About 84 percent of the key players in the banking industry anticipate large-scale transformations over the next five years.¹ These projections are largely due to the arrival of pure players like Orange Bank, as well as changes in consumer behavior, as 35 percent of all interactions between banks and customers are now carried out through mobile devices.² To prepare for these transformations, there’s only one solution: focusing your efforts on customer relations. And what if that’s accomplished through a virtual assistant? Follow our three tips and see for yourself!
1. Make your clients a priority
A culture of immediacy pervades every sector. Following the example of millennials, consumers have become increasingly demanding and impatient. They only call their banking advisor when they have specialized questions. The rest of the time, everything is done over the internet: checking balances, performing transactions, identifying investment opportunities, enquiring about financial products, etc.
In this context, opting for a conversational agent (i.e. a chatbot) enables the bank to adapt quite naturally to these new trends and give customers what they want: immediacy, efficiency and flexibility. A chatbot is capable of responding to user demands in real time, providing 24/7 service and simplifying a great number of banking transactions. The result? Significant savings in time and energy, leading to increased satisfaction for users sitting behind their computer or smartphone.
2. Make your chatbot a proactive tool
Your chatbot is much more than just a passive operator who responds to common questions and facilitates transactions. It can assume the role of a full-fledged banking advisor, as long as it has been configured with relevance. It can then offer your customers specific promotions, according to the inquiries and data they provide!
Think of your young clients in search of an innovative communication channel that’s instantaneous and fun to use. Imagine them on their smartphone interacting with a chatbot who comprehends their inquiries in real time and can respond with relevant information and the appropriate financial products!
Your virtual assistant becomes proactive—a bona fide digital salesperson in the making. But there’s more: when the competition mounts, you’ll have a veritable (and crucial) tool for differentiating your company in the eyes of millennials!
3. Maintain the right balance between human and digital
The need for closeness remains strong in users: clients are always tied to the territorial grid of their bank branches. First of all, because even the younger generations seek a humanized, personalized interaction.³ Second of all, because there are questions and concerns that a virtual assistant, even one that’s enhanced with machine learning, will never be able to respond to with the necessary relevance. When it comes to matters of mortgage loans, trade-offs and investment advice, humans retain their privileged place.
Chatbots are taking part in the transformation of the banking business by freeing up the time and availability of personnel, thus creating employment positions with more value added. In return, this obligates banks to provide their customer support representatives with better training. They must be capable of answering increasingly specific questions that have been fine-tuned after long conversations with banking chatbots.
There’s no doubt about it: the banking industry is on the verge of profound changes. Jumping on the bandwagon of progress is no longer optional! It has been predicted that chatbots will enable banks and healthcare providers to achieve savings of nearly $8 billion by 2022.⁴ So what are you waiting for? Seize the opportunity and adopt a virtual assistant!
(1) [In French] “La Banque à 2020-2025 : Emploi et compétences, quelles orientations?“, Observatoire des métiers de la banque.
(2) [In French] Christine Lejoux, “Le mobile, premier canal d’interaction entre les consommateurs et leur banque“, La Tribune.
(3) [In French] Claire Do, “Pourquoi les Millennials revisitent la relation client?“, Smart Tribune.
(4) [In French] “Étude : Chatbots, 8 milliards de dollars d’économisés pour les services clients en 2022“, Viuz.
Source image : Sirinarth, Freepik.