Anyone who’s ever worked for a financial service knows that these institutions majorly rely on their customer support capabilities for their success and growth. It is a fact that with the ever-increasing market competition, financial institutions such as banks, credit card services, financial advice services, and insurance companies strive to improve their customer support to build strong consumer relations.
Providing exceptional customer support not only helps financial institutions retain existing clients but also aids in attracting new ones! Let’s put ourselves in the shoes of an average American customer who wants to check their bank balance. Without a doubt, we would prefer an institution that provides quick customer service and fulfills our needs within seconds over one that makes us wait 10 to 15 minutes for a simple query.
This is why financial services spend a considerable portion of their annual budget on their customer care departments. But where does artificial intelligence come in to save the day?
Artificial intelligence or AI is revolutionizing many fields and industries, and customer care services are no exception. AI-powered chatbots not only make things simple and convenient for customers and give them a personalized experience but also reduce the load of work on human customer support providers.
In this blog post, we are going to discuss how AI-powered chatbots are completely changing the customer support game for financial services. Moreover, we’ll also have a look at the additional benefits financial institutions can gain by incorporating AI into their operations!
An Introduction to AI-powered Chatbots – How Do They Work?
Before we indulge further, first let’s have an overview of what exactly are AI-powered chatbots and how they work. Artificial intelligence or AI has received its much-awaited breakthrough in 2023. With OpenAI making ChatGPT available to the public, we began to understand the possibilities of incorporating AI into different fields and industries, and how it can completely transform our lives!
AI has a vast range of applications and one such application is its use in customer care services as AI-powered chatbots. AI-powered chatbots work on different mechanisms to assist consumers by answering their queries. These chatbots are based on machine learning and natural language processing models which enable them to interpret what the customer is asking and give appropriate responses.
How Do They Make Customer Support Better?
These chatbots make customer support much quicker, simpler, and convenient for customers. Furthermore, they take the load off human employees so they can focus on more important tasks. Visit Qbotica’s official webpage right now to learn more about AI-powered chatbots and their applications.
AI-powered Chatbots in Financial Services
As discussed earlier, financial services largely rely on their customer support capabilities to retain and grow their clientele. This is the main reason why these institutions spend millions of dollars on their customer care departments, especially call centers. By using AI chatbots, financial services can save hundreds of thousands of dollars they otherwise spend on human customer care employees.
In addition to that, a majority of Americans use the customer support of their financial service providers on a daily basis for common queries such as bank balance information, payment due dates, credit scores, etc. These simple queries can be conveniently and quickly answered by AI-powered chatbots upon simple verification. Moreover, AI-powered chatbots offer various other benefits as well.
Benefits of Using AI-powered Chatbots in Financial Customer Support
Let’s have a look at some benefits of using AI-powered chatbots in financial customer support.
1. Quick Response
Although this is something we all have experienced, no one likes to be left waiting on hold to receive customer support, especially if it is for a simple query such as bank balance or credit card information. But the wait is justifiable as well because human customer care providers often have too many calls and queries to handle. AI-powered chatbots can solve the problem for both ends and make customer care easier and quicker for the providers and the customers.
2. Personalized Services
AI-powered chatbots can greatly improve the quality of customer support services. Artificial intelligence can recognize patterns and trends in consumer behavior. This enables AI-powered chatbots to give personalized services. Personalized services greatly help in strengthening consumer relations and building trust and loyalty.
In addition to that, AI-powered chatbots, thanks to machine learning and natural language processing, have the ability to quickly interpret what the customer wants and give tailored responses. This enables them to answer a wide range of simple consumer queries while also taking a major load off human customer support employees so they can cater to more complicated consumer needs.
3. Better Financial Advice
AI can identify financial weak points and give exceptional financial advice to customers. This is possible due to artificial intelligence’s pattern recognition and learning ability. By giving excellent financial advice to clients with the aid of AI-powered chatbots, financial services can improve their customer satisfaction rate to a great extent. You can also visit Qbotica’s official website to learn more on the topic. We have worked with many financial services and have helped them adopt advanced AI-powered solutions for better results.
4. Cost-Efficient Solution
Last but not least, one of the biggest advantages of using AI-powered chatbots is that it is a cost-efficient solution. It is estimated that over 7.3 billion dollars can be saved by the financial services industry annually by incorporating AI-powered chatbots into their customer support services. If you own a financial services providing company, we strongly recommend considering AI chatbots as they can help you save major finances which you can spend on other important areas of your business.
Final Thoughts - AI-powered Chatbots for Financial Customer Support
AI-powered chatbots are a cost-effective way to improve customer support for financial services. They can handle simple queries quickly and efficiently, freeing up human customer service representatives to focus on more complex tasks. AI chatbots can also provide personalized services and financial advice, helping to build stronger relationships with customers.