Chatbots are critical in the future evolution of banking and financial services to provide always on intelligent customer service. They provide for customer support and account inquiry, require minimal setup and streamline and improve the customer operational support process including a substantial reduction in operational and service costs while intelligently expanding reach to being always on 24x7x365. Bots provide an intelligent conversational interface for financial transactions initiation, inquiry and feedback and use ubiquitous messaging platforms on customer smartphones and eliminates the issue of Mobile app uninstalls.
Payments and reconciliations
Locate nearest ATMs and branch based on the user's location or zip code entry
Customer feedback & measurements
Switch to categorized hotlines for exceptions
FAQ – Customer Service Queries across Categories
The BI Intelligence report estimated the total salary expenditure on securities, commodities,and financial services representatives to be at $32 billion in the U.S.; Chatbots could decrease that number by $15 billion — about 46% cut.