Have you ever run into personal emergencies at night or have been faced with a medical emergency? These are critical instances that require us to make use of the 24/7 banking service. Since it is not possible for banks to operate physically for 24 hours, financial institutions are using chatbot technologies to help them have a 24/7 appearance on the most technologically advanced and efficient basis. The use of chatbots, machine learning, and artificial intelligence is on the rise just like the expectations of the consumers. Financial institutions like credit unions and banks are testing and implementing new applications on a regular basis.
The objective is to have new solutions that will enhance the digital experiences of the customers. The financial institutions seek to attract the unbanked and the millennials into the fold by having the chatbots handle some of the daily banking tasks.
A. Digitalization of Human Personas
The proliferation of online messaging and social media has resulted in the digitalization of human personas. Millions of people today use various chat and messaging platforms like Skype, Messenger, Telegram, WhatsApp, and Viber. It has been established that people with social media accounts still join the new communication platforms though they can chat for free. This is because of various reasons like simplicity, accessibility, integration, and affordability.
B. Opportunities for Banking Institutions
Chatbots are hugely beneficial to financial institutions. They can be used extensively in the following areas:
1. Customer Service
We have some simple questions that need a general answer that clients typically ask. The chatbots can assist in answering these questions thus reducing the call loads on the customer care representatives. Some of the common queries that can be handled by a chat box include reporting a stolen or lost ATM card, locating a bank, and holding suspicious transactions in your account.
2. Product Sales
Financial institutions usually have different products that target different markets. The chatbots can help the clients differentiate the various products so that they make the correct selection whenever they are shopping for one.
3. Retail Banking
We have certain transactions that are done on a daily basis by clients. Checking the transaction history, transferring funds, and checking the account balance are some of the transactions that customers carry out on a regular basis. Chatbots can help in such and other aspects of retail banking.
4. Personal Finance Management
The chatbots with the help of analytics can help clients with personal finance management. They can suggest lifestyles and help the customers to set savings goals.
5. New Account Generation
The financial institutions and banks that have embedded chatbots on their website get more prospects for opening a bank account with them than those without. This is because whenever they visit the sites, they will prompt with a greeting and be invited to ask queries about different products and services. When the prospects are directed in the right direction whereby they can get reliable information, this is likely to lead to a new account generation.
White Label Banking Chatbots
We have several white labels chatbots that offer services to targeted financial institutions and banks. Examining the landscape of the white-labeled chatbots helps in coming up with a report that focused on the vendors that were included in the report. The vendors who qualified for the report had to give a chatbot product that was available for the financial institutions or credit unions to buy and integrate with their channels. The brands that qualified included:
Interface.AI provides an out-of-the-box Intelligent Virtual Assistant(IVA) that acts as a “personal bank teller” to help customers 24x7 through every step of the journey from being a prospect to achieving financial wellness. The Interface IVA is available for the call center channel, which revolutionalizes the credit union call centers by "transforming their call centers from a cost center to a revenue center". This Intelligent Virtual Assistant integrates easily with all major contact center systems supporting features like - multi-factor authentication, the ability of seamless callbacks, knowledge sharing, and voice biometrics
As one of the first to bring conversational banking solutions to market, Abe AI works with over 10 different banks, credit unions, and wealth management partners. The Abe AI Virtual Banking Assistant product comes pre-integrated with some of the leading digital banking providers and includes informational and transactional use cases out of the box.
With a focus on simplicity and convenience to the end-user, Abe AI conversational experiences are differentiated by their superior human-like flexibility across any voice-and-messaging channel.
3. Best Innovation Group - Five
The BIG Five is one of the best credit union innovation catalysts. They recently announced the certification of their voice banking skills by Amazon. Clients can make various transactions like paying loans, checking their balances, saving, and monitoring their account history using voice commands. This idea was pursued because of the growth in skills from Amazon for Alexa.
4. Cleo the Chatbot
Cleo the Chatbot is one chatbot that has entered the banking space of the United States and poses a threat to the various banking applications. Since, the launch of the service, the AI-powered chatbot has registered an average of 1000 clients on a daily basis. It is becoming popular because it can support up to 647 banks. It is appealing to many users especially the millennials because of the conversational interface that it has maintained. You can quickly perform various transactions with your bank through this chatbot.
The Finn AI chatbot allows customers to perform various banking transactions like the transfer of funds and withdrawals wherever they are using the natural and simple language that the convenient channels use. The ATB Financial bank, Bankpro, and BMO are some of the banks that have implemented this chatbot on their website. Customers will enjoy the services of the personal financial coach who will give tips on how to go about with their finances. Sending the e-transfers and paying bills are some of the demos that the bank will show their clients.
6. FINIE by Clinic
Finie by Clinic is based in the State of Michigan. It began in the open source Artificial Intelligence development space. The AI training platform of this chatbot enables the customers to build excellent conversational experiences with their favorite messaging application. The platform does not require the users to have prior technical knowledge as it is easy to understand. Versioning has also been incorporated that has enhanced the accuracy and decreased the engineering overhead for testing and maintenance.
7. Kasisto KAI
KAI is the leading Conversational AI platform for the finance industry. Kasisto’s customers include Wells Fargo, J.P. Morgan, Mastercard, TD Bank, Standard Chartered, and DBS Bank, among others. They chose KAI Banking for its proven track record to drive business results while improving customer experiences. The platform is engaging with millions of consumers around the world, across multiple channels, in different languages, and is optimized for performance, scalability, security, and compliance.
The Personetics chatbot delivers a personalized digital experience to clients who do not necessarily use banking applications or websites. It has provided the banks with a chatbot solution that makes them easily respond to clients' requests. Some of the outstanding features include AI-powered artificial intelligence, automated content tagging, and indexing, pre-built user interactions, and bank-level compliance and security. It is one critical tool that will allow you to have conversational banking across all the messaging platforms. Banks using the Personetics have been able to improve the financial lives of their customers.
TextTeller has also been providing white-labeled chatbots for a couple of years. Its product has been tested at the Brooklyn Cooperative Federal Credit Union. The TextTeller chatbot has been able to transform financial services through messaging. It assists the financial institutions in developing leverage AI, voice, and messaging that will assist in driving the engagement of the customers. This chatbot permits clients and financial institutions to communicate using their preferred messaging application automatically. This means that the customers get personalized advice on the service that they are seeking.
Benefits Of White Label Banking Chatbots
From our discourse, it is apparent that the white-label chatbots have business benefits that help in stemming the institutions in a particular way.
Customers are interested in chatbots for various reasons
- Offers an informal chat environment where they can talk to their banks just how they talk with their friends
- When the interface is embedded in the existing messenger tool or application, there is no need to download another app.
- Clients can make transactions in a few steps.
Banks are also interested in the chatbots for the following
- Provides 24/7 customer availability to the customers
- Conducting a conversation between the client and the bank is easy.
- Reduces the load on the call centers
- Automate the fraud prevention process
- Brings consistency to the bank messaging.
Chatbots are indeed the in thing and this explains why many banks are integrating them into their system. Customers raise their queries using their favorite messaging apps without having to worry about the tone of their message.
Disclaimer-: These solutions are selected based on our experience (around usage support, administration, integration, etc.) and anecdotal conversations with multiple leaders in the industry.
The solutions listed in the article are ordered alphabetically.