Chatbots, Automation and financial institutions

Financial institutions and banks have increasingly embraced automation to streamline processes, enhance efficiency, reduce costs, and improve overall customer experiences. Automation in financial institutions can take various forms, from back-office operations to customer-facing services.

One of the most important departments to pay attention to in the bank is the customer service. In fact, customer service is the most important duty of the banking operations; Prompt and efficient service will develop good public relations, reduce complaints, and increase business.

Great customer service should be at the heart of banking service delivery and key to a bank’s growth and stability. A bank needs to understand their customers’ needs and journey before offering their services and products to them and the only way to achieve that is through excellent customer service.

And the only solution to achieve excellent customer service is by automating the process. Automation of the customer service and support provides faster response times and 24/7 accessibility.

That is where Chatbots come as a solution.  Chatbots for financial services are a cost-effective alternative to human customer service. They assist in dealing with customer queries and complaints. By using chatbots, companies can learn from customers’ past choices and customize their experience by structuring a profile based on their interactions.

But it is not only about customer service. Many IT, HR, and finance tasks are repetitive, data-based, and labour-intensive, making the back office a great candidate for automation using AI, RPA, and workload automation. AI, RPA, WLA, and analytics contribute to optimizing task automation in the back office by handling repetitive tasks while leveraging cognitive abilities.

Chatbots can automate around 42% of finance operations, such as accounting, controlling, financial reporting, keeping records, or automating payroll. For example in the back office services, Financial companies are deploying chatbots to automate most tasks, such as handling customer complaints, answering queries, or offering investment advice to enhance customer experience.