According to a research poll conducted in 2022, people used conversational AI in banking up to 20% more than the previous year, which reflects the value it offers.
Imagine having a virtual assistant that can handle a wide range of customer queries, from account balances and transaction history to loan applications and credit card activation. This not only improves the customer experience by providing instant assistance but also reduces the workload for customer service representatives.
1) Personalized Marketing, Cross-Selling & Up-selling:
Conversational AI can be used to provide personalized marketing to customers. By analyzing customer behavior and preferences, chatbots can create customized marketing campaigns. This eventually generates interest and boosts sales. With the same goal in mind, Ori teamed together with a leading bank in India and as a result, they experienced an astonishing 25% reduction in their cost-per-lead.
3) Generate More Conversions:
Ori partnered with Axis Bank, and the outcome was a 4X improvement in their lead conversion rate. One of the most well-known use cases of conversational AI in banking is lead conversion.
By understanding consumers’ problems, chatbots can suggest relevant products which suit the user’s needs.
4) Investment Management:
With conversational AI, you can receive insights on various investment options, such as stocks, bonds, and mutual funds over the medium of your choice. Additionally, chatbots can also analyze market trends and provide recommendations on which investments to make.
5) Fraud Detection:
Safety and security are a top priority for any bank. According to the Federal Trade Commission the most common form of personal data theft in 2020, was credit card fraud.
With AI-powered chatbots, financial institutions can quickly identify and prevent fraudulent transactions, protecting both the institution and the customers.
Bottom Line
In conclusion, conversational AI has the potential to revolutionize the way financial institutions interact with customers. By implementing AI-powered chatbots for various use cases, financial institutions can improve the customer experience, increase efficiency, and drive revenue growth.
As the banking industry continues to evolve, it’s important for banks to stay ahead of the curve and embrace the power of conversational AI. And Ori having worked with world-class banking systems and possessing the ability to deliver desired results is the perfect partner for the same. Schedule a demo now if you want to see it in action.
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