Why Does Your Finance Business Need a Chatbot?
Did you know that in 2024, businesses are set to save 2.5 billion hours and $8 billion? How? Well, all thanks to the AI-powered Chatbots.
Nowadays, customers want simple interactions when dealing with money matters. That's why finance companies embrace AI-powered chatbots to solve customer queries and problems while cutting costs wherever possible.
But cost isn't the only concern. Customers also crave quick responses, and the chatbots provide quick, human-like responses to customers, saving finance companies 4 minutes per inquiry.
These Chatbots understand users' needs, address concerns, and provide timely assistance. They enhance the customer journey by automating routine tasks and improving engagement.
As technology advances, chatbots are becoming more than just tools. They enable connections, efficiency, and growth. We are here to discuss some benefits your finance company can get by embracing these chatbots in your business.
1. Cost and Time saving
Chatbots offer 24/7 availability and instant replies in your finance business, significantly reducing the need for extensive customer support staff. With faster responses, these chatbots help your finance business reduce customer support costs by 30% and boost customer satisfaction.
According to the stats, 62% of customers would rather interact with a chatbot than wait for a human agent. It also helps you save operational costs for additional staff at peak times and seasons and can handle many queries without breaks or overtime pay. This allows customers to save time and decreases your business churn rate.
Let's take Ola cabs as an example. Their chatbots simplify customers' ride experiences by helping them immediately if they face any issues or problems with their ride.
2. Boost Customer engagement and sales
Chatbots also boost customer engagement and sales by providing immediate assistance and personalized recommendations.
Did you know that 55% of businesses use chatbots to generate high-quality leads?
Here is how it works: When customers visit your website, chatbots guide your customers about your business products and services. They engage your visitors proactively by asking them relevant questions based on their financial needs and preferences.
The bot will then use this collected data to qualify these finance advisor leads by determining if they are prepared for further communications. For instance, if a client talks about retirement planning, the chatbot could deliver an appointment for a visit with a consultant in charge and consequently nudge the lead towards conversion.
In this way, chatbots help your business capture valuable leads, encouraging upsells and guiding your customers through the sales funnel.
3. Provides Personalized Customer Experience
Chatbots, using NLP (natural language processing) and machine learning algorithms, facilitate real-time transactions, grant account access, and respond to customer queries in real-time. This helps create an experience similar to communicating with a live assistant.
This instant accessibility and responsiveness help speed up customer service and eliminate extra waiting and effort in standing in the queue or using a telephone system of similar complexity.
Moreover, these chatbots can personalize communication based on user opinions, preferences, and past experiences. This enhances customer engagement.
For instance, let’s assume a visitor interacts with a finance business chatbot. This chatbot, with its fast processing algorithms, would answer visitors' basic queries about balance inquiries, payment history, interest rates, etc. It will even offer them up with personalized solutions based on their financial needs and preferences. This quick response cuts down on customers' waiting time and ensures consistent support, even at odd times.
5. Gathering Customer Feedback
Utilize chatbots to collect and analyze customer feedback immediately after interactions. Ratings or questionnaires make this easy. This not only helps us understand user behavior, preferences, and sentiments, but it also allows us to analyze whether our customers are satisfied with our products and services.
Such instant feedback enhances the customer experience by allowing your finance business to take actionable steps to improve continuously. Adjusting your offering based on customer reviews improves your customer satisfaction and loyalty.
6. Omnichannel Support
Chatbots are gaining popularity among consumers, with 55% willing to engage with businesses via messaging apps to solve problems. You can offer support across the channels your customer uses the most, like Facebook Messenger and WhatsApp. You can easily integrate these messaging apps with your website and CRM.
This will help you to build a strong relationship with your customers. Currently, there are around 300,000 chatbots operating on Facebook Messenger alone.
7. Empowered Agents
Chatbots efficiently manage routine questions and tasks. This allows your human agents to concentrate on more complex customer inquiries. With chatbots taking over the basic interactions, your staff can provide more personalized and detailed support. This leads to better customer interactions and improved service quality.
Conclusion
Chatbots have revolutionized various industries, just like the finance industry. These super-efficient assistants never sleep and are available 24/7 to help their customers. They save time and money by automating tasks and make your finance business look more professional. With a chatbot, you can provide top-notch service, keep your customers happy, and watch your business grow.