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How Chatbots can disrupt the financial service industry

How Chatbots can disrupt the financial service industry



In the past few years, we have seen a huge shift in how consumers choose to interact with banks or any other financial services. ‘Digital first’ is the key to success for most financial institutions. As per Statista, In 2014, there were 133.5 million digital banking users in the U.S. and this figure is projected to increase to 161.6 million in 2019. ChatBots will further bring a stir and transform the way we interact with banks. 

According to Juniper Research, ChatBots will save banks $7.3 billion by 2023. These will primarily be the savings from operation costs, improving the response time to customer queries and complaints. Conversational AI ChatBots will be the most preferred tool to improve the levels of customer service and engagement.  

Financial Services companies can improve customer retention, provide top-notch customer 360º experience and get future ready with KLoBot – a DIY AI chatbot builder application that provides an unique drag+drop Bot Builder experience to help your organization create and manage chatbots without writing any code.  Chatbots built with KLoBot can be deployed to any web channels like SharePoint within minutes. You can learn more about KLoBot Features and benefits here.

KLoBot can turn transactions, bill payments, account balance updates, fraud reporting and policy updates into simple voice or text exchanges using virtual guided assistance (QnA). It can drive customer loyalty by delivering proactive alerts and reminders when major events take place. This has proven to be extremely useful around a change in interest rates or launch of new products.  

Banks and financial institutions can further enable customers to explore ChatBots as reliable virtual banking assistants who can educate users, suggest smart investment plans and share latest financial forecast or news. By empowering them, Banks can build successful customer relationship and increase engagement. 

These automated features also minimize the possibility of human error. It can further enhance customer interaction by delivering right-time, right-fit content instantly.  KLoBot eliminates the need for a human agent to be present 24×7. Bots can offer instant support across all channels – text, email, mobile app, website, or phone whenever required. And there is much more to it that goes beyond creating operational efficiencies and improving customer satisfaction 

AI ChatBots will redefine the way we do business in the financial service industry. It will soon become a necessity and mandate for every organization. “By 2021, 15% of all customer service interactions will be completely handled by AI” as stated by Olive Huang, Research Vice President at Gartner. The financial industry has always been in the spotlight for being early adopters for all digital transforming. As a business leader, implementing a conversational AI to your go-to-market strategy can help you gain a competitive advantage. 

 Are you ready to embrace this transformation? 



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