Why Chatbots Should Be A Banks’ Next Best Investment
Navigating through the World of Banking Policies can be a daunting experience to many if one is unfamiliar. Sometimes, the word ‘intimidation’ might even pop up in mind when speaking to the person at the counter. To the mass population, a bank is where one draws their’ salary, and transfers the sum for necessary or unnecessary expenditure, proceeding to save a little till the end of the month, only to repeat its cycle once again.
The banking industry has always been niche when it comes to competitors’ banks. Wouldn’t one say, two’s a crowd? Now, with the rise of disruptive technology and introduction to the world of Fintech, it opens more leeway for new competitors to establish themselves within Malaysia’s finance and investment industry. Vying for investments from the crème de la crème of society is of course every bank’s goal. Top-notch customer service and personalized experience without flaw are given with just a single phone call to the Premier Relationship Manager. On the other hand, large Multinational Corporations are usually set to support the few internationally owned banks agreed upon at the Head-quarter stage.
From a layman’s perspective, all the more Banks should never abandon the masses, where their knowledge and utilization of a bank’s facility have yet to be explored. The masses include SMEs who make up almost 40% of Malaysia’s economy. It’s like a vast ocean of green grass opportunities, awaiting to be educated on your bank’s many products and services!
But the question is how are the banks reaching the masses? Getting the word out, making the connection, ensuring the public understands what are your bank offerings. Yes, the traditional way is through independent financial agencies. But is that effective enough? Is the net of using agencies sufficient in netting that profit or growth?
Approaching the new year 2023, here are 4 Reasons Why Chatbots Should Be A Banks’ Best Investment now.
1. Improving First Touch, Leaving Lasting Impressions
Chatbots are tiny miracles working forever, willing to serve 24 hours. Yes, no doubt banks have introduced the 24 hours banking services and have never looked back since.
Take the logical next step in empowering a Chatbot to function as the First-Base 24-Hour Customer Service contact. Be it a simple transaction to a slightly more complex one, empower your customer to reach out to you anytime, anywhere with a touch of a button.
Not required to login, per se should there be a question that comes to mind at a moment’s notice. Where Customers can get consistently accurate answers to a product or services within the bank. Once the information is confirmed, then perhaps only when the customer has adequate time, to then login and perform that transaction safely and securely.
It can also limit fraudulent cases, where customers reach out, get connected to either a live agent or get connected through voice (Outbound Call).
This would be welcomed by Customers! As there is a response, a brand presence in mind is subconsciously created. Chatbots always improve Customer experience, foster loyalty, and lift the overall operational metrics.
2. Multiple Interaction Channels in Contact Centres
In Malaysia, apart from Head Quarters, many bank branches have only a limited number of desks to cope with the demand of walk-in customers. It has always been a problem for ages before. No matter, how many new branches have been opened.
The Relationship Manager in charge can only service one person at one time. Causing further delay at peak times. Yes, the situation has improved much, but there are vast grounds to improve.
With Accordia Chatbot, it can be integrated. Enabling agents the opportunity to interact across multiple channels in the Contact Centres. Saving time on mundane repetitive tasks. How? Reaching out through Social Media platforms is a no-brainer. At the same time, level-up by integrating your Social Media platform with Accordia’s Omnichannel platform, or even engaging a third-party sales solution for a more wholistic approach. Allowing us to focus more on building relationships with current and new clients.
3. Throw Your Net Wider To Catch More Opportunities
Upon strengthening your Customers’ trust in Chatbots, and seeing your Customer Service response time and feedback improve, it’s time to let the automation run its course.
Take exploring the usage of chatbots to another level, where now web-based Chatbots are able to help Upsell or even Cross-sell products, and services driving additional revenue.
Through Chatbots or even WhatsApp bots, there are ways to use the data that has been conducted to study and target the right product and services at the right time. An amazing CRM Tool, where its features can be tuned to personalization such as language setting and at the same time being in-tune with customer preferences.
The Relationship can then perhaps be monitored, and answering multiple windows at go is also made possible.
4. Scalable & Flexible
Designed not only to suit your immediate needs, but able to be expanded once the needs have been met is the key to why Chatbots and WhatsApp bots are both scalable and flexible.
Chatbots’ function is certainly not limited to Customer Experience (CX), another role that it can play within the organization is Employee Experience (EX), it can also be used as an Internal communication tool. One can start with the basic three (3) types of uses when it comes to internal usage for your banks.
The Human Resource department is able to utilize the chatbot to get messages across in a shorter span of time. Seeing as how banks have many branches. Or a friendly way for employees to approach and ask questions.
Expediting approval processes is a useful option to ponder. Approval of credit cards, vehicle loans, and even investment loans perhaps assists with expediting the process flow.
Last but not least, Accordia Solutions has established itself within South East Asia (SEA). Hence, rest assured we are anchored locally base office here in Malaysia, but have a presence around the SEA region. Thus being able to provide localized support, particularly in Indonesia, the Philippines, Singapore, and Nigeria.
You will be updated from time to time on the performance of the team. Not forgetting after-sales service with support maintenance, analytics and reports can be obtained easily. As it’s crucial for your business operation to run smoothly and efficiently, guaranteeing customer satisfaction and sustain brand loyalty.
Know of someone in the Finance and Banking Industry which requires this solution? Connect with us today for a Demo.
