Incorporating Chatbots Into Your Bank Marketing Strategies

Banking institutions and the financial service field in general have always been conservative when it comes to implementing new technological offerings into their customer-facing activities. But forward-thinking institutions that smartly leverage innovations that can decrease costs and improve efficiency while elevating the customer experience have proven to create strong differentiation for themselves in this highly competitive marketplace.

Today’s Bank Marketing Challenges

In the past decade, the banking industry has seen significant structural change as post-crash regulations and increasingly demanding customers have forced them to consider the utilization of new technologies in order to remain competitive and attract consumers that have increasingly higher expectations with regard to the technologies that are made available to them as part of their banking experience.

No longer loyal to any particular financial institution, today’s banking customer can easily shift their business to a different provider, any time they choose. What makes this particularly challenging for older and more established institutions is the fact that newer entrants tend to build the type of convenient and agile banking experience that customers have come to expect. Traditional banks that are not able to keep pace could easily be left behind.

Chatbots and the Banking Experience

In response to this new competitive environment and customer demands, banks are increasingly looking to offer “conversational commerce” through chatbots- software programs that initiate and manage one-to-one interactions with customers on the bank website or some other messaging channel.

Chatbots not only are helping banks to elevate their customer service experience, but also have the capacity to impact the bank’s bottom line by offering guided assistance to customers who may benefit from new or complementary product offerings.

While in-person and live (human) service agents create high expenses for banks in managing customer interactions, chatbots present a unique opportunity for banks to drive down their labor expenses as they elevate the customer banking experience and increase their customer marketing opportunities.

Some of the specific ways in which chatbots can enhance bank marketing strategies include:

Always Available Assistance

Today’s consumer often conducts their banking business after business hours. Even so, they expect to be offered an interactive, one-to-one experience as they research banking products that meet their current needs. With 24/7 availability, chatbots are able to address this customer expectation.

Elimination of Queues and Wait Times

Another recent expectation bank customers have developed is the elimination of queues and long hold times as they seek assistance in understanding their banking options. A well-designed banking chatbot will be instantly available to customers and (unlike human agents) has the ability to manage multiple one-to-one customer interactions simultaneously.

Sales Lead Qualification

Many banks are finding that chatbots can effectively serve as a first-line of interaction for determining the level of interest a new visitor might have in their banking products. By leveraging chatbots to efficiently take customers through a questioning and qualification process, banks are able to free up their agents to handle more complex and pressing customer needs and be handed these new customer opportunities once the chatbot interaction has deemed them to be qualified.

Marketing Data Collection

Another powerful advantage that chatbots can offer to banks is the efficient collection of data regarding each customer interaction. The aggregation and periodic review of this information allows banks to revamp and refine their marketing strategies over time in response to developing customer demand.

Contact us to discuss how chatbots can support and drive your bank marketing strategies.