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4 ways chatbot can improve customer experience in Banking and Finance

October 20, 2020

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In the past, many businesses had too high expectations for chatbot, believed that it could replace humans and did everything. However, they soon “woke up” and started to deploy chatbot practically. The ability of chatbot is unlimited, but it needs time to develop.

Banking is one of the pioneering industries of chatbot application in customer service to improve customer experience in the new decade. At this time, leading chatbots in the world are all built on Artificial Intelligent, which allows them to learn about users by themselves. Besides that, chatbot is increasingly integrated with many features to automatically do specialized tasks in each business.

Customer expectation is continuously growing in the last two decades. Formerly, customers had to go to branches when having any requests. With the invention of the Internet, banks have created a digital self-service channel called internet banking. Then the boom of smartphones happened, making the emergence of banks in mobile devices inevitable. 

Keeping up with the trend of technology, the banking industry also experiences a transformation with multi-channel services to connect with customers anywhere, anytime. Chatbot is a powerful tool to increase connection and maintain the relationship between banks and customers on multiple platforms. 

Below are 4 ways chatbot helps the banking sector improve customer service quality: 

Chatbot answers frequently asked questions

Customers always want to connect with banks speedily and easily when having questions such as:

  • Frequently asked questions when losing cards, closing or opening an account, etc. 
  • Questions about products, loan interest, loan information, payment due date, etc. 

Currently, customers tend to prefer searching for answers proactively on online platforms and social media channels of businesses. Undoubtedly, they always want thorough and concise answers. Chatbot with Artificial Intelligent built on FPT.AI platform surely can meet these requirements.

With chatbot, banking institutions can save billions of VND spent on customer service call centers. Instead of handling these above questions, call centers can use time and human resources for more complex and important problems. 

According to Salesforce’s survey on the service sector in 2019, 64% of customer service agents had spent time on more challenging requests and specialized operations since businesses applied chatbot to the working process.

Chatbot supports marketing activities

Banking institutions can use chatbot as an essential employee in marketing to improve customer experience and increase brand loyalty. FPT.AI chatbot is qualified for this job because of its abilities to:

  • Personalize customer experience
  • Send notifications to customers according to their needs and preferences
  • Collect and analyze responses from customers, allow customer service team to focus on handling new problems
  • Navigate customers to sales pages, increase conversation rate and revenue.

Chatbot conducts many important banking operations

Chatbot can perform important banking operations such as chatting with customers, instructing customers to provide information for consumer loan appraisal, renewing saving accounts, etc. It also helps banks find out potential customers who truly have the demand for products.

Most chatbots can handle basic questions and get customer information through frequently asked questions only. However, many “superior” chatbots in banking can be integrated with bank accounts through APIs. For example, Erica chatbot of Bank of America can manage many banking operations in its chat window such as money transfer between accounts, bill payment, mortgage registration, etc. It carries out all activities smoothly and fast like an employee at a transaction office. 

Analyze the emotions of customers

Analyzing the emotions of customers when they interact with chatbot helps businesses produce more appropriate solutions and methods to reach customers. Algorithms to analyze emotions are continuously adjusted to understand more clearly about user psychology.

About FPT.AI, Natural Language Processing (NLP) technology is a strength that allows chatbot to analyze the emotions of customers in a specific context. It works based on the analysis of sentences, words, phrases to determine whether they have negative, positive or neutral meaning. FPT.AI Chatbot also can analyze accurately satire, obscenities that show the anger and annoyance of customers. 

See the detailed guideline on the feature to categorize conversations here!

According to emotion analysis, banking institutions can quickly offer the next steps to provide customers with the best service. In response to negative emotions, chatbot automatically sends emails to human supporters to ask for their interventions. This feature is useful and necessary for every business, especially large banks, to collect feedback from customers about brands and improve customers experience.

Chatbot is an essential tool in customer service that brings practical values to businesses. The investment in chatbot is the right step for every business because it just needs investing once to earn long-term profits in the future.


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