This year, it was all about chatbots and the success stories they have had. Chatbots literally have changed and shaped each sector of every business, and you guessed it ─ it`s time for the banking industry.

The arrival of the digital age has changed the financial sector and banking as we know it. Chatbots have made banking more convenient for the users, and some of the big named banks have already implemented chatbots into use and reported that their employees have a 46% more efficiency rating since chatbots have been in use.

Let’s see how we moved from branches to bots:

Bots as Bankers

Yes, we live in an age where chatbots are your first contact with some companies. Banking is no different. Now you have a chatbot that is helping you to open an account, to give you an overview of your financial balance, and also to help you with your financial advice.

To do this with a human banker, you will need two days and a lot of phone calls to schedule a meeting with them. I’m not saying that humans are not efficient, but they do like to avoid phone calls.

People love to message, so having the ability to check your financial records while you are waiting for a taxi or having your break for lunch at work can mean a lot, especially if you have working hours the same as the bank.

Improving Customer Service

As we all know, chatbots were designed for customer service, and it was a logical solution that people started to use them and implement them into the banking sector.

Consumers want everything now, as they don`t have time to wait on the phone to hear loud music and listen to endless select menu options to get the answer that can be given in 5 minutes. It’s ridiculing to wait 45 minutes just to hear your balance – right?

As you can imagine, chatbots have taken the burden of customer support away and offer efficiency on the spot.

 Chatbots as Money Transfer Tools

We have all been in a situation where we need to send money to someone, and it`s usually at the end of our working day. That’s a stressful situation but is now done quickly since chatbots are now the ones that can provide this service. Just open your bot, start interacting and that`s it; money will be transferred in a couple of clicks.

Financial Decisions

We already have mentioned that chatbots will be your first and maybe your primary contact for your personal account. However, chatbots powered with Artificial Technology and by monitoring your spending habits can give you analytics of your spending and financial advice so you can never go broke or make a wrong financial decision.

Final Thoughts

We have said, several times now, that chatbots will be the ones that will replace some of the tasks that humans do. We can start learning to live with them and take the help they offer or stay behind as the world is changing, bot by bot.

For more information on how to build your chatbot, visit ChattyPeople today. Register for free, and get started for free, as well.

Posted by Maya S.