can increase productivity and cost-effectiveness when it eliminates the need for customers to rely solely on call center teams. It enhances efficiency, while performing mundane and repetitive tasks quickly.  Financial institutions can rely on the bot to speed up authentication of transactions, while allowing CXOs to focus on strategic business objectives.

When considering a bot application, you need to make sure that it is well-made and designed specifically with your bank’s needs. That way, it is always available for conversation any time, deliver instant response to queries, and provide the same experience to customers regardless of the channel used (i.e. web, mobile, etc.). Bot applications are also able to remember customer preferences and order history, so they may suggest products, become more effective at cross-selling, and enhance the user experience.

About the Author:

Ducont Systems FZ LLC is a global technology integrator and IT solutions provider that simplifies digital transformation and induces digital capabilities. We have diversified clientele in various industries including Banking, Insurance, Telecom, E-Governance, Consumer Electronics, Manufacturing, and Utilities & Logistics. We have expertise in Mobile banking solutions, Field service management solutions, Enterprise mobility solutions, and Microsoft and IBM solutions.