Chatbot Value For Banking And Finance

Banks use a lot of channels for engagement with existing clients. There are offline offices, online support with live agents, etc. There are plenty of ways to collect audiences for these channels. Now, there is one more channel much like a mobile application. There is the question of how to collect the audience in the new digital channel. 


A chatbot is an additional channel for collecting clients of the bank

In this case, banks via messenger help. Wait. What’s this? We call them chatbots. They serve clients in different messengers: Viber, Facebook Messengers, Telegram, WhatsApp, etc. 

What is the main value of this chatbot? We become accustomed to using traditional channels for collecting clients. Chatbot brings the clients to the bank and gives them the usual service in a convenient, handy channel – messenger. Most of the clients have already installed messenger apps and use it at least twice a day.  Let’s be honest here, many of us use them for hours on end. So the bank is in the right place where the user spends a lot of time. 

We described how to bring the client into mobile applications. There is the question of how to accustom the clients to use the chatbot? Any digital advertisement is a good way to introduce the chatbot to your client. There are Facebook Ads or other advertising lending with great Call To Action that encourages to open the messenger. At this moment, the chatbot provides the service. 

In the first stage it is important to encourage the client to use the chatbot and give the value of having a conversation with a virtual assistant. The value could be the prepaid card or premium card issuance. There is a scenario: the user connects to a chatbot, gets the value like prepaid card, activates card and gets it in a few clicks. Easy? Yes! Reduce time? Yes! The service sold? Yes-yes! 🙂 

On the other side, all of the aforementioned features are available in the mobile application. So why we are talking about chatbot? The mobile app requires downloading and installation. How many apps did you install in the last few months? I am sure not much. Will you install the app of the bank (you are not the client os it)? Probably, not. So, on this step, the number of potential clients is decreasing. Chatbot offers the value now! 

Bank product in the messenger

Let’s consider which services the bank offers to the client in messengers. In  Chatbots.Studio we offer the end-user the same experience as to the client-bank. 

Chatbots provides online operations for card updating, user verification, etc. If we consider the chatbot’s value for the end-user, we would like to add the following: 

  • Card to card transaction
  • Utility bills payment
  • Internet payments
  • The prepaid card in Google or Apple Wallet. 

While talking about bringing clients to the chatbot in messenger and audience increasing, let’s consider a referral program. The program is easier and native in the chatbot. The user can send the chatbot link to all contacts in the mobile phone. Why is it so good at work? The message in the messenger open rate is very high. Will you open the inbound message from your friend? Probably, yes. Also, the sender gets bonuses for sending referral links. 

We described below the scenario of how to engage with the bank client and increase the conversion with great value for the end-user and business. 

If you are interested in this chatbot for your business, want to get a new channel for clients collecting, take a look at our previous projects and contact us.