Consumers are in a messaging frenzy. Over 2 billion messages are exchanged monthly over Facebook messenger. By 2019, it’s estimated that over 3.6 billion people will engage in the use of messaging platforms. Messaging apps are easy to use, allow for 24-7 communication, and are executed from any remote location. Financial institutions that offer chatbot solutions can expect to successfully engage customers, increase customer satisfaction, and reduce costs.
Chatbots are not a new invention. The first chatbot came to life in the 1960’s, but since then, there have been major innovations in how bots interact with the people using them. From click navigation and keyword matching to true natural language and predictive behavior, artificial intelligence has driven chatbot technology forward. Chatbots are now fast, useful, and data-driven, offering customers better-personalized services. Fifty-five percent of consumers express interest in chatbot technology citing that reducing their effort is a major factor in satisfaction and loyalty.
Financial institutions that implemented chatbot technology saw a 4-minute average time savings per chatbot inquiry compared to their existing call center. By 2022, financial institutions could save over $8 billion. Other industries have also seen great success when using chatbots. Globe Telecom, a telecommunications provider, increased customer satisfaction by 22 percent, decreased call volume by 50 percent and boosted employee productivity by a shocking 350 percent. Amtrak experienced 30 percent more revenue per booking when using chatbots by saving over $1 million in customer service email costs.
Chatbots allow financial institutions to handle customer questions with little cost or effort. Checking balances, paying a bill, and scheduling an appointment to meet with a financial advisor can all be completed via bot. In a recent Pitney Bowes webinar on chatbot solutions, attendees were asked what the primary motivation for looking into chatbot technology was. Fifty-nine percent answered to improve operational efficiencies.
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