Why BOTs for banks?
Banks have created multiple touch points for various purposes but still end consumers are left wanting and an effective last mile integration with customer at the center of it has been rather illusive. Customers struggle to reach out to banks when they need them the most and same is true for banks, where they fail to reach out to customers 24X7 in a personalized and non-intrusive manner.
BOTs, we believe bridge can this gap smartly and effectively and here are three reasons:
Chat as a preferred mode of communication
Mobile phone users are very fluent in using chat apps. According to a recent study, messaging apps are becoming the preferred mode of communication, replacing paid for texts and calls. Two out of three in Generation Y use messaging apps as replacement for paid text messages. For 67% of Generation X and 66% of Generation Y, messaging apps is also replacing replacement paid calling as a means of communication1. The chat has been a preferred mode of communication mainly because of customers’ familiarity with the interface and the ability to participate in more than one chat at a time. This ease with the chat interface means bot providers need to provide minimal or no training to end users.
Bots provide a pull based mechanism, which mirrors the brick and mortar business in some ways. In traditional banking, we walk up to a branch and speak to a bank teller to get our queries addressed and transactions effected. Bots would be the digital avatar of the same. With Bots, there is no intrusion on customers’ space and only “talk when talked to”. While chatting, users can continue with other activities on their phone or otherwise. Basically a user is engaged in but not committed to the activity.
Bots, which use a simple chat interface at the front end, do not need any updates to be made by users. Whatever intelligence needs to be incorporated is added on the server side, without involving the user. A business just needs to focus on bot training without worrying about pushing updates to end users.
Clearly, chat bots can be extended to almost all areas ranging from customer service and marketing to shopping, smart recruiting and more. Consequently, large entities, from technology companies and retailers to banks and educational institutions, are evincing interest in this technology.