Artificial-Intelligence-Powered-Digital-Insurance-Bot

Chatbot & Virtual Assistants for Agents @ a Retail Bank

The pandemic has disrupted how Banks operate with Branchless banking becoming a norm. Online and mobile banking are successful alternatives due to their convenience. Agents that are a bridge between the consumer and the bank leverage these web and mobile apps to interact with the Banking services. However, now with social media channels evolving and more and more consumers shifting to asynchronous messaging there is an opportunity for banks to now tap into these new messaging channels to streamline their communication with both Agents and end customers. A recent TechCrunch study showed a 40% jump in messaging app usage during the course of the pandemic. This is an irreversible change and deploying more and more humans to manage these messaging channels is not a scalable solution – so the question on the table is ….

What Banks can do to adapt and overcome the Industry Change

The advent of Artificial Intelligence (AI) and advancements in Natural Language Processing (NLP) has given birth to Chatbots or Virtual Assistants or Bots like they are popularly called. These chatbots if trained and deployed correctly, can manage the communication between agents and consumers for Banks. These Chatbots create an opportunity to leverage unprecedented channels such as Facebook Messenger, WhatsApp, SMS, Amazon Alexa, Google Assistant, Siri, etc. for agents and banks to interact with their end customers. The Retail Banking Agent Chatbot allows to shift through these channels quickly and efficiently, enabling more personalized approaches to increase sales and collections reduce operations costs, and saves time & effort.

Streebo a leading AI and Digital Transformation Company has created a highly intelligent, Pre-trained AI-Powered Agent Chatbot for Retail Banking. These bots are 99% accurate and are pre-integrated with a wide variety of Core Banking softwares such as EdgeVerve Finacle, Oracle FLEXCUBE Core Banking, and SAP Core Banking Services among others. Moreover, these Bots leverage leading Natural Language Processing (NLP) engines such as IBM Watson, Google Dialog, and Amazon Lex to extend these commerce experiences to a variety of social media platforms.

Bots for Retail Banking Agent made 65% of Consumers believe ‘customer service’ was smooth. Further, 47% of consumers would buy items from Chatbots and 57% of consumers are interested in chatbots for their instantaneity. By staffing Retail Banking with these 24X7 available Intelligent Bots, Banks can empower their agents to both cross-sell and improve their customer satisfaction by an average of 23% thus reducing their call center costs as well. That’s why these AI-powered Retail Banking bots have a powerful ROI as they can both improve sales and reduce costs for organizations deploying them.

Business Benefits of Deploying Agent Bots
for Retail Banking

Juniper Research predicts that 53% of interactions in banks will be automated by the end of 2022 using chatbots. Accenture research shows that 57% of companies agree that chatbots can result in large ROI with minimal effort.

Hence, by rolling out AI-Powered Retail Banking Bots for Agents and adopting Conversational Banking across channels banks will see the following benefits:

Improved Customer Engagement
Agents can interact with a Chatbot that is tireless & consistent and can provide precise knowledge every time for an Agent’s support

Increased Agents Productivity
Chatbot reduces the need for physical meetings, as agents can assist their prospects and customers as and when needed, no matter when and where they are.

Personalized Marketing Strategies
Chatbot can help by gathering initial information and analysis about a service case before handing it off to an Agent.

Extensive Agent Support
Provide a worklist to an Agent along with guidance and recommendations as they have to handle a variety of cases in a day.

24/7 Service
Agents can interact with a Chatbot that is tireless & consistent and can provide precise knowledge every time for an Agent’s support.

Reduced Operational Cost
Having a Chatbot in your Agent’s Force results in a decreased operational cost & remarkably increases the conversion rate.

Increased Lead Generation and Qualification
Agents can leverage the bank’s digital properties or multiple digital channels such as WhatsApp, Facebook Messenger, SMS, among others to easily reach out to their connections to generate leads and qualify those leads with relevant questions.