Today we refer to this model as conversational banking.The digital revolution has made users increasingly demanding, and to offer a better service, banks are adapting to new technological trends. The banking industry seeks to offer innovative services to scale and become increasingly competitive. The banking sector leverages conversational AI as a powerful tool to generate communication with customers in a natural and personalized way, through virtual assistants. Conversational banking provides agile and efficient assistance with 24/7 availability, while optimizing operational processes.
Conversational Banking and Omni-channel Solutions
everis' expert team defines that conversational banking, based on virtual assistants, can help both in basic routine functions and in the management and advice of personal finances. The use of virtual assistants is proliferating, so financial companies must transform their business model and migrate from transactional to conversational. Omnichannel solutions play a fundamental role in this new business model because it offers consumers the experience of connecting through any digital channel, allowing an efficient integration between them, and offering their customers an interrelated path. Omni-channel refers to a user having the ability to initiate an interaction in one channel (mobile) and continue it in another (desktop) without losing the thread of communication with consistency and fluidity. To achieve this, Conversational AI is needed. In this system converge: artificial intelligence, messaging applications and voice recognition. Creating a virtual assistant that can integrate with each channel, adapts to the values of banking and also generates a good connection with customers is no easy task. To provide an optimal, efficient and scalable solution, we have eva, a Conversational AI platform for creating and managing virtual agents that can help financial institutions meet this major challenge.How can conversational AI help banks boost their business?
We know that users are increasingly demanding and require to be served and understood quickly, securely, and efficiently. It is important for the financial institution to maintain a close relationship of loyalty and trust with its customers. Conversational AI can bring a better experience to both customers and the operations team in financial institutions.For users, some benefits include:
- Avoid queues for procedures that can be handled from any digital device.
- Enjoy a personalized, fast, secure, and efficient experience.
- Having a 24/7 service available.
- Offer customized products according to their needs.
For the operations team, some benefits include:
- Having a 360° view of their customers, allowing them to offer and improve their products and services according to their needs.
- Solve user queries in an automated way.
- Optimize time
- Reduce costs
- Learn more about the benefits of Conversational AI in the banking sector by visiting eva for banking
Here are 4 important benefits of Conversational AI in the banking industry
1. Banking customers move from physical to digital.
Users have adopted new ways of interacting in their banking activities, rapidly migrating from physical to digital channels.
This translates to more and more banking customers moving away from physical branches to conduct their transactions through digital channels, and therefore need companies to provide a fully integrated experience.
Conversational AI could create omnichannel experiences to deliver the same service across each of the digital channels through natural language.
2. Personalized information without losing contact with the financial institution.
Having a conversational banking system that truly meets the needs of customers is a real challenge.
This is due to the synchronization of data in real time in each of the channels. That is, when a customer starts a process in one channel and finishes it in another without losing the data from the beginning.
Also, having the possibility that they can connect with a human agent whenever they want, keeping the information from the beginning.
For this to happen seamlessly, virtual assistants need to be created with artificial intelligence capabilities.
Thanks to artificial intelligence, banking companies will be able to change their model to conversational banking and thus adapt to omnichannel solutions, allowing their users to communicate across different channels and switch from one channel to another midstream, even following communication with a human agent.
This is a very powerful advantage for banking agents, as they will be able to obtain accurate information about users' needs and anticipate their requests to save time and improve the personalized experience.
3. Reduce costs and improve the bank's operating times
A new study by Juniper Research determined that the savings in operating costs derived from the use of chatbots in banking will reach 7.3 billion dollars worldwide by 2023, compared to the 209 million dollars estimated in 2019.
The impact on cost reduction is very relevant. Financial institutions will be able to increase sales and branchless transactions, in addition to reducing operational costs by automating and optimizing processes by implementing Conversational AI.
Integration with a virtual assistant will allow human agents to focus their attention on other activities, improving time and reducing operating costs.
For bank employees, a virtual assistant with omnichannel capabilities will be a tool that will allow them to have a 360° view of their customers, understanding their needs to take the best commercial actions.
The research, AI in Fintech: Roboadvisors, Lending, Insurtech & Regtech 2019-2023, indicates that virtual assistants can reduce excessive operational costs in financial services by resolving customer queries in a fully automated way.
4. Improving customer experience through conversational AI
Juniper Research forecasts that conversational banking will be on the rise, so that by 2022, virtual assistants will handle up to 90% of user interactions.
