7 Use Cases for Chatbots in Banking


We know that the usage of messaging platforms has surpassed social media use since 2015. Chatting has replaced browsing and bots have ousted apps. Now that transactions are universally translated into conversations, this gives banks an opportunity to redefine their services online. Here are seven use cases for chatbots in banking:


1. Customer service. Online banking through browsers and apps can sometimes lack the user-friendliness that customers demand. Extending your services to messaging apps with the use of chatbots grants customers the convenience they are looking for. Chatbots are best at giving customers uncomplicated information and providing assistance instantly.


2. Security. A customer’s trust in a bank’s security comes first and foremost; and fraud prevention and detection can be executed more timely and accurately with the help of conversational AI. Chatbots can be programmed to monitor irregular activities on a customer’s account and recognize warning signs of suspicious transactions, then alert and notify the affected customer in real time and advise next steps for resolution.


3. Personal financial management. Having access to all financial information of a customer makes it possible for chatbots to be a personal financial manager and check customers’ savings account balances and track and analyze past transactions to help them keep their finances under control.


4. Financial advice. Based on the data generated according to a customer’s spending habits, chatbots offer relevant predictions on how much a customer will spend in the coming months, give budget planning tips, and help them cut down on their expenses and save more money.


5. Advertising. Chatbots are effective yet covert tools for advertising since they are able to send push notifications to customers in the form of tailored recommendations. These recommendations can vary from sale notifications to credit card benefits.


6. Sales. Chatbots can be utilized to increase conversion rates through cross-selling since they can deliver highly-targeted or personalized offers, products, and services to customers based on their profile data.


7. Research. Banks can now provide richer and more personalized customer experiences by exploring and learning from customer data rendered through chatbot conversations and using their findings to better align their services and approaches with what customers want.


Make these services available for your bank now. Book a bot demo with Alfafusion, a premier digitech company in the Philippines that specializes in designing chatbots for enterprise businesses.

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