At the beginning of 2020, while a lot of industries in the global economy faced one of their biggest threats in years, it looked like fintech and digital banking got stronger. In 2021, this trend kept up: new financial digital products were developed, businesses grew, and service technology exploded within the industry.
This is why digital banking is one of the industries most strengthened by artificial intelligence and machine learning. Automating processes, analyzing trends and evaluating risks are just some of the ways conversational AI can become a big partner and be a true added value.
Related article: What are we talking about when we talk about conversational AI?
1. Automating business processes
Whether asking a simple question or doing a more complex transaction, people want it to be quick and efficient. Streamlining conversational AI processes lets you quickly and easily answer transactional questions in less time and be available for users any time of the day.
Anything that before meant long lines or eternal phone calls can now be done in minutes and without ever leaving the chat window. Some of the things you can do with a bot include creating passwords and electronic signatures, opening accounts, asking questions about fixed rates, financing options or investment funds - even sending proactive investing tips.
2. Problem solve across all channels
Plus, and most important, these actions can be done across all channels, in a way that's possible to give clients an effective, speedy and empathetic experience on the website as well as WhatsApp, Facebook or Instagram.
Providing personalized service across all channels doesn't mean just answering questions on all platforms. It means offering an integrated service, meeting user expectations and being in line with the brand's tone, interacting with empathy and trying to reduce any customer friction points.
3. Identifying user behavior trends
Obtaining quality information in real time makes a difference, especially in the digital world. It's clearly quicker and easier to implement conversational AI, measure conversation metrics, learn about user interests and identify behavior patterns to create new products or services.
With Aivo's solution, for example, you can instantly obtain reports and metrics about interactions through the analysis tools. This way a company can zoom in on each conversation to better know customer needs and improve the experience.
Related article: Customer service challenges in banks and how to overcome them
4. Security of information and protecting personal data
Guaranteeing secure interactions is non-negotiable. You need the highest care when handling information, especially in finance and digital banking. At Aivo, we use different resources so users can make secure, uncomplicated transactions:
● Single Sign-On (SSO)
● One-time Password (OTP)
● Biometry through voice message or image
It's important to ensure compliance with privacy regulations like GDPR, LGPD and ISO, providing ways to send encrypted information without ever storing it.
Related article: 5 things you need to know about CX and data privacy
Conversational AI, more than a sales partner
Integrating a conversational AI bot can help relieve your customer service team and respond to more people in less time. But remember that's not all: it's a fundamental tool when you need to personalize the experience, create empathetic conversations and proactively communicate with your customers.