With the integration of different channels, banks will be able to offer a high-quality experience to their customers at each of their touch points.
Customers not only expect to be able to perform different actions through digital media, but also want to have a fluid communication, solve their problems as quickly as possible, while having confidence and security in their data.
Banking companies should not lose the bond of trust with their customers generated by the approach or human contact, so it is important that digital channels have personality, human approach and maintain the implicit values of the brand.
The financial sector must take advantage of the capabilities of Conversational AI to impact the market, lower costs and offer a great experience to its users by enabling instant communication.
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Advances in conversational AI are driving people's interactions with conversational assistants.
This presents an opportunity to develop digital transformation strategies that move towards more efficient process management systems.These interfaces enable a different, more human and fully conversational experience, opening up a world of possibilities for connection between the company and its customers. For the customer, the experience becomes omnichannel thanks to the combination of artificial intelligence and digital channels. And users have the possibility to contact companies through different channels, in a 24x7 service, without waiting lines and receiving the best personalized experience.
What are the needs of organizations to implement these systems? What is our technological approach?
The answer is simple: The future of conversational agents.
We invite you to listen to this webinar where we will talk about our technological approach for the success of organizations, we will teach eva, our Conversational AI platform to create and manage virtual assistants and also, we will listen to the voice of important customers who are betting on conversational assistants. From everis: María Cobos, Manager Digital Experience, Marcos Obed, everis Assistant Manager and Joan Manel López Francesch, Global head eva professional Services. If you want to enjoy the webinar, we invite you to click here
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Today, Virtual Assistants are essential to connect enterprises with their users.
Communication between companies and users is increasingly important to create a good experience.
Generally, technological advances and artificial intelligence can establish a good connection between companies and customers.
From anywhere and through any communication channel.
Communication between enterprises and users is increasingly important to create a good experience with the service they offer to their users.
In this cases, we would like to talk about virtual assistants, also known as chatbots:
- The benefits of implementing them in your company.
- The different types of chatbots that exist in the market.
- And, of course, the importance of creating a Virtual Assistant that fits your needs.
Let's talk about chatbots
Thus, virtual Assistants are used in many companies because they are a powerful tool to create a connection with customers.
They are also considered artificial intelligence software that allows conversations in real time.
These dialogues take place in a digital environment and their main objective is to be able to clear questions, help with procedures or transactions, manage orders, schedule appointments, make purchases, answer questions, automate processes, and much more.
The use of conversational AI offer countless possibilities
One of its functions is to assist users by simulating a person on the other side of the chat.
What are the real benefits?
The benefits can be seen from two points of view, one aligned to companies and the other directed to users. Virtual Assistants are essential to connect enterprises with their users.
Get to know some of the benefits
For users
- A chatbot will reduce the long "on hold" minutes to an immediate response.
- Service 24x7, 365 days a year.
- Customized treatment and adapted to the needs of each user.
- Process automation.
- Faster response time.
- Ease of communication with users anywhere and through different channels.
For companies
- Automated conversations that offer a service to users at a lower and more efficient cost.
- It reduces the workload within teams and improves team productivity.
- There is the option to respond appropriately to the needs of each client.
- Their presence at work is permanent, 24 hours a day, 365 days a year.
How do users connect positively with Virtual Agents?
Particularly, company user connects with a virtual assistant, thus, prob the bot will answer certain questions.
If there is no good communication, the experience will not be pleasant and, the bot did not reach its goal.
This will not bring good results, neither for the organization nor for the user who interacted with the bot, in this cases.
Easy or complicated
Thus, when analyzing the different companies, we can see that they have "chatbots" to "follow" the trend.
As a rule it is possible to create a chatbot without being an experienced programmer.
But the difficulty lies in creating one with artificial intelligence that is able to go beyond answering simple questions.
The different types of virtual assistants
Without going into detail, let's have a quick overview of the different types of chatbots:
Open and closed:
Such as, open chatbots have the ability, due to artificial intelligence, to learn freely through their interactions with users, and can maintain conversations in a more natural tone.
So then, closed chatbots, on the other hand, follow a programmed conversation flow, also using artificial intelligence, but in a controlled way.
Rule-based and conversational
With the rule-based chatbots, users cannot establish a fluid conversation, they can only interact with the bot through predefined commands.
