A New Wave of AI-powered Innovation to Transform Banking

Conversational banking systems can help resolve a number of problems that are common in the traditional banking system, including

  • Long wait times
  • Limited accessibility
  • Poor customer service
  • Complex banking procedures
  • Inefficient manual processes

Overall, the Verismart platform can help you by providing customers with a more convenient, accessible, and efficient banking experience.

Verismart’s Conversational Banking is a key component of digital transformation

The need for conversational banking in the banking sector in India is driven by several factors

Customer Convenience

Conversational banking allows customers to perform banking transactions through natural language interactions, either through messaging platforms or virtual assistants. This provides customers with a convenient and accessible way to manage their finances.

Increase Customer Engagement

By providing an interactive, personalized experience, conversational banking can increase customer engagement and loyalty, leading to better customer retention and acquisition.

Emerging Technology

With the growing popularity of messaging platforms and virtual assistants, conversational banking is becoming a key technology trend in the banking sector.

Improve Customer Service

It can provide quick and efficient customer service, helping banks to resolve customer queries and complaints more effectively.

Increase Efficiency

Conversational Banking can automate many routine banking tasks, freeing up staff to focus on more complex issues.

By embracing this technology, banks can stay ahead of the curve and offer cutting-edge services to their customers.

Benefits

Greater Employee Efficiency

Better Opportunities for Data Analysis

Smarter Upselling using ChatBots

Brand Awareness and Loyalty

Round-the-Clock Availability

High Self-Service Rate

Language Agnostic

First Call Resolution Rate

Easy integration and scalability

What Stats Says?

Digital Banking has to step up its game and reform its business models to increase efficiency while retaining customer loyalty. Stats show that

  • 32% of Banks have already adopted AI and chatbots into their operations
  • 35% of Banking & Financial service companies save in customer support costs through Chatbot integration
  • 43% of customers deal with their banking problems by using a ChatBot

According to the opinion of 57% of surveyed companies, by 2023

  • $7.3B of the operational cost will be saved using chatbots in the banking sector
  • The use of these tools may help financial companies save up to $7.3 billion in operational costs
  • The use of conversational AI and chatbots can increase ROI with minimal effort
  • AI can save the banking & finance industry more than USD 1 trillion by 2030

How to use it across channels?

Chatbots, texting, video & voice calls and co-browsing — conversational banking involves diverse digital tools that prioritize customer engagement and promote productive conversation between client and agent.

1. Chatbots for speed and efficiency

Chatbots are cost-optimized self-service tools that resolve low-stakes customer issues. Customers can transfer to an agent at any time and so always find the help they need. Agents can delegate work to bots and use them to generate leads.

2. Texting for convenience and ease

Being able to message their agent to resolve problems feels simple, seamless, and intuitive for customers. Integration with applications like WhatsApp and Facebook Messenger allows for easy and continuous conversation.
Similarly, live chat means customers and agents can interact in real time. Agents can reply quickly thanks to canned responses while keeping it personal.

3. Video call for reassurance and trust

Speaking face-to-face creates a sense of empathy and trust. Video chat enables this high-touch person-to-person interaction—but can be done remotely. Conversational banking enables a totally customer-centric approach, with innovative digital solutions empowering advisors to provide relevant and specific advice exactly when the client needs it, and in the way that best suits them. This improves conversion rates and share of wallet, while the voice call is always an option if a customer prefers.

4. Co-browsing for remote collaboration and engagement

Co-browsing and screen sharing provide a visual context to problems. As advisors can see what a customer sees, they can offer personalized advice and specific to their unique problem, resolving issues faster. There’s also the opportunity for advisors and customers to collaborate on documents, making customer support far more engaging.