The banking industry has gone through a complete evolution. From bank tellers and ATMs to website portals and mobile banking, technology continues to influence the financial services landscape.

Due to this digital transformation, banks are leveraging automation and Artificial Intelligence (AI) to create a more positive customer experience. In fact, machines are expected to do up to 10 to 25% of work across bank functions. 

With automation remaining prominent in financial services, chatbots are one tool that many banks are implementing to optimize the online customer experience. Chat allows customers to access information 24/7, without any need to visit the bank or interact with a teller. 

According to Gartner, chatbots are predicted to power 85% of all customer service interactions. This means it’s critical to consider integrating one for your bank’s website, and these are the top three reasons why:

Chat Streamlines the Customer Experience 

Whether customers are checking their balance, looking into their transaction history, or making money transfers, chatbots are becoming a go-to resource to achieve a better customer experience.

In the ‘Age of the Customer,’ it’s essential to tie every brand initiative back to the customer. By enabling a chat feature, you’re offering a new means for your customers to communicate and interact with your brand. This means they’ll feel more at ease with your online experience and be able to quickly and easily connect when they have questions or concerns. 

For example, if a customer needs account information on a Sunday, they’ll be able to converse with the chatbot and get their information that day – all while the bank is technically “closed.” This type of access boosts your customer’s experience with your bank and promises a responsive connection all day, every day.     

Chat Improves Employee Efficiency 

While chat isn’t the end-all-be-all solution for improving an online banking experience, it does create a more efficient internal business model. Banks that integrate a chat feature allow their employees to focus less on basic support and more on complex issues. This means your employees’ time will be freed up of simple banking questions, transactional support, and easy tasks, with more time to accomplish more challenging projects and goals. 

This increase in available time and energy works twofold – not only will you create an efficient workplace; you’ll instill a new sense of pride from your employees when they can focus on work that demands their expertise. This will spark a greater sense of motivation from every individual, and potentially, lead to stronger advocacy for your brand.

Related: Employee Advocacy: What It Is & How to Implement It 

Chat Provides More Room for Personalization

Chat features are a major source of consumer data and information. When a website visitor types in questions or comments via chat, your brand is able to collect raw data and apply it to marketing and sales campaigns.

For instance, if a prospective customer types in a question regarding student loan options through your bank, you can begin to target this user based on their needs. Use this information to segment them into a Prospective Student email campaign, with resources that showcase your bank’s student loan offerings and services.

By targeting them based on their chat queries, your bank will be able to effectively tailor content to them and their needs, leading to a more personalized banking experience.    

Chatting with Customers

Chatbots are gaining popularity in the financial services industry – specifically in banking. This makes sense, considering 43% of digital banking users prefer to use a bank’s live chat or chatbot to address their issues – more so than going in-person to a branch (35%), finding the answer they need on a website (35%) or reaching out on social media (6%). 

Therefore, your bank has an increased opportunity to satisfy customers through chat, because it streamlines the customer experience, improves employee efficiency, and provides more room for personalization. So, start chatting with users and you’ll start satisfying more customers today.