They work based on a command and follow a sequential logic. Also, interaction is directed.
As the word itself says, "Conversational", in this case, people are free to write whatever they want to the chatbot. These, in turn, are technologically more complex, also known as cognitive chatbots.
Cognitive chatbots are based on artificial intelligence and machine learning and have the ability to understand and process natural language.
+ More
Some chatbots have these two characteristics together, which provides an interesting advantage. They are a fusion between rule-based and cognitive, working through keyword recognition.
What is the best conversational AI to connect enterprises with their users?
Cognitive chatbots are among the favorites, however, each chatbot will depend on the company's target audience and the need for implementation.
What is really important is adding value and personality to the bot to achieve the desired interaction between the company and its customers.
The question is, how does one create a good Virtual Assistant?
So, an excellent Virtual Assistant must be aligned with the brand it represents, so it is important to research the company values and the user profile in detail.
In this way, a bot can be created with the correct and specific language for the business.
As a result, It is essential to create an environment of trust between the company and potential customers, so that the balance is favorable to both.
There are methodologies and tools that can be implemented to achieve this goal.
Interesting facts
- Howard Gardner, a famous Psychologist, Researcher and Professor at Harvard University, known for formulating the theory of "multiple intelligences" which, incidentally, proposed that human life requires the development of various types of intelligence, considering it as "the ability to solve problems or develop valued products. "
- He predicted that by 2025, customer service companies that incorporate artificial intelligence into their platforms will increase operational efficiency by 25%.
- In brief, more than 2.5 billion people have at least one messaging or chat app on their mobile devices.
Here, I indicate an interesting platform capable of creating bots with artificial intelligence, which has the virtue of being omnichannel, multilingual, and offers a series of benefits that will help you create the most suitable bots for your business.
As we know, virtual assistants are a powerful tool for connecting companies to their customers. I recommend visiting this website, where you can communicate with experts in the field.
Virtual Assistants are essential to connect companies with their users. We invite you to learn more at eva.bot
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Technology helps us communicate at times when social distancing is mandatory The COVID-19 pandemic has disrupted our lives in different ways, but technology can help us stay connected in these times of isolation. Stores, offices, and call centers are closing, and millions of people are confined to their homes. Working from home is the new standard.
However, the home office does not cover 100% of the operation. Companies are facing millions of consumers that must be assisted, and now they have less capacity to perform this service. Even worse, the COVID-19 pandemic creates a series of new problems that consumers must to solve: managing delayed debt payments, canceling and rescheduling trips, booking hotels, airline tickets, and attending medical appointments via telemedicine. Telephone and digital contacts between consumers and businesses continue to grow.
Consumers need to talk to companies; brands need to talk to their audiences.
How can technology help?
Today, due to the Virtual Assistant (VA), also called bots, conversations can be automated in several channels, such as: WhatsApp, SMS, phone calls, Apple Business Chat, Google Home, Amazon Echo, Web chat, chat apps, totems, and robots. Most commercial use cases can be automated with a Virtual Assistant such as checking an account balance, paying a bill, buying goods, activating and cancelling a service, transferring money, scheduling, confirming or cancelling an appointment via telemedicine. The work of Virtual Assistants increases during the COVID-19 pandemic. During these days of isolation, companies report a five-fold growth in the use of Virtual Assistants via WhatsApp.
So, what should I do if my company does not have a Virtual Assistant?
- Do it yourself: You can find several tools, platforms, solutions on the market that could meet your needs. The main variables you should consider are the size of your company, the complexity of the use cases you want to automate, your current system and applications, as well as your budget. You will also need a talented and motivated team.
- Seek help: Many companies offer their services and have the necessary tools and equipment. The results, prices, and impact on business will be very different, depending on the tools, expertise level of the team, and methodology.
Which use cases should I automate?
First think of your goal: cutting costs, increasing revenue, improving user experience. Then, define your KPIs and make a comparative study of the current situation with the future situation for each use case. You are now ready to prioritize.
Another important question: how long would it take to develop and implement a solution like this?
The time necessary depends a lot on the channel, the use case complexity, and your IT resources. Web chat use cases can be solved in a few days, cases where transactions via WhatsApp take more than a week, and implementing a cognitive contact center takes a few weeks. Remember that selecting a team is essential to create the virtual assistant that best suits the needs of your business.
Therefore, I recommend that you consult the eva.bot platform.
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