Introduction
Taking a cue from this, banks that have moved from traditional banking methods to digital methods should start thinking about engaging their customers through conversational banking strategies.
Research shows that most of the institutions, at some point, considered determining the next best action in customer communication using strategies that involved optimizing the use of technology by leveraging Customer/ Data Analytics, Artificial Intelligence and Machine Learning to improve the overall experience of the customer.
What is Conversational Banking?
Conversational banking means banking digitally through voice, text messaging apps or by engaging the customer using visual tools. The communication can take the form of a chat, either text or voice or video, where the customer can directly chat with the bank. Soon, this can even take the form of communicating face-to-face in a virtual environment (metaverse, for example).
Advantages
Conversational banking facilitates customers to interact with chatbots, voice assistants, human agents via live chat, mobile apps to get customized advice. By adding a personal touch on the customers' preferred mode of digital interaction, along with the convenience, they are also offered a quick and logical solution with an emotional touch.
Means of Conversational Banking Support through Automation
Chatbots in banking can assist to conduct a wide variety of financial transactions in a customer-friendly conversational manner. This interaction is conducted securely and offers a range of transactions like account overview, funds transfer, policy renewal, refund processing, and similar simple tasks.
This story is from the May 2023 edition of BANKING FINANCE.
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This story is from the May 2023 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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