Digital banking: supporting customers with conversational agents

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The health crisis has accelerated the digitalization of practices throughout the world, and the banking sector is no exception. For day-to-day interactions with their bank, customers are gradually moving away from traditional communication channels (phone, branch appointments, etc.), to digital ones. This change in customer habits has had a major impact on the relationship between banks and their customers.

Accessibility and responsiveness are key expectations

Customers expect impeccable customer service, whether on a bank’s website, or via its mobile app. They want quick and relevant answers, with minimum effort, regardless of the channel. According to a recent Deloitte study, immediate access to information and easy-to-carry-out transactions are key criteria for banking customers.

Yet banks often struggle to meet these demands in a satisfactory manner. The same study suggests that, in France, one in two people don’t get the answer they need when they first contact their bank for a claim. And nearly 7% of customers surveyed in a Onepoint and Harris Interactive study reported that their bank does not respond at all*.

So, how can banks be more available for customers without putting too much pressure on their customer service or banking advisors?

Virtual bank advisors available 24/7

Conversational AI banking solutions offer continuous support, whether to meet the needs of individual customers or business clients. Conversational agents dedicated to banking are available 24/7 and manage recurring requests automatically. They provide users with instant information and support when needed, thus creating a smoother customer journey.

With these accessible and easy-to-use tools, users maintain their autonomy on all digital channels: they can get information about their account, carry out day-to-day bank transactions and request guidance for certain procedures.

But that’s not all! With a solid understanding of natural language and transactional capabilities, these conversational agents can also help users securely carry out targeted actions such as searching for a transaction, checking the status of a transfer, downloading documents or subscribing to a service – straight from the dialog box.

An augmented customer experience

Banking bots are interconnected with banks’ internal software to provide users with personalized answers and a tailored customer experience. For example, clients can use these virtual agents to check their card limit but also increase that limit to make an exceptional purchase.

Requests requiring human intervention can be escalated to a livechat operator or call center. This handoff can be based on various criteria throughout the conversation, such as a sensitive topic, a misunderstanding or user inactivity. The livechat operator receives the history of the conversation which helps them contextualize the request and provide a better level of help. They can also call on the bot’s knowledge base to support their answers.

Banking bots save customer support teams a considerable amount of time: they pre-filter recurring requests where human intervention adds little value and allow operators to focus on high-impact ones.

Top 5 banking bot use cases

  1. Account information: check balance, download bank statements, change card limit, check overdraft
  2. Common banking actions: get bank details, make a transfer, order a checkbook, add a payee
  3. Assistance with procedures: moving house, stop or dispute a payment
  4. Customer account management: technical difficulties, forgotten or lost password and username, update contact details
  5. Branch relationship: find a branch nearby, contact your banking advisor

*Deloitte study, Banking and Customer Relationship – 11th edition
**One point and Harris Interactive study – The Customer Relationship in the New Post-Covid Paradigm